Since the dawn of civilization, mankind has been trying to find ways to pay less for car insurance.
Okay, that might be a slight exaggeration, but the truth is that none of us would say no to a lower premium. We’ve put together some of the best expert advice on saving money without sacrificing peace of mind.
Combine and Compare
Your first step is to see if there are discounts available for combining policies. It might be cheaper to insurance all the family’s cars under one policy, for example, or you could save on bundling car insurance with other types of coverage, such as homeowner’s or renter’s insurance.
But don’t just look at your current carrier. You might be able to find better prices elsewhere. It’s always good to get quotes from three different companies and then choose the best one.
Discounts for Low Mileage and Safe Driving
Many companies offer discounts to drivers that are less likely to get in an accident. Be sure to ask about low mileage discounts if you don’t drive that often or carpool.
You should also ask if you qualify for a safe driver discount–well, if you have a clean driving record, anyway. Some insurers will lower your rates if you are accident-free for a certain number of years.
Other Discounts People Don’t Know About
Ideally, your insurance agent will dig up every single discount available to you. However, you should do your homework to make sure that you’re not missing something.
For example, insurance companies might offer a discount if you’re retired, attending college, or a member of a professional group. It doesn’t hurt to ask!
Take a Class
Investing in a defensive driving class could be some of the best money you ever spend. Not only is it a good skill to develop, but it could also save you on your car insurance.
You’ll have to run the numbers for yourself, but chances are good that the class will pay for itself in the money you save on your premiums.
Raise and Reduce
It might be a worthwhile gamble to raise the deductible on your car insurance. You’ll save money–sometimes a lot of money–on your premium each month. On the flip side, you’ll have to be prepared to pay more out of pocket if something happens.
You should also consider reducing the coverage on older cars. Generally speaking, if your car is worth less than 10 times your yearly insurance premium, it might be wise to lower or drop part of your coverage.