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Understanding Per-Mile Car Insurance - Bank Clip

Understanding Per-Mile Car Insurance

Everybody wants to save money, and when you are looking at your biggest expenses, car insurance will likely come in the top ten. It can be frustrating to pay out so much for something that you hope to never need, but you may have noticed that there are new options available that offer premiums determined by how much you drive and other factors. These options were initially marketed to customers in metropolitan areas, but they are increasingly popular among the general driving population, too. What should you know about all of these new car insurance options?

There are several factors that will determine whether or not such a policy is the right choice for you. It is best to research all options thoroughly before making any decisions, but you may find that insurance based on your mileage is a great deal for you and your unique driving habits.

You Shouldn’t Cut Down on Coverage

If you are considering new coverage options because you want to save money, you should be sure that you do not lose any coverage in the process. If you do switch to a pay-per-mile plan, it’s imperative that you retain the essential aspects of your policy, such a liability, collision and uninsured motorist insurance. Your local insurance provider should be able to provide you with a quote for a policy that keeps such coverage intact while discounting your premium based on the mileage of your driving habits. This offers the best of both worlds and ensures you don’t lose benefits.

Finding a Reliable Provider Is Important

According to Nasdaq, there are a number of providers offering pay-per-mile policies. Not all of these are created equal, of course, and it is a good idea to be selective when it comes to finding the right local insurance. Some companies offer discounts based solely on the mileage you drive, for example, while others roll in other discounts, too. There are some policies that provide discounts based on mileage, how often you hard brake, whether or not you accelerate quickly often and how often you drive at night. Taking a range of factors into consideration can offer even deeper savings.

It Isn’t for Everybody

Finding ways to save money is not easy, and when you’re managing a tight budget, it can be tempting to look for alternative car insurance options. The truth is, though, that pay-per-mile insurance is not right for everybody. If you drive more than the national average of 12,000 miles per year, or often drive at night, these are a few reasons why your current policy may be the best fit. For other drivers, though, looking into a pay-per-mile policy may offer the savings you seek. You should talk with your local provider to see what options best fit your budget.

Regardless of what insurance option you choose, doing research and learning about new policies is always valuable knowledge. It never hurts to be informed, and when it comes to your personal finances, knowledge is power. Find out more about a pay-per-mile policy to see if it is right for you and your driving habits.