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Funding your Future: 3 Secrets of car insurance

Posted at 3:17 PM, Nov 29, 2017
and last updated 2017-11-29 17:17:49-05

3 Secrets of Car Insurance

Utah average is $1,068, ranked at 43 of 50, 19% below national average

Know Your Car’s ISO Rating (scored 0 – 75)

  • If deciding between vehicles, go for one with a lower ISO number for lower rates. The higher the number, the greater the insurer’s liability.

Understand the Surcharge Schedule

  • Let’s you know how much your rate will increase with tickets and accidents
  • Tickets in Utah stay on record for 3 years. After 1 year without a ticket half your points are removed, and all points are removed after 2 years without a ticket.
    • Completion of a driver improvement course will remove 50 points.
  • Accidents rate increases typically equal 20 – 40% of base rates
    • Exceptions often include new drivers & property damage under $1k

Don’t Ask Don’t Save

  • Many carriers offer discounts not advertised, don’t hesitate to ask:
    • Good student, “B” grade or higher (16%)
    • College education (4%)
    • Payment in full vs monthly (9%)
    • Combined policy (9%)
    • Driver training course (7%)
    • Shortened commute, reduced annual mileage (11%)
    • Being married (14%)
    • Matured driver, 55 years or older
    • Safety features: automatic seat belts, anti-theft system, etc
    • Membership discounts, such as Alumni, AARP, AAA or MENSA (5-10%)

Automatic payment (4%)

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