Nobody wishes to spend more than required on car insurance, but unfortunately, there is no obvious way to get lower car insurance rates. There are dozens of insurance companies who are vying for your business. Many of them even provide you with an eye-glazing assortment of choices. Thus, it can be hard for you to compare the insurance policies and analyze which company offers you a cheap car insurance rate. So, here, we have come up with some effective ways that can help you save big on your car insurance cost. Let us address them one by one.
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Multiple drivers or cars can help you save money
‘Initially, I went to an auto insurance company for a quotation for my car, but they quoted me a high price. In a few days, my brother also bought a new car. So, be both decided to insurance both these cars with the same insurance company, and we saved 20% on the insurance cost,’ shares Robert, an educator who provides the students with ‘take my online class for me’ services.
Well, it is 100% true. When multiple related drivers reach out to an insurance company or a driver reaches out to a company for multiple vehicles, you will get some discounts. Why? It is simple – the insurance company gets more business from you. So, in this circumstance, they will not shy from giving you a good deal.
You can directly enquire about your insurance company and ask if you qualify for such a deal. Typically, multiple drivers should share the same residence or must be related by marriage or blood. At times, two unrelated people can also avail of the discount. However, for that to happen, the two must jointly own the vehicle.
Further, you must know that if one of the two riders is a teen, you may have to pay a higher premium to insure them. On the other hand, if your child’s school grades are B average or higher or stand in the top twenty-percent in their class, you can score a good student discount on the coverage. This discount will be applicable till the time the child turns twenty-five. Different insurance companies have different discount rates. So, you can expect the student discount to be anywhere between one-thirty-nine percent. Hence, if your teen is a good student, do not forget to show the proof of it to an insurance company.
Shop different carriers
The next best way to save good on your car insurance cost is to do comparison shopping from different carriers.
‘Anytime I go shopping for any insurance, I do compare the quotations from different carriers using websites, such as Insurify, The Zebra, Compare.com, or QuoteLab,’ comments Archie, an educator who offers accounting assignment help.
Well, online comparison shopping is a time-saving way to find out quotes from different companies. Alternatively, you can even reach out to independent agents and get their best price. Most independent agents sell the policies for 5-8 companies. So, you have multiple options to make a pick.
Alternatively, you can even seek recommendations from a family member or friend. It can help you narrow down your choice, especially when it comes to gauging a company’s integrity or agent in question. However, since the car insurance rates depend on the driver’s special circumstances, the recommendations may not be the most effective in finding the lowest price. The bottom line is to compare the car insurance prices from a minimum of three insurance companies before you go with any one of them.
Never ignore the regional or local insurers
Broadly speaking, three main insurance companies control over fifty-percent of the nation’s auto insurance business – Geico, Allstate, State Farm, and Progressive. However, there are also several regional or smaller insurers, such as Erie Insurance and Auto-Owners Insurance. Even the smaller ones have a good customer satisfaction rating. Many have better reviews than the top industry names. One benefit here is, the insurance rate from a local or a regional insurer will be less.
Opt for a higher deductive for a more affordable car insurance
‘I simply made modifications in my deductible, and this helped me save big on my monthly insurance premium,’ shares Jessica, an online organic chemistry tutor.
See, what happens is, when you alter your out-of-pocket deductible from $600 to $1200, you note a lower monthly payment.
However, you must know that this will completely change the amount paid before the insurance kicks in. Thus, you have to be mindful of going on this route to ensure that you have enough saved up in a contingent repair time. You can speak to your insurance agent before opting for this option.
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Mindful driving can help you save big
One of the general life tips that you must have heard time and again is – Be a safe driver. Right? You know the problem is there has been a constant rise in the number of on-road distractions, which become the probable cause of accidents or moving violations on the road. So, driving safely will not only save your life but also save you some money. Travelers provide you with a safe driver discount. The discount rate can be anywhere between 10-23%, depending on your driving history. If you do not know already, there is a proper record maintained for all your moving violations and accidents. So, if you have more points, your insurance premium will naturally be
higher (given, everything else is equal).
Group all your insurance policies
Lastly, another interesting way to save big on the insurance premium cost is by clubbing all your policies and shopping for all of them from a single company or insurer. Again, this means giving the company a higher business. So, naturally, the resulting premium amount will be more. Some of the insurance policies you can club together include – life insurance, health insurance, car insurance, property insurance, and others. However, before you transfer all the policies to one company, make sure you compare the aggregate savings and switch.
So, these are six of the essential tips to help you save big on your auto insurance premium. Have more to add to the list? Let us know in the comments below.