Car Insurance: Money-Saving Tips and Tricks

Insurance prices seem to rise all the time. The good news, though, is that there are still some smart ways through which you can save paying a premium on your premium. Read on to know more.

Bundling

If you insure several drivers or vehicles with the same insurance company, you’re likely to get a cheaper rate per driver or car than you would for a single unit.

Drive Mindfully

Insurance companies often offer safe driver discounts between 10% and 23%, depending on their driving record. So the cleaner your record is, the more you save.

Defensive Driving

If you complete an approved defensive driving course, you may reduce points on your license and qualify for discounts on your premium. Check with your agent before signing up, though.

Shop

If policy renewal is around the corner, speak to competing companies to see if they’ll offer you lower premiums than your current insurer. It makes sense to get competing quotes every couple of years.

Mass Transit

The fewer miles you drive per year, the lower your premium is likely to be. So, check with your insurance company about mileage thresholds and maybe, opt for mass transit.

Big Equals More

Bigger cars like SUVs cost more to insure. The same goes for the car’s price tag. But smaller or safer cars are generally cheaper to insure. Some insurers even give discounts to hybrid car owners.

Add Deductibles

If you choose a higher deductible, you can save a significant amount on premiums. Check with your agent for details. Remember to keep that deductible amount aside for emergencies.

Improve Credit Score

Insurance companies often check your credit history to determine how much of a risk you are. So, maintain a stellar credit record, and you may be rewarded with lower premiums.

Location

Where you live and work matters. Certain locations attract higher premiums due to the history of theft, vandalism, collisions, etc. from those areas.

Anti-Theft Discount

If you install anti-theft devices in your car, you may get up to a 25% discount on your premium.

Agent Check

Ask your agent if you qualify for discounts based on your service history, employee status, club memberships, education, etc.