15 Strategies To Reduce Your Auto Insurance Premium
Use An Insurance Company
Combine all insurance policies (cars, houses/tenants, etc.) in one insurance company and you will receive a discount on several lines, which is valid up to 10% on the total premium.
Increase Your Deductible
Reduce the premium of your car significantly by increasing the deductible that you pay out of your pocket when making a claim. The difference between a $ 250 deductible and a $ 500 deductible is usually quite large, and the difference between a $ 250 deductible and a $ 1,000 deductible is even greater. Decide how much you can spend in your pocket. So adjust your deductible accordingly.
Request A Quote Before Buying
Before buying a new vehicle, call your insurance agent to find out how much it will cost to insure you. The rewards can vary widely depending on the make, model and year of manufacture of a vehicle. This is an example of where smart purchases pay off.
Drive Carefully
Insurance drivers are rewarded with a better insurance premium. Avoid driving faster and avoiding accidents and save at least 5% on your premium. Most companies will continue to lower their tariffs every three years without traffic violations.
Drive Less
Are you a rare driver Then inform your insurance agent. Less time on the road means less chance of accidents, which often leads to a lower premium for you. Are you a passenger? So don't forget to mention it too. There are various ways to qualify for the reduced mileage discount.
Buy A Safe Car
Choose a car with additional safety features such as airbags, anti-lock braking system, electronic stability control, and automatic seat belts. Your wise choice will be rewarded with another discount.
Look for discounts for young drivers
Finding a young driver can be expensive, but you can take steps to minimize your expenses. Ask for a discount for good students if your child has an average of B. So check whether you can get a second discount by participating in a safe driving course. These two questions could lead to savings of 5 to 25%.
Skip The Monthly Bill Payment
Due to the high insurance costs, it is a good idea to pay a monthly bill. As a rule, however, you pay additional costs for convenience. To avoid these additional costs, request billing every 6 or 12 months (and request automatic billing to save even more).
Note: If the big bill makes you nervous, you can set up the monthly bill payment. Simply divide the premium by twelve and pay this amount monthly into a savings account. So you always have the money on hand when the invoice is due.
Protect Your Car From Theft
Cars stored in garages and cars with alarm systems are less likely to be stolen and therefore cheaper to insure. Check with your insurance agent to see if your car is eligible for a theft discount.
Did you know that some insurance companies will give you a discount if you register the chassis number of your car in Windows, install the wheel locks or have a power switch? These lesser-known discounts are worth asking for.
Skip The Road Coverage And Car Rental
Your car insurance probably offers many extras that you don't need: breakdown assistance and car rental insurance are two options. Check your insurance policy line by line and ask if you want to avoid unnecessary insurance coverage.
Improve Your Credit Score
Many insurance companies are now using your creditworthiness as part of the criteria for determining the cost of the insurance premium. To ensure you get the best possible deal, you need to pay your bills on time and deny any errors in the credit report that you find in your report.
Switch To a Hybrid
Go green and save green. Companies like Travelers, Farmers, and Liberty Mutual offer a discount for driving a hybrid or alternative vehicle.
Reduce The Coverage Of Old Vehicles
If your car is old and paying, you should consider getting rid of your collision insurance. It is the insurance coverage that pays for damage to the vehicle and makes up a large part of the insurance costs.
Work With Your Employees
If you are over 55 you may be entitled to even more discounts. Check to see if your insurer is offering a discount for retirees or for taking defensive driving lessons. Also, see how AARP senior rates compare to current premiums.
Work On Your Relationships
Are you part of the army, are you a teacher or are you part of another professional group? In this case, contact your employer and insurance company to find out if there are group insurance discounts. For example, Geico offers a 15% military discount, while Farmers offers discounts for different groups.