Friday, May 16, 2008

Step 1 - Changing Your Car Insurance Coverage

1. Change Deductibles For Comprehensive & Collision Coverage: Change your deductible to a minimum of $500 - preferably $1000. Why? Because your overall premium will drop by up to 30%!

2. Change Property Damage Liability: Property Damage is not damage done to an automobile but rather "property" like a street sign or electric pole.

Many of you are currently paying for $100,000 of Property Damage Coverage. In almost all cases, Property Damage Claims can be taken care of with only $50,000 of coverage. And if you have little or no net-worth, drop this coverage to $25,000.

Here's what to look for on your Policy - Many of the Policies today will have your Liability Coverage's listed like so - 50/100/100 - The first two numbers refer to Bodily Injury Liability Coverage. The 1st number is the dollar figure covered per person. The 2nd is the dollar figure per accident.

The 3rd number is the Property Damage Liability....that's what you need to change. What does yours say? Save some money - get the minimum coverage your State requires. Make sure you lower yours when you get a new car insurance quote!

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