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RMIIA's info ranges from how to buy auto, home or business insurance to driving safety tips to loss prevention. Whether it's auto theft or how to file a claim, RMIIA helps walk you through the murky waters of insurance.
Carole Walker, RMIIA

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7951 E. Maplewood Avenue, Suite 110
Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming

Contact: Carole Walker, Executive Director
303-790-0216 or toll free 800-355-9524

Add “Saving Money on Car Insurance” to Your 2008 New Year's Resolutions!

January 8, 2008 – Sure, you're watching the “Biggest Loser” thinking about taking off those extra pounds in ‘08, but what about the money you may be losing by not taking a few minutes to save on your auto insurance policy?  You won't even need to work up a sweat, just make a short checklist and give your agent or company representative a call to review your insurance coverage. The price you pay for car insurance can vary by hundreds of dollars, depending on your driving record, the type of car you have and the insurance company you buy your policy from. Colorado is also in what financial gurus call “a soft market.”  That means insurance premiums are at historic lows and competition is very high, so for consumers it adds up to a buyer's market for insurance.

During the past five years, Colorado auto insurance premiums have plummeted by more than 32 percent for an average annual premium of $872, so it's a great opportunity to cut costs, but you also need to make sure you're taking advantage of hidden savings that you could be missing out on.  Of course, everyone pays different amounts for car insurance depending on your individual risk factors, but many companies cater to niche markets and most are increasingly offering benefits that are geared toward attracting and retaining customers.

Cost is a big determining factor, but you should also be asking yourself about value and what's the right insurance for you. After all, the only reason you have insurance is so that it will provide what you need when you need it the most.

Consumer links to help steer through car insurance policy:

In addition to a policy check-up and asking about discounts, Colorado 's State Legislature passed a new auto insurance law that requires an expansion of uninsured and underinsured motorists coverage (UM/UIM), so it's a good idea to review your options on that particular coverage. Some people won't see any premium or coverage changes, but it can vary from individuals and companies, so bottom line—ask how it affects your policy and decide what is the best protection for you.  UM/UIM is an optional coverage, but most Colorado drivers carry it because it pays for medical bills if you are hit by a driver without insurance or someone who is underinsured.

Ways to Save Money on Auto Insurance
1-Shop around. Prices for the same coverage can vary by hundreds of dollars from company to company, so it pays to shop around. You should get at least three different price quotes. But, don't shop for price alone. Talk to a number of insurers about what they offer and what they would do to lower your costs. Don't forget to ask about claims service.

2-Assess your deductible. Deductibles represent the amount of money paid out-of-pocket before you make a claim. By requesting higher deductibles on collision and comprehensive coverage, you can substantially lower costs.

3-Check your vehicle's safety & security rating. Before you buy a new or used car, check into insurance costs. Many companies now offer a discount for vehicles with higher safety and crash test ratings. Cars that are expensive to repair or are favorite targets for thieves also have much higher insurance costs.

4-Take advantage of good credit. Many companies offer better rates to customers who have good credit histories. Find out if you can save money with a good insurance score. For information on credit, please visit Associated Credit Bureaus, Inc.

5-Buy vehicles with safety devices. You may be able to take advantage of discounts on some types of coverage if you have automatic seatbelts, airbags or anti-lock brakes.

6-Inquire about Other Discounts. Some insurers offer discounts for carrying more than one policy (home, auto, multiple cars), no accidents in three years, drivers over 50 years of age, driver training courses, anti-theft devices and good grades.

7-Check out defensive driving & drivers educations courses. Some insurers provide discounts if drivers brush up on their skills. Teenagers may also receive discounts for taking a certified training course.

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Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.

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