Magazine article Black Enterprise

Want to Lower Your Auto Insurance? Here Are Some Inventive Ways to Save

Magazine article Black Enterprise

Want to Lower Your Auto Insurance? Here Are Some Inventive Ways to Save

Article excerpt

Dan Lewis gets a migraine when he thinks about the $3,000 he pays annually in car insurance, but he's actually a darling to insurance companies. He's had no accidents and only one traffic ticket in the last decade--all on four cars: a Lincoln Navigator, which he drives for nights out on the town, a Chevy pickup for hauling items, a Toyota Camry, and a Hyundai Accent, which he drives when he wants to save money on gas.

"It's important to me to get every discount available," says Lewis, 45, owner of D.L. Enterprises, an investment firm in Jonesboro, Georgia. "With the present state of the economy and owning my own business, I take every opportunity to save money on car insurance."

With escalating insurance costs in every industry, consumers such as Lewis relish any type of available discount or incentive. Farm Bureau insurance gives Lewis a multicar discount and the best rate for his good driving record. He also gets discounts for renewing his contract and having antilock brakes and an antitheft device. Those are a few of the major discounts that drivers can expect to receive. But there are plenty of others.

Progressive Direct (www.progressive.com), the No. 3 auto insurance company in the nation with 9.5 million personal auto policies, is offering its customers $50 for every six months of data they share through the TripSensor device. In order to help the company more accurately assess the type of driver you are, TripSensor captures information such as the miles, speed, and time of day your vehicle is driven.

In addition, according to Insure.com (www.insure.com), drivers can lower their premiums by comparison shopping at their state insurance department's Website, considering higher deductibles, dropping collision and/or comprehensive coverage on older cars, and researching group insurance and corporate discounts through organizations such as AAA or your alma mater. …

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