According to recent news of their Business Journal, Memphis’ economy placed 87th among 102 biggest cities in the U.S that is affected by economic crisis. This ranking indicates that the state is still feeling the impact of the recession based on the new economic index.
The said new economic index assessed different U.S cities on indicators like private sector job-growth, unemployment, savings, house-price appreciation and different financial activity. Still, the good news is, Memphis scored better on short-term metrics like job and savings over the past years as compared to long-term indicators.
Recession is a normal part of the enterprise cycle. This causes fear to many individual that’s why they are hesitant to take risks in financial investments particularly on auto insurance coverage.
According to Mr. Gary Kellet, company owner of an auto insurance in Memphis, economic recession definitely has an impact on the car insurance industry.
To compensate for their losses, many insurance companies think of various ways to encourage thrifty drivers to invest in low-cost car insurance premiums. To make sure that their customers will save on their premiums, they advised the following tips.
Inquire for Discounts
Mark-down prices can be your saving grace in times of economic crisis. Discounts does not only allow you to save money, they are also offered to provide numerous benefits in the form of membership, defensive driver, good student, equipment, multiple car discounts and many more.
Thrifty drivers can also familiarize themselves to discount terms offered by different companies and evaluate if they are good candidate for these promos. Always be inquisitive and alert about them so, you will not hesitate when asking for it.
Learn to take advantage of credit
People often regard credit as a bad indication of one’s personal economy. When they first hear about it, the first thing that comes to mind is to borrow. However, did you know that credit is often used as a factor to determine your insurance premiums?
Based on a Memphis car insurance agent’s explanation, a good credit standing and its maintenance are their basis if they will approve your insurance application the next time you apply. Even though the times are tougher, drivers are advised to maintain their credit rating by paying your bills on time and your credit ratings low.
Disregard unnecessary coverage
Recession is an opportunity to be wise about your investment ideas. If you are going to avail auto insurance, make sure that you will review your car insurance policy by disregarding unnecessary coverage that you have in mind.
According to Bills.com, dropping auto insurance plans like roadside assistance, rental-reimbursement coverage for multiple cars and other unimportant coverage should not be your priority as compared to the necessary ones.
The economic recession will not have a diverse effect on your car insurance investments if you can prioritize these low cost auto insurance tips. Aside from these, you can also get in touch to car insurance companies near you if you have questions on how to avail an affordable car insurance policy.
Lowering the Costs of Auto Insurance for Memphis Drivers