Car insurance is an expense every driver faces each month. Saving money on auto insurance is as easy as lowering your monthly premiums. Even the slightest discount can add up to hundreds of dollars per year in relief for your wallet. With the current economy and COVID19, we all want to maximize every dollar we have. Savings on car insurance can almost be like a second stimulus check and it’s something you should try to do today if you haven’t recently. Whether you’re taking advantage of a safe driver discount, bundling your policies, or taking defensive driving, there are a number of ways to save on your car insurance. Check out our list to find out if there’s anything you can do to lower your rates.
- Ask for multiple quotes: Check with three different insurance companies for a quote on your auto insurance, and you’re likely to receive three different amounts. It pays to shop around. Just be sure that you’re comparing apples to apples with the same deductibles and coverage levels available with each. The easiest way to shop is to use a company like Gabi Insurance. They negotiate with over 40 different insurance vendors for you based on your existing policy. On average our readers save $961 per year just by getting a free quote with Gabi. It’s a few seconds that could save you some serious money.
- Get a bundled discount: Many companies offer home insurance, life insurance, and other products along with auto insurance. Get two or more from the same company, and you may be able to get a discount on both or all.
- Ask for all available discounts: In addition to multi-policy discounts, you may be able to get a discount for an auto alarm, college students, low annual mileage, multiple cars, accident-free history, ticket free history, paying in full, automatic payment, and good grades, for example.
- Stick with your insurance company: Once you’ve chosen an insurance company, it often pays to stick around, as many have reduced rates for long term customers and offer special discounts for going claim-free. Of course, you should continue to get quotes from other insurance companies to ensure that you’re getting the best deal. If you’re not, it may be a good idea to ask your insurance company for a more competitive rate.
- Consider insurance when shopping for a car: When you’re looking for your next vehicle, take insurance costs into consideration. It may be higher or lower depending on the model you choose due to safety records, cost to repair, and the likelihood of theft. Often, newer vehicles with higher levels of safety features will have lower rates.
- Change your coverage: With a higher deductible or lower coverage, you can save money on your premiums every month. Just be sure that if you do this, you have enough money to pay the deductible upfront if you need to make a claim.
- Drop comprehensive on older cars: If you’ve paid off your car and it’s decreased in value, it may be a good idea to drop your collision or comprehensive coverage.
- Avoid accidents and tickets: Of course, everyone tries to do this, but some do it better than others. If you’re able to stay out of trouble with accidents and moving violations, your clean driving record can save you money.
- Take advantage of usage-based insurance programs: If you’re a good driver and you’re not afraid to prove it, you can get a hefty discount. Using a telematics device that records driving data, your insurer can give you a discount for good driving habits, such as taking it easy on the pedals and avoiding driving at night. You can also save if your device indicates that you drive fewer miles than the average driver.
- Look for group discounts: Ask your employer, industry associations, and other large groups you’re a part of if there are any insurance discounts available.
- Maintain or improve your credit: Your credit rating can have a serious impact on your auto insurance rates, as most insurers will use your credit information to determine your level of risk. Keep balances low, pay your bills on time, and manage any outstanding debts.
- Take defensive driving: In most states, taking defensive driving voluntarily is rewarded by insurance companies with an auto policy discount. You can typically get about 10% or more off your liability premiums every month just by taking defensive driving. This is a great way to save hundreds, and the discount usually applies for two years or more, and then you can take the course to renew it.
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