9 Tips to Save You Money on Car Insurance
Car insurance can be expensive. Even so, adequate insurance is something that every responsible car owner should have. You need liability insurance to cover you for property damage and personal injury claims if you have an accident that was your fault. And it makes sense to have full coverage insurance that will pay out should your vehicle be damaged, stolen, or destroyed in a fire.
Auto insurance premiums have been steadily increasing. But the good news there are ways that you can save on your car insurance. Here are nine tips to help you get a better deal on your auto insurance.
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- Review Your Options Every Year
If you have been with the same insurer for some time and have not made any claims, you may already be getting a good deal. Even so, it would still be worth your while shopping around before you renew your car insurance. Auto insurance premiums can vary significantly from one company to another. So, it would be best to get at least three quotes from different insurance companies before you renew.
- Increase Your Deductible
Increasing your deductible will reduce your premium because you will be paying more out of pocket should you need to make a claim. A relatively small increase in the deductible could reduce your premium by as much as 30%. Consider how much you could comfortably afford to pay out of pocket if you have an at-fault accident and set your deductible accordingly.
- Choose a Reputable Insurer
Bear in mind that the cheapest auto insurance may not necessarily save you money in the long run. If you go for cheap auto insurance, you might have difficulties recouping all your losses if you make a claim. Do some research on insurance companies online before you buy car insurance. Or you could ask friends and family for recommendations. It is generally best, though, to have your vehicle insured by a well-known, reputable insurance company.
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- Ask for Discounts
There are lots of discounts that may apply to your car insurance. Some of these discounts might be small, but they could all reduce your auto insurance premiums. For example, did you know that you can get cheaper car insurance if you have taken a driver-training course? Or are you aware that having anti-theft and safety services installed on your vehicle could lower your premiums? You might be able to save on your car insurance by asking your insurance agent what discounts you could claim.
- Bundle Your Insurance
Most insurance companies will give you a discount if you hold more than one policy with them. So, if you have home insurance, life insurance, and car insurance with different companies, consider moving all your insurance to one single company. Some insurers will also offer a discount if you insure multiple vehicles with them.
- Be a Safe Driver
Most insurance companies look at a person’s driving record when setting motor insurance premiums. So, if you have a history of having road accidents, your premium will be higher. Traffic violations may also affect how much you pay. Being a safe and careful driver will pay off in the long run by rewarding you with lower auto insurance costs.
- Notify Your Insurer About Reduced Mileage
If you drive significantly fewer miles per year than you used to, you should notify your insurer. If you drive less than the average of 12,000 miles per year, you could save up to 10% on your annual insurance premiums.
- Review Your Coverage
The minimum level of auto insurance required is liability insurance, which covers you for third-party costs in the event of an at-fault accident. If you drive very few miles, you have an old car, and you are a safe driver, you could consider reducing your auto insurance to the minimum required by law. However, you need to bear in mind that you will be liable for any damage to your vehicle if you only opt for liability insurance. There may also be other liabilities not covered by basic liability insurance. Coverage for medical payments and personal injury protection is also built into some car insurance packages. You may not need this type of coverage if you already have other policies that cover these costs.
- Buy the Right Type of Car
The type of car you drive has a significant impact on your premiums. Insurers will consider the cost of replacement parts, the vehicle’s safety record, and how often the model is stolen when calculating premiums. So, if you want to keep your auto insurance premiums low, it would be advisable to get some insurance quotes before purchasing your new car. When shopping around for a used automobile, pay attention to the guide to buying a car with a rebuilt title.
The crucial point to take away from the above is that you may be paying more for your car insurance than you need to. So, when your policy comes up for renewal, get quotes from several insurers before you renew. And, if you think that some of the above savings apply to you, take the matter up with your insurance agent or company.