If you drive a Ford Ranger, car insurance is probably a significant part of your budget. After all, trucks aren’t the cheapest vehicles to insure. But if you could reduce your premium by as much as 30 percent, would you be interested? Of course you would! And reducing costs may be simpler than you think.
Take a look at the following 10 tips from InsWeb.com and start saving money today.
1. Shop Around and Compare Quotes
Searching for new coverage is the best way to reduce your premium. Not all insurers offer affordable rates to truck owners, and shopping around for a new policy could net you hundreds of dollars in savings.
According to an independent study, people who compare rates and switch carriers at InsWeb.com save an average of $301* on a six-month policy.
2. Raise Your Deductible
When it comes to insurance, a higher deductible will translate into a lower premium. In fact, raising your deductible from $250 to $1,000 could reduce your comprehensive and collision premium by 40 percent.** You’ll be responsible for more money out-of-pocket should you file a claim, but a lower premium may be worth it.
3. Insure Your Ranger and Home With a Single Insurer
With a multi-line insurance policy you purchase both your car and home insurance from the same company. A multi-line policy could save you up to 15 percent** on both premiums.
4. Pay in a Lump Sum
You pay enough to insure your Ford Ranger without extra fees, but when you split your premium into installments, you could be paying more for the same coverage. Even $7 per month can add up to almost $100 a year. If you can afford it, avoid these fees by paying in a lump sum.
5. Don’t Overpay for Tickets or Accidents
Not all companies look at tickets and accidents the same way, and many companies specialize in insuring different types of drivers—including drivers who own trucks. If you compare quotes, you may be surprised at the savings you could find.
6. Drop Coverage You Don’t Need
If you don't keep a close eye on the details of your car insurance policy, you could end up paying for coverage you don't need. For example, you may be a member of a car club that provides roadside assistance yet also pay for towing on your car insurance policy. Drop these unnecessary forms of coverage and lower your premium.
7. Discounts for Good Students and Seniors
Students can receive an insurance discount if they can demonstrate good grades, usually a ‘B’ average. Similarly, insurers value the wisdom of experienced drivers, offering discounts to drivers over 50 as a result.
8. Good Driver Discounts
Insurance companies almost always offer discounts to good drivers. In fact, some states require companies to provide these discounts. If you haven't had any accidents or tickets in the last three to five years, ask your insurer about a discount.
9. Look for a Safe Vehicle Car Insurance Discount
Does your Ranger have air bags, anti-theft devices, anti-lock brakes and other safety features? If so, you could be eligible for a discount. The good news is that the Ford Ranger is one of the safest vehicles on the road.
10. Drive Less, Pay Less
If your annual mileage is low, you may qualify for a low-mileage discount. Whether your commute has changed or you’re making an effort to drive fewer miles, you could save money on car insurance by getting an updated quote.
To put these money-saving tips to good use and start saving money as soon as possible, compare car insurance quotes for free at InsWeb.com.
*National average savings information based on InsWeb 6-month policyholder survey data from 4/27/05 to 7/4/05.
**Insurance Information Institute
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