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Credit & Wellness:
- Insurance protects your personal finances by compensating you for losses after an accident or theft.
- Because it’s legally required in most states, it’s easy to consider insurance a necessary evil. However, when viewed as part of your larger financial plan, it’s a way to protect yourself against unnecessary losses.
- Premiums, deductibles and coverage can be part of our monthly budget, to ensure you’re prepared for the unexpected.
Car insurance is more than just a legal requirement. It’s really part of your own personal financial protection plan, so you don’t face unexpected expenses when you’re in an accident.
Credit Scores and Car Insurance Rates: What You Need to Know
Many insurance companies use credit-based insurance scores to set rates. Insurance underwriters look at many different factors to determine your score. They consider your credit history, such as how reliably you pay bills and how long you’ve had credit, to estimate your chances of filing a future claim. Car insurance companies might categorize some drivers as higher risk due to poor credit history, and this can lead to higher premiums.
If you’re considered high risk, there’s good news: you can improve your credit rating by following some simple steps to improve your credit score.
- Pay your bills on time every month. Even one missed payment can ding your credit score, so it’s important to meet payment deadlines set by your creditors. Setting up automated payments through your bank is a great way to never miss a payment due date, and some companies even give you discounts for automated payments.
- If you can’t make a payment for any reason, contact the company you owe right away. There may be payment options available you might not be aware of, and can help prevent the addition of late fees and fines.
- Making on-time, regular payments might lead to reduced insurance premiums over time, so make this a priority in your personal financial plan.
Money-Saving Strategies Without Sacrificing Protection
Many drivers buy their auto insurance and then never review it again. There may be ways to save money without sacrificing the protection you need.
- Have a licensed insurance agent review your policy at least once a year. Life changes can impact your insurance premium, so it’s important to keep your personal information up to date.
- Ask your agent about available discounts. Discounts such as bundling policies, safe driver programs and low-mileage discounts can help you save money on your monthly premium.
- Shop around for the best rate. Online tools make it easy to get multiple quotes. Just make sure you compare the same coverage for each company.
- Maintaining a clean driving record will also help you save money in the long run.
Focus Auto Insurance knows that many drivers have hit bumps in the road, and we’re pleased to offer excellent coverage at rates that meet your needs. Get a free quote today at www.firstacceptance.com
Planning Ahead: How Car Insurance Fits Into Your Long-term Financial Goals
Many consumers don’t think about auto insurance being part of their long-term financial goals. However, as long as you’re driving, you will need insurance, so be sure and factor this into your budget.
• Saving, investing and debut reduction are all part of long term financial plans.
• Paying your insurance premium on time each month promotes financial wellness, which impacts other parts of your personal protection plan.
- Consider saving a little extra each month to put toward your deductible, should you ever need to make a claim. Having to unexpectedly pay a $1,000 deductible out of pocket isn’t quite so painful when you’ve planned ahead.
- As mentioned above, review your policy coverage during major life changes like buying a home, a new job or when your family welcomes new members.
FAQs
Your Top Questions Answered
Insurance doesn’t have to be confusing. Check out some of our most popular questions below, or dive into our full FAQ for everything you need to know.
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