How to save on car insurance & What to know!
Today I'm very excited to talk about a subject that I've been meaning to make article on for a very long time and that is car insurance and saving money and everything that you need to know about the subject and the reason why I haven't made a whole lot of article is because it's really just not my area of expertise right I worked at a credit union and you know I loved helping people refinance car loans and help them learn about credit scores and all that and save money on interest but insurance wasn't really my department right and so I was really really fortunate to have someone reach out to me Dale Hansen and he said you know what you've got a lot of good content on your YouTube channel why not talk about insurance stuff and so that's what we're doing today I emailed him all the questions that I would have as a consumer and that's what I want to share with you guys today so again Dale thank you very very much.
I really do appreciate you agreeing to do this guys if you're at all interested in finding out if you've got the right policy or if you're overpaying if you can just save some money definitely reach out to Dale and his group here's his phone number and his email address also if you've got any questions at all about interns in general put it in the comment section down below but again Dale thank you very much now here's what I'm gonna do I'm gonna break it down into the questions that I had asked him because I really just wanted to know for my own information and I'm also going to share a few things that you can do to save some money on your car insurance policy now let's go ahead and start off the questions and question number one was do you need to wait for your current policy to expire before you can switch over to a new insurance provider and the answer is no right it doesn't matter if you just signed on you know for a renewal maybe two months ago and you've got 10 more months ago you can switch on ever you want and that was good news for me because I had to switch my condo policy right you know I lived in it for about two and a half years but now that I rent it out I don't need the same level of coverage and protection as if I lived in it so I was able to switch that policy over save a couple hundred dollars and I thought I wasn't have to wait for my current policy to expire so it was very very nice and convenient not having to do that now the next question I had was isn't it always better just to stay with your insurance company for a long time so you can get their discounts and apparently that's not true right in fact it's kind of the opposite right apparently insurance companies you if you're someone that's been there for let's say 20 25 years right they kind of look at that policy and say like well they're not going anywhere so even if I steadily increase certain premiums every single year they're not going to go anywhere and that's just easy money right so it doesn't always kind of work out in your favor to stay with the same place for a long time brand loyalty and car insurance don't necessarily go together not always at least another way of looking at this is this way right if you're an insurance company and you want new business well you may be giving discounts to new people and not those that have been there you know again 25 30 years and you have no real concern that they're gonna leave so a lot of times insurance companies aren't going to give those discounts to new clients and you're gonna be benefiting from shopping around and making sure hey if there's a discount out there take advantage of it if you're a new member you're gonna get that new discount so always make sure that you're doing the best you can to make sure you're not overpaying for your policy premium now the next question wasn't really a question directly but I'd asked you know talk about full coverage versus liability only and he pretty much put it this way it's pretty simple if you've got a car loan you're going to need full coverage not only for your protection but for the lenders protection right the lien holder is going to want to make sure that their asset is fully protected and that makes sense or is if your car is paid off now you have the choice of whether or not you and go liability or full coverage and again this is pretty simple to write if you're if your car's not worth very much it's only worth maybe $2,000 you'll probably want to go with the liability coverage and use that monthly savings to offset any total loss that you could experience in the future and on the other hand if your car's paid off but it's still worth let's say like 15 20 thousand dollars you're probably going to want to protect that as well with full coverage so again it's not really a matter of you know how am I going to save the most money when it comes to full coverage versa liability it's about how am i protected most efficiently another question might ask Dale was how long do your accidents and your tickets stay on your driving record as far as insurance is concerned and I was surprised to find out that it's different from state to state so for me in Texas it's gonna be different than Dale who lives in Arizona or any other viewer who lives in a different state for me apparently it's gonna be about three years which is actually kind of convenient because that means that my one speeding ticket that I've ever had is gonna fall off in about 45 days and once that happens I'll be able to switch over the auto policy as well and save another couple hundred dollars so you know if you've got anything as far as like a bad driving record and it's about to fall off take advantage of it once that time has expired because that really really does a number on your policy premium and there's no point in overpaying if you don't have to all right the next question I asked him was how often should you shop around for a new policy quote and he put it this way he himself pretty much every single time this policy comes up for renewal is going to find out if there's a better deal out there and now maybe that's overkill but because he works in the industry he knows that he's probably