Lowering Auto Insurance In Oregon: Tips And Tricks

Auto insurance rates in Oregon are determined by several factors, including age, gender, marital status, driving record, location, and type of car. While some of these factors are beyond your control, there are ways to lower your auto insurance costs. Here are some tips to help you get started:

- Shop around for quotes from different providers and compare rates.

- Bundle your home and auto insurance policies with the same provider to take advantage of potential discounts.

- Seek out available discounts such as safe driving, good student, multi-car policy, anti-theft device installation, and low annual mileage.

- Increase your deductible, which is the amount you pay out-of-pocket when you make a claim. A higher deductible leads to a lower premium.

- Opt for pay-per-mile insurance if you don't drive regularly. This option bases your rates on how many miles you drive.

- Remove comprehensive coverage on older cars, as it may not be necessary.

- Maintain a good credit score, as it can help reduce your insurance rates.

- Monitor your annual mileage, as low mileage drivers are often considered lower risk and may be eligible for discounts.

- Choose a vehicle with lower repair and replacement costs.

- Keep your insurance provider up-to-date with any changes, such as a new job that requires less driving or a move to a new neighbourhood.

Opt for a cheaper car model

Opting for a cheaper car model is a great way to lower your auto insurance costs in Oregon. The car you drive has a significant impact on your insurance rates. Here are some reasons why choosing a cheaper car model can lead to lower insurance premiums:

Vehicle MSRP (Manufacturer's Suggested Retail Price)

Cheaper cars generally have lower MSRPs, which means they are less expensive to replace or repair if damaged. This results in lower insurance premiums. More expensive cars, on the other hand, typically have higher MSRPs due to custom, foreign, or premium parts, leading to higher insurance costs.

Safety Ratings

Safer cars are less likely to be involved in accidents and tend to have lower repair costs. This reduces the number of claims made, resulting in lower insurance rates for these vehicles. When considering a cheaper car model, look for one with a good safety rating to help keep your insurance costs down.

Likelihood of Theft

Some cars are targeted by thieves more often than others, and this can increase insurance rates. If a car model is frequently stolen, insurance companies may view it as a higher risk and charge higher premiums. By choosing a car model that is less likely to be stolen, you may be able to get a better insurance rate.

Sportiness

Sporty cars encourage speeding and are therefore considered higher-risk by insurance companies. Additionally, convertibles are easier to break into and have higher theft rates. Opting for a cheaper, less sporty car model can help lower your insurance costs.

Age of the Vehicle

Older cars are usually cheaper to insure than newer models. As a car ages, its value decreases, and so do the costs of repairing or replacing it. If you're considering a cheaper car model, an older vehicle may be a good option to keep insurance costs down.

When shopping for a car, be sure to get insurance quotes for the models you're considering. This will help you make an informed decision about the vehicle that fits your budget and insurance needs. Remember that insurance companies consider various factors when determining rates, so be sure to shop around and compare quotes to find the best deal.

Maintain a good driving record

Maintaining a good driving record is one of the most effective ways to keep your auto insurance costs down. A clean driving record is one that's free of accidents, moving violations, or other infractions. It's important to note that even minor infractions can result in higher insurance premiums. So, what are some ways to maintain a good driving record?

Firstly, drive safely and obey all traffic laws. This may seem obvious, but it's crucial to avoid speeding, reckless driving, texting while driving, and driving under the influence. These violations not only put you and others at risk but also lead to higher insurance rates.

Secondly, consider taking a state-approved driving safety course, also known as traffic school. These courses can help you get out of minor tickets and violations, or at least keep them off your permanent record. They are a great way to refresh your knowledge of driving rules and improve your driving behavior.

Thirdly, keep your driving record clean for as long as possible. The longer you go without a traffic ticket, the better. If you do get a ticket, focus on avoiding any further infractions. Too many tickets in a short period could put you at risk of having your license revoked.

Additionally, be proactive and regularly review your driving record. Contact your state's Department of Motor Vehicles (DMV) to obtain a copy of your driving record, which may come with a small fee. Review it carefully for any errors or inaccuracies, and report them immediately to the DMV.

Finally, if you feel you have been wrongly cited or charged, consider contesting the citation in court. You can seek the help of a traffic lawyer to contest any charges, major or minor. In some cases, you may also explore the option of expungement to seal your record, but this usually requires legal assistance.

Bundle your insurance policies

One of the best ways to lower your auto insurance in Oregon is to bundle your insurance policies. This means purchasing multiple types of insurance, such as home and auto insurance, from the same company. In exchange for your increased business, the insurance company will typically offer you a discount on both policies.

The amount of discount can vary significantly between insurance providers, so it is important to shop around and compare quotes. For example, State Farm offers a bundling discount of around $304 per year, or almost 15% off the normal cost of purchasing individual policies, whereas Travelers offers a discount of around $60, or 4%.

When considering whether to bundle your insurance policies, it is important to evaluate your coverage needs and financial goals. In some cases, it may be cheaper to purchase non-bundle insurance from different providers, which also gives you more flexibility to choose your coverage options. However, bundling your insurance is a convenient way to manage your policies, as you will only have to deal with a single company and a single bill.

In addition to home and auto insurance, there are other types of insurance policies that you may be able to bundle, depending on the insurer. These include:

• Renters insurance
• Condo insurance
• Life insurance

Increase your deductible

One way to lower your auto insurance premium in Oregon is to increase your deductible. A deductible is the amount you pay out-of-pocket before your insurance policy kicks in. By requesting a higher deductible, you can lower your insurance costs. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage costs by 15 to 30%. Going to a $1,000 deductible can save you 40% or more.

However, it is important to ensure you have enough money set aside to pay the deductible if you need to make a claim. Additionally, a higher deductible means higher costs when you file a claim. Therefore, it is crucial to weigh the potential savings against the increased financial responsibility in the event of a claim.

Before choosing a higher deductible, evaluate your financial situation and ensure you are comfortable with the trade-off between premium savings and potential out-of-pocket expenses. It is also essential to consider other factors that contribute to your insurance premium, such as your driving record, credit score, location, and vehicle type.

Increasing your deductible can be a strategic way to reduce your auto insurance costs in Oregon, but it should be done thoughtfully and with a thorough understanding of your financial situation and comfort level with risk.

Inform your insurer of any life changes

Keeping your insurance company informed about any life changes is an important step in ensuring that your auto insurance rates remain low. Here are some life changes that you should inform your insurer about:

• New Job: If your new job requires you to drive less than your previous job, be sure to inform your insurance company. Since the number of miles you drive annually is a factor in determining your insurance rates, driving less for work may result in a discount.
• Relocation: Insurance rates vary across Oregon, with some neighbourhoods and ZIP codes having higher insurance costs due to higher accident/claim rates. If you've moved to a neighbourhood with lower accident rates, be sure to inform your insurance company, as this could result in a discount.
• Teen Driver's Grades: Many insurance companies offer "good student" discounts for teen drivers who maintain good grades. If your teen driver is getting good grades, be sure to inform your insurance company.
• Marital Status: Marital status is one factor that correlates with accident rates and can affect insurance rates. If you've recently gotten married, be sure to inform your insurance company, as this may result in a discount.
• Driving Record: It is important to keep your insurance company informed about any changes to your driving record. If you've recently had an accident or received a speeding ticket, your insurance rates may increase. On the other hand, if you've maintained a clean driving record for several years, you may be eligible for a discount.

Frequently asked questions