Insurance rates are on the rise like everything else in America due to the financial markets and the US housing slump, insurers are losing millions in investment income and claims are rising throughout the Country.

RateElert.com offers the following 5 tips to help you find a lower insurance rate:

1) Look Around
The marketplace for car insurance is vast-car insurance companies are everywhere. Talk with friends and family, surf the Internet or use the phonebook to find providers in your area. Obtain at least three quotes from different companies. To save time, visit insurance comparison shopping sites like RateElert or use an Independent Insurance Agent. These guys represent an average of 3-5 insurance companies and can do your comparison shopping for you.

2) Research Discounts
When comparison shopping for cheap car insurance, pay attention to and ask about discounts. Many discounts can cut dollars off your car insurance premium without sacrificing coverage. Such discounts may include a defensive-driving course, good-student discount, accident free for three or more years or certain vehicle safety and theft-protection features, such as an anti-theft alarm system or anti-lock braking system.
Also consider raising your collision and/or other-than-collision deductible. This move can result in significant savings. However, proceed with caution-never raise a deductible to an amount higher than you can afford out-of-pocket.

3) Consider Coverage
When searching for cheap car insurance, do not sacrifice coverage. There is no substitute for having the right coverage at the time of an accident.
One area where less coverage may be a consideration is collision and/or other-than-collision coverage (collectively called “physical damage”) for your vehicle. If it is an older vehicle that is not worth much and you have no intention on fixing or replacing if damaged, consider dropping physical damage coverage on the vehicle.

4) Combine Your Policies
Most insurance companies will offer you a big discount from anywhere between 10-25% if you insure more than 1 policy with them. So it’s a good idea to have your Car Insurance company also insure your home. If you are not a homeowner, they will still give you the Multi-Policy discount for purchasing a Renters Insurance Policy thru them.

5) Drive Safe!
There’s no substitute for a clean driving record. Good drivers are less likely to be involved in an accident and therefore qualify for cheap car insurance. Accident-and citation-free driving are the best ways to a lower auto insurance premium.