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Insurance Tips: Risk Retention and Reduction for Low Auto Insurance
By Hector Flamenco, Special to The Spectrum
Everyone knows one of the most dramatic ways to lower your car insurance
rate is to eliminate coverage. Some do this by dropping liability limits while
others drop collision and comprehensive coverage on older vehicles. When
you do this, you are assuming more risk and creating less risk for the insurer.
If your car is worth less than $2,500, why insure it with collision and
comprehensive? The extra cost to insure it will probably surpass the value of
the car within a year or so.
The truth about deductibles is that having a higher deductible will lower
your premium. Do you really want to pay up to $1,000 to get your car
repaired or replaced? For many people, $1,000 isn’t all that easy to come
by. A common deductible — and a better choice for most drivers with
comprehensive and collision — is $500. The deductible is the amount paid by
you for each incident.
In summary, anytime you put the risk on yourself, you’ll pay less in
premiums. Risk retention is accomplished by selecting lower limits of
coverage and higher deductibles.
Reducing risk is the second-best way to lower your auto insurance rates.
According to insurance companies, your risk is reduced when you buy the
sedan versus the sports car, when you drive less than 7,500 miles each year
and when you keep your driving history clean of tickets and car accidents.
The final way to make sure you are getting lower auto insurance rates is by
comparing the wide variety of plans available. Some insurance companies are
built to save more for senior citizens while others are set up to save more for
newer drivers. It’s really tough to tell which company will offer the best rate
since each company rates so many factors — differently.
There is a chance that if you own your own home, you will be seen as a
more responsible individual. Or perhaps the insurance company will offer
you a lower rate in hopes of also selling you homeowners insurance either
now or down the road. There are many ways we show our responsibility. Of
course, maintaining a clean driving record is one of the best ways to maintain
a low auto insurance rate.
Editor’s note: Please note that this article is for general information only and is not a
professional consultation. Always seek specific information from a licensed insurance
professional. Hector Flamenco is an agent with State Farm Insurance. Visit his website at
www.flamencoinsurance.com.
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Senior Activities
The following activities are open to the public during the month of February
at the Veterans Memorial Senior Center, 1455 Madison Ave., Redwood City.
Please note: The center will be closed Monday, Feb. 20, to celebrate
Presidents Day.
Friday Movies for Everyone
Every Friday, 1:15 p.m. (unless otherwise announced)
Come to the Veterans Memorial Senior Center for a free feature movie in our
state-of-the-art movie theater!
Feb. 3: “Money Ball”
Feb. 10: “Ides of March”
Feb. 17: “Rise of the Planet of the Apes”
Feb. 24: “Real Steel”
AARP Tax Assistance
Wednesdays, Feb. 2 through April 11
By appointment only
Call to make your AARP tax assistance appointment at 650-489-6023. Leave
your name and phone number and an AARP volunteer will return your call
to make the appointment.
Valentine’s Day Luncheon
Tuesday, Feb. 14, noon
Redwood Room
$7
Come join the fun! We will have a special Valentine’s Day menu. Call 650-
780-7259 to make your reservation now.
3rd Annual Hot Rod Bunko
Saturday, Feb. 25, 4:30–9 p.m.
$50 per person
This fun-filled event benefits our Redwood City Special Needs Program
and is hosted by Golden Gate Street Machines Unlimited and Chuck and
Anne Camilleri. The event includes Bunko, dinner and door prizes. Kick
back and spend the evening with great people having a great time for a great
cause. The event will be held at 975 Industrial Road, Suite A, San Carlos. For
further information, contact Chuck or Anne at acamil1462@sbcglobal.net or
call 650-568-0565.
SAVE THE DATE
AARP Driver Safety Renewal Class
Saturday, March 17, 9 a.m.–1 p.m.
Wellness Center, Room 20
$12 AARP members, $14 nonmembers
This is a renewal class. You must have taken the full two-day class within
the past three years. You may be able to receive a discount on your insurance
after completing the class. To enroll in the class, call 650-780-7270, leave
your name and number and you will be contacted to confirm your enrollment.
To learn more about the Veterans Memorial Senior Center, call 650-780-
7270. Redwood City Parks, Recreation and Community Services Department
provides recreational facilities and activities for all ages and interests, and
supplies building and custodial services for city buildings. Redwood City
Parks also operates the Veterans Memorial Senior Center and the Fair Oaks
Community Center, providing social, educational and cultural activities, as
well as information, referral and counseling services to persons living in
Redwood City and neighboring communities. Redwood City Parks is more
than you think! Its website is located at www.redwoodcity.org/parks.
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