doing the best he can for himself by doing that but even if you don't want to go necessarily that route every couple of years make sure you're going out there doing what you can to find out if there's a better provider or a better cost or hey maybe you keep the same dollar amount for your policy premium but you can get more coverage for that same dollar amount either way do your best every couple years to shop around and find out if there's a better deal for you now the next question that I've asked him was what age do you get your first discount and it's at 25 years old so if you're 24 and a half and you think your car insurance is a little bit expensive definitely know that relief is on the way after that there's a bunch of other factors that come into play like when you get married when you bundle and we're going to talk about that here in a second you know your driving record all of that stuff comes into play more so than your age later on down the road but once you hit 25 just know that there should be a discount coming now the last question that I had asked him was why use an insurance broker as opposed to just going to these companies directly and it really comes down to convenience and discounts right from a convenience standpoint right an insurance broker is someone that doesn't necessarily work with one company they work with a whole bunch of different insurance companies across all 50 states and they say look I've had a client that needs this level of protection who's gonna give me what deal and you're not probably to get the best deal that is offered right and that's very convenient in addition to that there's discounts right you know that brogre may get a discount from going through X company and if they get that discount that savings doesn't be passed along to you so would you rather take the time to get individual quotes from let's say Allstate State Farm Geico progressive Liberty Mutual would you rather have to take the time and get quotes from all of them and pay extra No so that's what an insurance broker is for and that's all pretty much new to me we kind of had a similar system back at the credit union but it wasn't quite as diverse but either way take advantage of an insurance broker because it just makes things easier okay now I want to start talking about some things it will actually save you some money on your policy and so let's just start off with a few things that I think are really really simple number one I had asked him to talk about six-month policies first 12 month policies and this was new information to me that I really want to share always go with a 12 month policy if you can and the reason being is that pretty much every time your policy comes up for renewal where your insurance provider has an option to increase your premium right so if you have an option to renew every six month well that means that the insurance company has two times every single year to increase your premium well if you've only got a 12 month policy they can only do that one time per year so again the less opportunities you give them to increase your premium the better it is for you so yeah always go for the longer term policy next let's talk about bundling and this may not apply to everyone but it's really really simple if you do have multiple assets you can tie into one policy do it because you are going to get the discount so for me as a homeowner you know it made sense to tie in my condo and my vehicle under one policy and I wouldn't have gotten those discounts if I would have kept them at separate companies perhaps you're a renter and you want to tie in your renters policy to your auto policy that's a discount maybe you've got life insurance pretty much everything you can do to bundle together is going to save you money in the long run that's probably nothing new but a lot of people don't always take advantage of that another thing that is car insurance specific is if you are someone that doesn't put a whole lot of miles on your car each year definitely let the insurance company know right there is a discount for that so if you work from home or maybe you just live really really close to work and you don't put a whole lot of miles on your let the insurance company know because that's just another discount that you can take advantage of next another discount that I took advantage of when I switched over my policies was if you have the ability to pay for your full year in full right you're going to get a discount I think for me it was about a 10% discount it may have been a little bit lesson that I can't quite remember but either way if you've got an emergency fund covered if you've got money in the savings if you're not living paycheck to paycheck and you can afford to kind of pay for your insurance in a kind of one-year chunk do it because that's just another amount of savings that you can add on top of all the other savings you've already accrued now the last thing I want to mention is something similar kind of to bundling right your home and your auto right you know if you've got multiple people on your policy you're gonna get discounts for that as well so even though me and my girlfriend aren't married by us being on the same policy we're going to get discounts so if you live with your girlfriend and it's a relationship where you know you don't mind necessarily being on each other's policies I think there's actually extra protection that goes along with that definitely take advantage of that well because it's just again another savings and I'm all about getting all the savings I can so all in all those are just some really really quick things about car insurance how to save money what you need to know Dale again I cannot tell you how much I appreciate it guys you've got any questions make sure reach out to him let him know that you came from the YouTube channel and that we greatly appreciate all of his help and support but either way thank you for watching don't forget to like subscribe comment share you guys know what to do but thanks for watching I'll see you guys next time hey guys I know I just said this stuff but let me say it again thank you so much for watching this video I appreciate all the support that you guys give me and to support you here's two more videos that I've made in the past in case you haven't seen them don't forget to share these with your friends and family so we can help all the people achieve their financial goals likewise if there's anything that you would want to see made that you haven't seen thus far definitely don't hesitate to let me know but thanks again take care and have a good day
