Rising premiums may leave you wondering what you
can you do to save money on auto insurance. While you can’t control all of the
factors influencing your premiums, there are a number of cost-saving strategies
you can use:
Tips to Save You Money
1.
Maintain a clean driving record. Your
driving record is one of the largest factors that insurers consider when
determining your auto insurance premium. You should always practice safe
driving by eliminating distractions, focusing on your surroundings and driving
defensively.
2.
Take advantage of discounts. Most
insurers offer a wide range of discounts. Ask your insurance agent what
discounts may be available to you—such as good driver or good student discounts,
or taking driver’s safety courses.
3.
Shop around. Every insurance company has
their own way of determining your premium costs based off your personal
information. Work with your insurance agent to request quotes from various
insurers. This will allow you to see who is able to give you the best pricing for
your desired coverage options.
4.
Choose the right deductible for you. Having
a higher deductible will reduce your premium costs since you’ll then be paying
more out of pocket if you file a claim. If you have a clean driving record,
haven’t been at-fault for any accidents and can afford to pay a higher deductible,
you may want to consider choosing a high-deductible plan.
5.
Reduce and report your mileage. A big
component of your premium costs depends on how many miles you drive per year. If
possible, try to limit your driving. And if you have reduced mileage, make sure
to contact your insurer to let them know—you could potentially cut your
insurance rate.
6.
Choose a car that’s easy to insure. Vehicles
that have lower safety ratings and are more expensive to repair typically have
a higher premium. Ask your insurance agent about the different premiums available
for each model of the vehicle you are considering in order to determine which
car is the most cost-effective to insure.
7.
Maintain a good credit history. Most
insurance companies will look at your credit when determining your premium. You
should routinely check your credit report for inaccuracies, keep credit card
balances low and make all credit card and loan payments on time.
8.
Bundle your policies. Most insurance
companies will offer you the option to bundle multiple policies together in
order to save money. For example, many companies offer substantial discounts if
you bundle your home and auto policy with them.
For More Information
Source: Zywave, 2019.
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