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Tips on How to Lower Your Car Insurance

February 2, 2022
in Wealth Management
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Tips on How to Lower Your Car Insurance

There are a number of strategies you can use to save on car insurance. Here are 6 ways to take action as you work to lower your car insurance rate:

1. Compare Prices

The best place to start is comparing prices and shopping around a little bit to ensure you’re getting the best rate. Whether you’re starting from scratch or already have an insurance provider, you can inquire with other insurance companies to see what prices they can offer. 

It’s good practice to obtain quotes from other companies every year or so in order to guarantee you’re getting the best rate and maximizing your savings. Save time and make it easier on the eyes by using an online car insurance comparison tool to look at the costs of several different providers at once. 

While comparing prices, you should get quotes from at least 3 different insurance companies. To do this, most companies let you receive a quote online by inputting your personal information, or you can also call some companies directly and speak with an agent. You can also contact your state’s insurance department, as they may provide price comparisons of major issuers where you live. To receive comparable quotes, you should provide the same personal information to each company you inquire with, and if possible, ask for all of the quotes on the same day. Rates can change slightly from day to day; therefore, it’s best to ask for your quotes on the same day for an accurate comparison.

Don’t be afraid to ask for recommendations from friends or relatives as well. They may be able to give you the information you need so you can cut back on your own research. Also, take into consideration agents or companies that take the time to answer your questions, especially when it comes to pricing. This way you know you are dealing with a reliable agency that you can trust.

2. Take Advantage of Discounts

One of the top ways to save on car insurance rates is by seeking available discounts and taking advantage of them. You may know about some of the typical discounts offered by car insurance companies, such as multi-car policy discounts or good driving discounts, but most large issuers offer an array of other discounts most people aren’t aware of. To make sure you’re getting all the discounts you’re entitled to, ask your agent to review your possible savings every year.

Other potential discounts may be available for:

  • Specific occupations (Example: being a teacher or a nurse)
  • Military service members
  • Students with good grades
  • Senior citizens
  • Having safety features on your vehicle
  • Parking your car indoors

Most major insurers also give discounts based on your driving history, vehicle features, and policy choices. For example, some insurers offer discounts that allow drivers to save by going paperless, paying online, signing up for automated payments, or paying for the entire policy upfront. You can take a look at your insurance provider’s website or call to speak to a representative to find all the discounts you may qualify for at a given time.

3. Request a Higher Deductible 

Another quick way to cut down your car insurance costs is by asking your current insurance company for a higher deductible on your policy. The deductible is what you pay before your insurance kicks in, in the event of an accident, theft, or other damages to your car. Usually, the higher your deductible is, the lower your monthly premiums will be. 

Be aware that as you raise your deductible, it will save you money each month, but your out-of-pocket expenses to repair damages on your car could be a lot higher. 

There are pros and cons to requesting a higher deductible, as not everyone has a few thousand dollars put away for repairs or damages. If you take this route, make sure it fits your financial circumstances. 

4. Boost Your Credit Score

It’s no secret that your credit score affects a lot of your financial decisions and offerings. However, people are sometimes surprised to find that companies also consider credit ratings when determining things like car loans or insurance premiums. 

By working to build and improve your credit, you may eventually start to see a drop in your insurance costs over time. After all, evaluating credit is becoming more commonplace for insurance companies as 92% of all insurers take a look at your credit when calculating rates. If your credit score needs some work, start by looking at your credit report to make sure it’s accurate. 

Mistakes are commonly found on credit reports, and simply removing them can raise your score drastically. Other ways to improve your credit score include making on-time payments, paying down bigger debts, and not opening new accounts on a regular basis. As your credit score improves, you should see lower car insurance costs.

5. Improve Your Driving Record

Being a safe driver on the road is something you can do for free! By doing this, you protect yourself and others while potentially saving money on your car insurance. The more mindful you are, the fewer accidents or moving violations you’ll acquire, which will likely reduce your rate. Follow the rules of the road and pay attention to what’s going on around you for better driving habits and a chance at better insurance rates.

And if you’re really making moves and are serious about lowering your rates, you may consider asking your insurance company if taking a defensive driving course will lower your rate. If you get the go-ahead from your insurance carrier, check with your local DMV to see what defensive driving courses are offered in your area. 

6. Reduce Your Coverage

As a last step, you may consider dropping part of your coverage to lower your monthly or annual premiums. However, you have to make sure it’s a smart move for your particular situation or financial plan. 

If you drive a really old car or one that’s completely paid off, you might consider removing or reducing your collision or comprehensive coverage on your vehicle. Collision pays for repairs if there’s damage to your car from an accident. Comprehensive pays for things such as a stolen vehicle, vandalism, hitting a deer, etc. 

If you do decide to reduce your coverage, make sure that you are still complying with your state’s insurance laws, as well as any coverage requirements from your lender. If you buy a brand new car or lease a vehicle, you may not be able to reduce your coverage. 

Source
Tips on How to Lower Your Car Insurance is written by Rachel Velez for www.chime.com

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