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High fuel cost may inadvertently reduce your insurance rates

There may be one good thing coming out of the amazingly high price of gas at the pump…lower car insurance rates. Insurance.com says the high cost of fuel may keep you from driving as much as you did last year.

Some insurance companies keep track of your mileage each year, so a reduction in your driving could reduce rates by five to ten percent. Evidently insurance companies use 10,000 miles as a marker in determining your rates. If you reduce your yearly mileage to just under 10,000 you could see a savings some renewal times. Fewer miles, fewer accidents, fewer claims ergo lower rates.

So if you are driving less these days, you might want to shop around before automatically renewing with your insurer. This way you can make sure you are getting the most for your insurance buck.

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