Rising premiums may leave you wondering what you can do to save on car insurance. While you can’t control all of the factors influencing your premiums, there are several cost-saving strategies you can use:
Tips to Save on Car Insurance
- Maintain a clean driving record. Your driving record is one of the insurers’ most significant factors when determining your auto insurance premium. It would help if you always practiced safe driving by eliminating distractions, focusing on your surroundings, and driving defensively.
- Take advantage of discounts. Most insurers offer a wide range of discounts. Ask your insurance agent what discounts may be available to you—such as good driver or student discounts or taking driver’s safety courses.
- Shop around. Every insurance company has its way of determining your premium costs based on your personal information. Work with your insurance agent to request quotes from various insurers. This will allow you to see who can give you the best pricing for your desired coverage options.
- Choose the right deductible for you. A higher deductible will reduce your premium costs since you’ll pay more out of pocket if you file a claim. If you have a clean driving record, haven’t been at fault for any accidents, and can afford to pay a higher deductible, you may consider choosing a high-deductible plan.
- Reduce and report your mileage. A significant component of your premium costs depends on how many miles you drive annually. If possible, try to limit your driving. And if you have reduced mileage, make sure to contact your insurer to let them know—you could potentially cut your insurance rate.
- Choose a car that’s easy to insure. Vehicles with lower safety ratings and are more expensive to repair typically have a higher premium. Ask your insurance agent about the different premiums available for each vehicle model you are considering to determine which car is the most cost-effective to insure.
- Maintain a good credit history. Most insurance companies will look at your credit when determining your premium. You should routinely check your credit report for inaccuracies, keep credit card balances low and make all credit card and loan payments on time.
- Bundle your policies. Most insurance companies will offer you the option to bundle multiple policies to save money. For example, many companies offer substantial discounts if you bundle your home and auto policy.
Rising premiums may leave you wondering what you can do to save on car insurance. While you can’t control all of the factors influencing your premiums, there are several cost-saving strategies you can use:
Tips to Save on Car Insurance
- Maintain a clean driving record. Your driving record is one of the insurers’ most significant factors when determining your auto insurance premium. It would help if you always practiced safe driving by eliminating distractions, focusing on your surroundings, and driving defensively.
- Take advantage of discounts. Most insurers offer a wide range of discounts. Ask your insurance agent what discounts may be available to you—such as good driver or student discounts or taking driver’s safety courses.
- Shop around. Every insurance company has its way of determining your premium costs based on your personal information. Work with your insurance agent to request quotes from various insurers. This will allow you to see who can give you the best pricing for your desired coverage options.
- Choose the right deductible for you. A higher deductible will reduce your premium costs since you’ll pay more out of pocket if you file a claim. If you have a clean driving record, haven’t been at fault for any accidents, and can afford to pay a higher deductible, you may consider choosing a high-deductible plan.
- Reduce and report your mileage. A significant component of your premium costs depends on how many miles you drive annually. If possible, try to limit your driving. And if you have reduced mileage, make sure to contact your insurer to let them know—you could potentially cut your insurance rate.
- Choose a car that’s easy to insure. Vehicles with lower safety ratings and are more expensive to repair typically have a higher premium. Ask your insurance agent about the different premiums available for each vehicle model you are considering to determine which car is the most cost-effective to insure.
- Maintain a good credit history. Most insurance companies will look at your credit when determining your premium. You should routinely check your credit report for inaccuracies, keep credit card balances low and make all credit card and loan payments on time.
- Bundle your policies. Most insurance companies will offer you the option to bundle multiple policies to save money. For example, many companies offer substantial discounts if you bundle your home and auto policy.
The Last Word
For more information regarding car insurance and how you can save money, contact an InsureGood Advisor today.
