Whether you have a perfect driving record or a few blemishes, there are ways to lower your premium without sacrificing coverage. We all know insurance isn’t the most exciting topic, but by the end of this article, you’ll feel empowered to find a policy that won’t break the bank. To get the best deals on auto insurance, you need to take advantage of any discounts offered by companies. Here are some of the most common ways to lower your premiums:
How to lower your premiums with the help of discounts
Bundle with other policies and increase deductibles
Do you have homeowner’s or renter’s insurance? Bundling multiple policies together, known as a multi-policy discount, can knock 10-30% off your auto premiums. The savings increase with the number of policies you bundle. Also, If you’re willing to pay more out of pocket for claims, raising your deductibles can lower your premiums significantly.
Review your policy and see if there are any coverages you don’t need. Dropping things like collision, comprehensive, rental car or roadside assistance coverage on older vehicles can help you achieve cheap auto insurance. However, do this carefully and understand you won’t have coverage for those items if dropped.
Most insurers offer a variety of discounts for safe drivers, students, anti-theft devices, bundling multiple cars, etc. Ask your agent about ways to qualify for discounts. For example, you can often get 5-10% off for:
Defensive driving courses
Anti-theft devices (like alarms)
Good student grades
Multiple cars
Loyalty (for renewing with the same company)
Safety features (like anti-lock brakes)
Pay in full – Paying your entire annual premium upfront, instead of monthly instalments, may knock 5% or more off your bill.
By combining a few of these strategies, you can potentially get cheap auto insurance premiums. Shop around at different companies to find the best discounts and overall rates for your needs. Saving money on insurance means more in your pocket each month. You can alternatively compare the auto insurance coverage of different companies by visiting cheapcarinsurance.net.
