For most people, car insurance is their second-largest insurance expense after health insurance. Rates are high and are forever climbing; at least it seems that way. You can save money on your car insurance premiums by following these easy-to-implement steps.
1. Shop around. Yes, it pays to shop and compare. Regulatory changes at the state level may have encouraged new companies to jump into the market, thereby increasing competition and reducing rates for consumers.
2. Raise your deductible. A $200 deductible sounds wise until you learn that the cost of having a deductible at this threshold can drive your rates through the roof. Consider a deductible as high as $1000 to save on premiums. You can always fix minor mishaps on your own.
3. Drop the collision. If your car is worth less than $2,000, you should consider dropping collision coverage entirely. Sure, you will get nothing from your insurer if your car is totaled, but the savings you realize by dropping collision can be used as a down payment for your next car.
4. Look for discounts. If your car has certain safety features, make sure that your insurer is aware of them. Older cars, for the most part, do not have airbags, but if you have a model that has airbags, you will save money on your insurance.
5. Business deduction If you drive your car for business, a portion of your insurance costs may be deductible. Conversely, your rates may be increased if your insurer knows that you use your car more for business than for pleasure.
6. Combine policies. Purchase your homeowners, auto, and life insurance policies from the same broker and you may save on your premiums. Some insurance companies reward policyholders if they “one-stop” purchase all of their insurance needs through one company.
7. Consider Before You Buy The Porsche Boxster may be your ideal car, but it could also sharply raise your insurance rates. Maybe a less sporty model would be ideal.
8. Driver’s Ed Course You may have taken a driver’s education course, and your insurance company has not factored that in when determining your premium. Let them know that you are a safe driver!
9. Deleted Points If you had moving violations that were reported to your insurance company, make sure that your insurer adjusts your premium downward if several years have gone by since the occurrence. You could be paying a premium that is higher than you deserve.
10. Check your policy. If the insurer has the wrong address, town, or zip code on your policy, you could find yourself paying more than you should.
Reducing your car insurance costs should not be an impossible feat. By following these steps, you should realize some savings the next time your policy comes up for review.
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