I really do appreciate you agreeing to do this guys if you're at all interested in finding out if you've got the right policy or if you're overpaying if you can just save some money definitely reach out to Dale and his group here's his phone number and his email address also if you've got any questions at all about interns in general put it in the comment section down below but again Dale thank you very much now here's what I'm gonna do I'm gonna break it down into the questions that I had asked him because I really just wanted to know for my own information and I'm also going to share a few things that you can do to save some money on your car insurance policy now let's go ahead and start off the questions and question number one was do you need to wait for your current policy to expire before you can switch over to a new insurance provider and the answer is no right it doesn't matter if you just signed on you know for a renewal maybe two months ago and you've got 10 more months ago you can switch on ever you want and that was good news for me because I had to switch my condo policy right you know I lived in it for about two and a half years but now that I rent it out I don't need the same level of coverage and protection as if I lived in it so I was able to switch that policy over save a couple hundred dollars and I thought I wasn't have to wait for my current policy to expire so it was very very nice and convenient not having to do that now the next question I had was isn't it always better just to stay with your insurance company for a long time so you can get their discounts and apparently that's not true right in fact it's kind of the opposite right apparently insurance companies you if you're someone that's been there for let's say 20 25 years right they kind of look at that policy and say like well they're not going anywhere so even if I steadily increase certain premiums every single year they're not going to go anywhere and that's just easy money right so it doesn't always kind of work out in your favor to stay with the same place for a long time brand loyalty and car insurance don't necessarily go together not always at least another way of looking at this is this way right if you're an insurance company and you want new business well you may be giving discounts to new people and not those that have been there you know again 25 30 years and you have no real concern that they're gonna leave so a lot of times insurance companies aren't going to give those discounts to new clients and you're gonna be benefiting from shopping around and making sure hey if there's a discount out there take advantage of it if you're a new member you're gonna get that new discount so always make sure that you're doing the best you can to make sure you're not overpaying for your policy premium now the next question wasn't really a question directly but I'd asked you know talk about full coverage versus liability only and he pretty much put it this way it's pretty simple if you've got a car loan you're going to need full coverage not only for your protection but for the lenders protection right the lien holder is going to want to make sure that their asset is fully protected and that makes sense or is if your car is paid off now you have the choice of whether or not you and go liability or full coverage and again this is pretty simple to write if you're if your car's not worth very much it's only worth maybe $2,000 you'll probably want to go with the liability coverage and use that monthly savings to offset any total loss that you could experience in the future and on the other hand if your car's paid off but it's still worth let's say like 15 20 thousand dollars you're probably going to want to protect that as well with full coverage so again it's not really a matter of you know how am I going to save the most money when it comes to full coverage versa liability it's about how am i protected most efficiently another question might ask Dale was how long do your accidents and your tickets stay on your driving record as far as insurance is concerned and I was surprised to find out that it's different from state to state so for me in Texas it's gonna be different than Dale who lives in Arizona or any other viewer who lives in a different state for me apparently it's gonna be about three years which is actually kind of convenient because that means that my one speeding ticket that I've ever had is gonna fall off in about 45 days and once that happens I'll be able to switch over the auto policy as well and save another couple hundred dollars so you know if you've got anything as far as like a bad driving record and it's about to fall off take advantage of it once that time has expired because that really really does a number on your policy premium and there's no point in overpaying if you don't have to all right the next question I asked him was how often should you shop around for a new policy quote and he put it this way he himself pretty much every single time this policy comes up for renewal is going to find out if there's a better deal out there and now maybe that's overkill but because he works in the industry he knows that he's probably doing the best he can for himself by doing that but even if you don't want to go necessarily that route every couple of years make sure you're going out there doing what you can to find out if there's a better provider or a better cost or hey maybe you keep the same dollar amount for your policy premium but you can get more coverage for that same dollar amount either way do your best every couple years to shop around and find out if there's a better deal for you now the next question that I've asked him was