Everyone needs auto insurance — that’s a reality for car drivers of all ages. However, this doesn’t mean you should have to pay through the nose just to be sufficiently insured. It all depends on your research and approach. Do your homework and you can save hundreds of dollars on car insurance just by following a few tried-and-true tips. Lowering your car insurance premiums means you have more cash in your pocket to do the fun stuff.
This is the first step of your research. Call at least three different car insurance providers to get quotes on coverage. It’s worth the time you’ll spend online or on the phone to check out rates and policies — because they DO vary. Every company vows to save you money, but it’s your job to cut through the clutter to see what the real deal is. In addition to comparing overall rates between companies, ask about options for different drivers within one insurance policy type. This is because different drivers in your family may be at different levels and qualify for different discounts.
It usually pays to bundle, so look into combining all of your other insurance policies into one for a bulk rate. You can include home, renters, and other types of insurance with your auto insurance for one low price. Again, insurance companies vary in their consolidation deals so be sure to ask for that pricing when on the phone. Not only will this save you money in the long run, it will save you time and hassle too, as you don’t have to juggle the paperwork and log-in account numbers associated with each individual policy over multiple providers.
With the average car’s age being about 11 years in this country, you may want to consider lowering your collision insurance on your vehicle if it’s worth less than 10 times the premium amount, advises The Motley Fool. Everyone’s financial situation is unique, so if this would save you money each month and you meet the parameters, this could be a wise decision.
This is also a highly individual situation, but this option could also save you cash. The Insurance Information Institute says by raising your deductible from $200 to $500, you can reduce collision and comprehensive coverage premium costs by 15 to 30 percent; if you increase your deductible to $1,000, you can save even more — 40 percent or more in fact. Just keep in mind you will be responsible for paying this in the event you have an accident.
Ask About Discounts
This is a relatively easy way to find out how you can save on your car insurance, and it just takes a simple phone call to your existing provider. There are many discounts out there, including for:
- Low mileage
- Safe driving
- Defensive driving courses
- Safety features
- Association membership
In regards to the association membership discounts, you may be eligible for this discount through work or personal connections. This may be through your membership in clubs, alumni associations, and societies — all of whom are willing to give drivers a discount on their auto insurance. Call your company’s HR department or your club chair person to inquire. It’s worth the phone call!
Contact Hance’s Uptown Collision Center
Hance’s Uptown Collision Center can save you money on car repairs, thanks to our family-owned approach since 1955. Visit us to schedule an appointment. Visit Rob’s blog (Car Nut of Dallas) for more car tips or to ask questions you have about your car.