In today’s world, many of us are taking a close look at our finances and examining every possible angle to lower our bills. Your car insurance could be an area of opportunity to save a little money. Let’s take a look at some tips you can use to help you significantly lower your Automobile Insurance premiums.
Make sure you are getting a good rate. Get price quotes from several companies before deciding who to go with. In order to ensure you are comparing apples to apples, be sure to get quotes for the exact same coverage from each company.
Raise Your Deductable
While this may seem scary, it truly is the number one way to slash your coverage costs. Keep in mind, the chances of you having to use your insurance are pretty low. The amount you save by raising your deductable is almost always more than what you will pay in accident repairs.
Remove Any Unnecessary Coverage
Many times we don’t even know what we are covered for. Be sure to review your policy with your Insurance provider and don’t pay for items you really don’t need. For example, many of us pay for towing and rental car and these are not always necessary or worth paying for.
Buy All of Your Insurance From the Same Company
Almost all insurance companies offer insurance in savings bundles. For example, it is almost always cheaper to purchase car and home owner’s insurance under the same policy. Make sure you ask them for their multi-policy discount.
Know Your Credit Score
Most Insurance companies are now basing your policy pricing in part by your credit score. The higher your credit score, the lower your cost for insurance will be. It will be beneficial for you to monitor your score and to do everything you can to have a good credit rating.
Determine If You Are Eligible for Group Insurance Premium Savings
Be sure to check with your employer and any organizations you belong to for group Insurance Policies. Many companies offer reduced insurance premiums through a specific Insurance provider.
Research Rates Before Buying a New Vehicle.
Insurance premium rates can vary drastically from one vehicle to another. Sometimes what you think might have a lower rate will actually carry a higher price tag. Be sure to contact your Insurer before purchasing a new vehicle to find out what your premium will be. Many times there will be discounts for car safety features. You may want to ask your Insurance provider what they offer discounts for and keep that in mind when searching for a new car.
Drop Coverage on Older Cars
If you are driving an older car that does not have much value, you may want to consider dropping collision. This will cut your rate and allow you to keep the extra money in your pocket.
Pay Your Premium All At Once
If at all possible pay your six or twelve month premium all at once. While most companies offer a monthly payment plan, it almost always comes with tacked on convenience fees.
Ask Your Insurance Company How You Can Get Further Discounts.
It never hurts to ask. Be sure to ask your Insurance Company flat out if there is anything else you can do that will lower your rates. Many times you can get a discount for taking a driver safety course. Other discounts can include a senior discount, safe driving record, low mileage, etc.