GEICO Offers Tips to Drive Down Insurance Costs

NYSSCPA members can realize significant savings on auto insurance by following a few tips from GEICO Direct, the Society-sponsored carrier.

Being a safe driver is the number one way to reduce auto insurance premiums. Safe drivers have fewer accidents and traffic violations and, therefore, cost less to insure. Statistics kept by insurance companies, safety groups, and government agencies show that drivers with previous traffic convictions and car accidents are more than likely to have additional accidents.

Shop around. Comparing price, quality of service, and reputations of several insurance companies helps to find the best policy at the best price. Be sure to compare similar types of coverage and limits imposed by each company.

Increase deductibles. Increasing comprehensive/collision deductibles--the amount the policyholder pays in the event of a loss--will reduce annual premiums.

Drop comprehensive/collision coverage on an older car. If the car is an older model, the policyholder may be paying more in annual comprehensive/collision premiums than the car is actually worth.

Reduce annual mileage. By joining a car pool or using public transportation, individuals may reduce annual mileage and possibly lower premiums.

Check insurance costs before buying a new car. Some cars are more expensive to insure than others because repair or replacement costs are higher. Premiums can vary widely, even among similar cars in the same price range.

Ask about discounts. For example, GEICO offer discounts to NYSSCPA members through its GEICO Preferred division. Discounts may also apply for individuals who meet certain requirements such as insuring more than one car on the same policy, having an air bag, or completing a defensive driver course.

Society members may qualify for an additional 3 percent discount off GEICO's rates (discount varies in some states). In addition, GEICO Preferred offers 24-hour service, nationwide claim handling, customized coverage, convenient payment plans, safety discounts, and more. GEICO does not offer auto insurance to residents in the states of New Jersey and Massachusetts.