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Tips to Save on Auto Insurance

Best Ways to Save on Auto Insurance

Having good auto insurance coverage doesn't have to take a major chunk out of your monthly budget. Here are some of the best ways to reduce the amount you pay for auto insurance premiums.

Compare Quotes

Investing a little time and research online by obtaining quotes from several insurance companies can result in some nice savings. You may find there is as much as $1,000 difference in the premium price from one insurance carrier to another, so don't accept the first quote that seems the lowest.

Increase Your Deductible

Increasing your deductible, the amount of money you pay out of pocket after filing a claim, is another good way to reduce your monthly premium cost. Rather than a $100 deductible, accept a deductible limit of $1,000 if you can financially handle it to realize savings and avoid overbuying insurance coverage that isn't necessary.

Bundle Policies

It's a smart idea to combine all of your insurance policies, such as household and automobile, with the same insurance company. This move not only simplifies monthly payments, most carriers are glad to offer you a discount for having more than one insurance policy with their company.

Build Your Credit Rating

Your credit history makes a difference in most states when an insurance company provides you with an insurance quote. If you handle your finances well and pay your bills on time, you can realize significant savings on auto insurance premiums.

Ask About Special Payment Programs

Some insurance carriers offer special payment programs, such as insurance by the mile.

You'll see lower premium when paying your insurance premium by the mile because you will likely be driving less. Other discount programs are often offered for making good grades as a student or passing a senior safe driving course.

Accept Minimum Coverage

Find out the minimum liability coverage required to drive in your state. Reducing what's covered by your insurance and carrying liability rather than comprehensive auto insurance, can help to lower your premiums. Also, if you are driving an older model car, the amount of coverage necessary decreases as the car ages.

Be sure you are not paying for coverage amounts and a deductible that is actually above the value of the car itself. Even if an accident causes a total loss of your car, you can only be reimbursed the value of the car, so disclose this information when getting an insurance quote.

Commit to Being A Safe Driver

Insurance companies offer their best rates to safe drivers who avoid traffic tickets and accident that involve making insurance claims. Some insurance carriers offer discounts for enrolling in a program that monitors your driving habits with a simple plug-in device you install in your car. Based on your driving habits, your insurance premium could be reduced by as much as 10%.

Do an Annual Review

Exploring ways to get the best rate on auto insurance premiums isn't something you do that is once and done. It will put extra money in your pocket if you plan on taking these same money-saving steps and reviewing your insurance needs every year. It's easy to compare and research rates online, doesn't take a lot of time, and won't affect your credit rating. But by being a savvy insurance shopper, you'll save more money in your pocket!

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