Money Minute: Tips for saving on car insurance
PITTSBURGH (KDKA) -- If you own a vehicle in Pennsylvania, you must have basic car insurance -- that's the law. But it's not easy to sort through all the companies and options to get the best deal. Here are some tips.
First, never assume one company is always the cheapest. While just four companies have more than half the auto insurance market, they're not always the best deal. Shop around, and don't ignore local insurers.
Second, ask about discounts for safe driving, your age, special car features, bundling with homeowners, and even for lump-sum premium payments.
Third, skip collision or comprehensive insurance for damage to your car if your vehicle is old with a low market value.
Fourth, if you keep collision or comprehensive, raise your deductible so you pay more out of pocket before using the insurance.
Fifth, improve your credit score. The better it is, the lower your insurance costs.