Group Auto Insurance
Economic downturn - effects on group auto insurance
In 2008, the NAIC (National Association of Insurance Commissioners) reported a decrease in insurance premiums. There has been a significant change in the group auto insurance market since that time. Many group auto insurance companies have reported a huge rise in questionable claims due to the economy. According to information by the National Insurance Crime Bureau (NICB), many reports have been related to suspicious car fires, hail damage, slip and falls, and fraudulent claims relative to workers compensation. Due to such opportunistic claims, this may cause an increase in insurance premiums.
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Things to do to lower your group auto insurance
Even though the economy has had a huge effect on auto insurance coverage, it is still important that consumers continue to pay premiums to protect their property and provide liability coverage for other drivers and uninsured motorists. Consumers cannot take a gamble on dropping their insurance coverage but should find ways to reduce the cost of their premium instead. Look for various discounts offered by your insurance carriers to lower your rates, such as:
- Maintaining a good driving record, free of moving violations and accidents.
- Taking a defensive driving course offered by your state to lower the points on your license.
- If you are a student, maintain good grades.
- Adding safety enhancements to your vehicle such as an alarm system, automatic seatbelts, anti-lock brakes, airbags, and vehicle identification etchings (VIN numbers).
- Low mileage discounts if you are close to your work location or use public transportation like commuter rails and only drive to the station and back.
- Combining coverage for auto, home, recreational vehicles, and other personal property with the same company can mean savings.
These are just a few tips to help you lower the cost of your premiums, if you are currently with an insurance provider and aren't receiving these discounts it may be time to find out if another provider will. You could be saving on your group auto insurance, all its takes is requesting a quote. Get started, request a quote here!