How to Save Money on Car Insurance
Part 2 of 2 - How to Lower Your Monthly Rate
Shop Around For Insurance Premiums
When trying to lower your premium costs, consider shopping around for lower insurance premiums. We recommend getting quotes from at least three different companies. You can call companies directly or access a price estimate online. Prices vary from company to company, so it pays to shop around.
The point of buying insurance is to protect you financially and provide peace of mind. Because of this it is important to check and make sure the insurance company is financially stable. Also, check reviews and ask friends and relatives for their recommendation. You want to choose an agency that will take the time to talk to you and answer your questions. Don't purchase insurance based on price alone, even if you want to save money!
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Consider Higher Deductibles
Deductibles are what you pay before your insurance kicks in. Higher deductibles can lower your policy premiums substantially. Increasing your deductible from $200 to $500 may reduce premium by 15-30% switching to a $1000 deductible may reduce premium by 40% or more. Before changing your deductible be sure you have the money available to pay if you have a claim.
Change How You Pay
Many insurance companies offer a discount if you pay your premium in full or if you use the automatic payment option.
Reduce Coverage on Older Cars
If you have an older car, consider dropping collision and comprehensive coverage. Keeping full coverage on an older car may not be worth your premium.
Having car insurance can give you the peace of mind knowing that you'll be financially covered after an accident. It is mandated by state, and is there to protect consumers. We all want to save money, and saving money on car insurance is possible. Consider factors that affect your premium, see what discounts are available and shop around for a reputable company with great rates.