9 Ways to Save On Car Insurance: Expert Tips to Lower Your Premiums
Whether you’re driving a beater or a Bentley, car insurance is an addition expense that no driver can afford to live without. While we could simplify things by posting a list of individual insurance subscribers who can transfer their policies to new vehicle owners, we don’t want to leave you hanging. That’s why we’re sharing nine proven ways you can lower your car insurance premium without compromising on coverage. Our goal here is to help you cut down car insurance costs in an effort to maximise your savings, so let’s begin by looking at the smartest ways to lower your premium.
Choose Your Car Carefully
Having a car is a necessity for most Americans. It’s the most effective way to get to work and run errands. But your vehicle’s make and model can have a big impact on the amount of annual insurance premium you pay: cars that come with larger engines and more expensive parts tend to be more challenging for insurance companies to replace in the event of an accident.
Compare Multiple Quotes
One of the easiest ways to save money on your car insurance is to shop around by getting multiple quotes from different insurers. You can find these quotes easily by either calling the agents directly or looking online. These assessments can vary quite a bit between companies.
Opt for a Higher Deductible
A higher deductible will likely reduce your monthly premium, so if you can commit to a deductible and fully fund an emergency fund in case of an accident, one with a higher deductible would save on monthly premiums.
Bundle Your Policies
Most insurance companies give considerable rebates to their clients when they insure two or more compulsions such as personal transport vehicles and home on one bundle. Bundling tends to save people a good deal of money on both policies.
Take Advantage of Discounts
Talk to your insurance company about which discounts are available to you. There are many common discounts such as safe driving discounts, good student discounts, and discounts for completing a defensive driving course.
Drive a Safe Vehicle
Some cars are more expensive to insure than others because of their past safety records, prices for parts and repairs, and likelihood of theft. Call your insurance agent before buying a new car to see how it will affect your premiums.
Maintain a Good Credit Score
Your score can influence your auto-insurance premiums. Pay your bills on time, manage your credit well, and you might have a lower premium.
Limit Coverage for Older Cars
If you drive an older car that has depreciated in value, you save money if you drop comprehensive and/or collision insurance.
Drive Less
Some insurers offer discounts for low-mileage drivers or those who work from home. If you don’t use your car to commute to work or won’t have a high annual mileage, ask about low-mileage discounts.
Avoid Unnecessary Coverage
Finally, check your policy again to make sure you don’t have things that you don’t need, like paying for roadside assistance if you already have it through another service.
However, by comparing quotes, asking for a higher deductible, bundling your policies and asking for discounts present smart ways to save on your car insurance without cutting back on any coverage. If you drive a safe vehicle, maintain a good credit score and minimise coverage on older vehicles, you stand to save even more on your car insurance premiums. Drive safely, make your policy work for you but most of all, follow your own advice. To be truly satisfied with your car insurance, review your policy at least once a year, especially as your needs and your car change. This way, you’ll be able to increase your coverage when you need to, and get rid of what you don’t.
