Tips For Lower Auto Insurance Rates Without Sacrificing Coverage
Everyone is looking to save money these days, and auto insurance is one of
the most common expenses people shop around for in order to reduce costs.
There are some great ways to save money on your auto insurance, and the
good news is you may not even need to switch insurance companies to save
money—nor should you have to give up any of your coverage. Here are
some of the easiest and most common methods of saving money on your
What Are Your Deductibles?
The deductible is the amount that you would have to pay out of pocket in the
event of certain types of claims. Most people opt for low deductibles so that
they won’t be responsible for coming up with much cash. This isn’t always
the smartest way to go, however. Higher deductibles can save you a lot of
money in the long run, even if you do wind up having a claim in which you
have to pay that amount.
If you are a good driver, the odds of having an at-fault accident are relatively
low. If increasing your deductible saves you hundreds of dollars a year, you
won’t have to go many years without an accident before you have already
saved more than enough to cover that increase in the deductible.
Are You Getting All The Available Discounts?
One of the things many people don’t consider when shopping around for car
insurance is shopping for homeowner’s insurance at the same time. Why
should you do this? Most companies offer a hefty discount on both policies
when they insure your home and auto together. Check if your current auto
insurance company offers homeowner’s as well, and you might not even
have to bother shopping around. In addition to the savings, you will also
have the convenience of everything being in one place.
There are other discounts you may be missing out on as well! Be sure to
check regularly with your agent or insurance company to find out if all the
discounts you qualify for are being applied to your policy.
Are Your Cars Rated Correctly?
Auto insurance rates are calculated based on a number of factors, including
the number of miles you drive each day. If you are a stay at home parent
but your car is being rated as a commuter vehicle, you could be paying too
much. If you have changed jobs and now commute only five miles each day
rather than 30 miles, your yearly average will drop, which could have an
effect on your rates. Be sure to advise your agent when changes in your
driving habits occur! You could be reaping the benefits.