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Is It Possible to Change My Car Insurance to Very Low Mileage? If So, How Much Can I Save?
November 6, 2020
Driving less? What are your car insurance options?
Many auto insurance company rating programs include a variable for miles driven in a year. Some do not.
Auto insurance rates are filed state by state, and company by company. A single company may have multiple programs, one which will, and another which doesn’t include how far you drive in a year as a rating factor.
How much will you save?
The range could be anywhere from no effect (not a rating variable), to as much as maybe 5% for the vehicle in question.
The only way to know the answer to the question is to call your company representative and ask. If available, most insurance carriers have shown a willingness to accommodate their policyholders any way they can.
Oh and by the way… If your company does not use annual mileage as a rating variable, it does not mean they still don’t represent a good value, or present a competitive price. There are many other and more significant parameters that comprise today’s auto insurance rates.
Do you have more car insurance questions? We Love to help! Please feel welcome to cal us at 607-324-7500.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