what age do you get your first discount and it's at 25 years old so if you're 24 and a half and you think your car insurance is a little bit expensive definitely know that relief is on the way after that there's a bunch of other factors that come into play like when you get married when you bundle and we're going to talk about that here in a second you know your driving record all of that stuff comes into play more so than your age later on down the road but once you hit 25 just know that there should be a discount coming now the last question that I had asked him was why use an insurance broker as opposed to just going to these companies directly and it really comes down to convenience and discounts right from a convenience standpoint right an insurance broker is someone that doesn't necessarily work with one company they work with a whole bunch of different insurance companies across all 50 states and they say look I've had a client that needs this level of protection who's gonna give me what deal and you're not probably to get the best deal that is offered right and that's very convenient in addition to that there's discounts right you know that brogre may get a discount from going through X company and if they get that discount that savings doesn't be passed along to you so would you rather take the time to get individual quotes from let's say Allstate State Farm Geico progressive Liberty Mutual would you rather have to take the time and get quotes from all of them and pay extra No so that's what an insurance broker is for and that's all pretty much new to me we kind of had a similar system back at the credit union but it wasn't quite as diverse but either way take advantage of an insurance broker because it just makes things easier okay now I want to start talking about some things it will actually save you some money on your policy and so let's just start off with a few things that I think are really really simple number one I had asked him to talk about six-month policies first 12 month policies and this was new information to me that I really want to share always go with a 12 month policy if you can and the reason being is that pretty much every time your policy comes up for renewal where your insurance provider has an option to increase your premium right so if you have an option to renew every six month well that means that the insurance company has two times every single year to increase your premium well if you've only got a 12 month policy they can only do that one time per year so again the less opportunities you give them to increase your premium the better it is for you so yeah always go for the longer term policy next let's talk about bundling and this may not apply to everyone but it's really really simple if you do have multiple assets you can tie into one policy do it because you are going to get the discount so for me as a homeowner you know it made sense to tie in my condo and my vehicle under one policy and I wouldn't have gotten those discounts if I would have kept them at separate companies perhaps you're a renter and you want to tie in your renters policy to your auto policy that's a discount maybe you've got life insurance pretty much everything you can do to bundle together is going to save you money in the long run that's probably nothing new but a lot of people don't always take advantage of that another thing that is car insurance specific is if you are someone that doesn't put a whole lot of miles on your car each year definitely let the insurance company know right there is a discount for that so if you work from home or maybe you just live really really close to work and you don't put a whole lot of miles on your let the insurance company know because that's just another discount that you can take advantage of next another discount that I took advantage of when I switched over my policies was if you have the ability to pay for your full year in full right you're going to get a discount I think for me it was about a 10% discount it may have been a little bit lesson that I can't quite remember but either way if you've got an emergency fund covered if you've got money in the savings if you're not living paycheck to paycheck and you can afford to kind of pay for your insurance in a kind of one-year chunk do it because that's just another amount of savings that you can add on top of all the other savings you've already accrued now the last thing I want to mention is something similar kind of to bundling right your home and your auto right you know if you've got multiple people on your policy you're gonna get discounts for that as well so even though me and my girlfriend aren't married by us being on the same policy we're going to get discounts so if you live with your girlfriend and it's a relationship where you know you don't mind necessarily being on each other's policies I think there's actually extra protection that goes along with that definitely take advantage of that well because it's just again another savings and I'm all about getting all the savings I can so all in all those are just some really really quick things about car insurance how to save money what you need to know Dale again I cannot tell you how much I appreciate it guys you've got any questions make sure reach out to him let him know that you came from the YouTube channel and that we greatly appreciate all of his help and support but either way thank you for watching don't forget to like subscribe comment share you guys know what to do but thanks for watching I'll see you guys next time hey guys I know I just said this stuff but let me say it again thank you so much for watching this video I appreciate all the support that you guys give me and to support you here's two more videos that I've made in the past in case you haven't seen them don't forget to share these with your friends and family so we can help all the people achieve their financial goals likewise if there's anything that you would want to see made that you haven't seen thus far definitely don't hesitate to let me know but thanks again take care and have a good day
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