1.Know what your buying.
Different cars have different risks attached and are charged by the Florida insurance companies appropriately. A SUV may cost 10 to 30% more in insurance due to the fact that SUV’s have a greater risk of flipping over.
Insuring a Lexus in Florida may cost more than insuring a Honda due to the value of the Lexus is substantially greater to the Honda.
Choose several types of vehicles and get a preliminary quote on each one to compare how this in turn will fit into your monthly budget. Never buy in the moment, rationalize your income and expenses, too many of us buy in the moment only to regret it for the next few years.
If you are leasing or borrowing money understand the vehicle belongs to someone else until you pay it off. During this time the leasing company or bank will require you carry certain limits of insurance which may be more expensive then you realize. Check your contract before you buy or sign. Unlike marriage a lease can not be broken without huge cost.
2.Minimize cost.
There’s not much discounts you can count on anymore when your buying a car because they are all included and are automatic like an alarm system. However an auto theft recovery device or Lojack can save you a significant amount on your insurance. As much as 10 to 30%. It may cost more to add it to the vehicle but the savings on insurance will pay for itself over time.
Other Florida auto insurance discounts you should be aware of is homeowners discount, marital or spouse discount.
It may be wise to have an insurance agent you can trust who can advise you on discounts and also possibly decreasing coverage’s to meet your financial needs.
Check your driving record, you can request a copy of your driving record by using our link found at: httpwwwflautoinsurancecom in the info section of our site. Often enough you may have incorrect infractions on your license which you my be able to remove by visiting your local DMV.
3. Making changes.
To get the cost down sometimes it takes some drastic changes. If you’re driving an auto 10 years or more consider removing the comprehensive and collision coverage. First research what the current value is, use the link found at httpwwwflautoinsurancecom info section to determine the current value. Also consider upgrading older vehicles because they may not receive certain discounts like dual airbags, or antilock brakes. These are safety features the insurance company will discount for.
If you have a child in the household who recently obtained their drivers license this can cause your Florida auto insurance premium to increase by 300%. This can continue until they are 21 yrs of age and as high as 25. An option would be
to consider purchasing a late model vehicle for them with their own separate insurance policy. This way you may be able to get them a policy with lower limits than yours which meets their needs and allows them to build up their driving record. At the same time you will help by providing a valuable insurance lesson at an early age.
Another way to reduce cost is if you have a spouse not licensed or does not drive, get them licensed. Insurance carriers in Florida will usually surcharge a spouse in the same household who may not be licensed due to the risk this spouse may have to drive in an emergency and will lack proper driving knowledge without a license.
