We all know how important it is to have car insurance in the event of an accident or other mishap, but it’s easy to get complacent about the details like the policy limits or the deductible amount when you’re paying your bill each month. However, car insurance is one area where even small changes can save you big bucks over time, and we’ve compiled 10 tips that will help you find car insurance discounts that will save you money and make your next renewal much easier to pay.
1) Get full coverage
It’s important to have full coverage car insurance, especially if you’re financing your vehicle. If your car is totaled in an accident, you’ll be responsible for paying off the entire loan, which could be thousands of dollars. Full coverage also protects you from having to pay out of pocket for repairs if your car is damaged in an accident.
2) Compare quotes online
If you’re looking for ways to save on car insurance, one option is to compare quotes online. By doing this, you can see a side-by-side comparison of different rates from different companies. This can help you narrow down your choices and find the best deal. Make sure you have the right coverage: It’s important to make sure that your coverage limits are high enough to cover what you need. Get a good credit score: One way to get a lower rate is by improving your credit score before applying for insurance. Having good credit will show that you’re responsible with money and have few financial problems, which will lead to lower rates.
3) Look at deductibles
If you want to save money on your car insurance, one of the best things you can do is raise your deductible. By doing this, you will be responsible for paying more out-of-pocket expenses if you are in an accident, but your monthly premium will be lower. You can also save money by bundling your car insurance with other types of insurance, such as homeowners or renters insurance.
4) Stay with same insurance company
One way to save money on your car insurance is to stay with the same company for multiple years. Some companies offer loyalty discounts that can save you up to 10% on your premium. Plus, if you have a good driving record, you may be eligible for additional discounts.
5) Check your mileage annually
One way to save on car insurance is to check your mileage annually. This can help you get a lower rate if you drive less than the average person. Plus, it’s a good way to keep track of your driving habits and make sure you’re not driving too much. If you use public transportation, bike or walk more often, that might also lower your premium. Consider bundling home and auto insurance: If you already have home and auto insurance with the same company then ask about bundling them together for an even better deal. If not, compare quotes from different companies to see who offers the best deal for both coverage types.
6) Consider bundled insurance packages
If you’re looking for ways to save on car insurance, bundling your auto insurance with other types of insurance, like homeowners or renters insurance, is a great way to get a discount. Most insurers offer some sort of bundle discount, so it’s definitely worth considering. Be sure to read the fine print and understand the coverage limits that come with the package.
Bundle your car insurance with life and disability: You can also take advantage of an auto-life combo policy in order to get both types of coverage at a discounted rate.
7) Review your insurance needs every year
It’s important to review your insurance needs every year to make sure you’re not overpaying for coverage you don’t need. If you have an accident or violation, it can affect your rates and it is likely that they will be higher after the incident. Other factors like where you live, what kind of car you drive, and what type of driving record you have can also affect your premiums. Lastly, if the car is leased or rented out, then the person leasing or renting the car may be able to get a cheaper rate than someone who owns it outright.
8) Are you paying too much? Comparison shop!
If you’re like most people, you probably don’t enjoy paying for car insurance. But it’s a necessary evil if you want to keep your vehicle on the road. The good news is that there are ways to save on your car insurance premiums.
9) Shop around when renewing insurance policy
Insurance companies offer different rates for the same coverage, so it pays to shop around when your policy is up for renewal. You can use an online service like Gabi or The Zebra to compare rates from different insurers.
10) If you switch cars, contact your insurance provider right away
Switching cars may seem like a hassle, but it could save you money on your car insurance. If you have a new car, be sure to contact your insurance provider and let them know. They may be able to offer you a discount for switching vehicles.