If you’re like most drivers, you want to get the best auto insurance possible at the lowest price. Fortunately, finding a good and low-priced insurance plan doesn't have to be difficult. Read this article to learn about tips on getting more affordable car insurance.
Contact Solo Insurance® for more information about car insurance savings or to get a quote.
1. Claim your discounts
One of the most effective ways that you can make an auto insurance policy more affordable is by claiming your discounts. Car insurance companies may offer discounts for people who:
- Have taken a driver's education course or defense driving course, especially on motorcycle policies.
- Pay the premium as a lump sum (paid in full discount).
- Are school students with a good GPA/Dean’s List (good student discount).
- Excellent drivers, without accidents or tickets (claim free and/or good driver discounts).
- Choose automatic monthly payment (EFT/ACH discount).
- Own multiple cars and have them on the same policy (multi-car discount).
- Have other types of insurance policies (such as motorcycle, boat, home, renters) with the same insurance carrier (multi-policy discount).
- Own their home (homeowner’s discount).
- Plan ahead. Shop before your policy is over but make it effective the day your current policy ends (prior insurance discount).
- Participate in a driving-device program that measures a variety of factors related to your driving. These devices measure things such as the time of day you drive, sudden changes in speed (hard braking, rapid acceleration), the amount you drive, and sometimes how you use your mobile phone while driving.
2. Consider raising your deductible
You could choose a higher deductible to make your auto insurance policy more affordable. The deductible refers to the amount of money that you pay toward the cost of fixing your vehicle due to a loss, whether a comprehensive claim or accident (at fault or not at fault). Increasing deductibles decreases your monthly payments because you’re willing to pay more at the time of an incident, if one happens. There are other considerations, however.
- if something does happen, you are responsible for paying the deductible to get your vehicle repaired. Consider whether you will be able to afford the deductible if you must make a claim. There is a point at which it doesn’t make sense since a very high deductible could also pose financial hardship at the time of the loss.
- lienholders often have a cap on the deductibles they will accept, so check with your car loan people too.
3. Periodically review your coverage with your agent
As you get your car insurance renewal offers, periodically recheck the rates and coverages (some agencies, like Solo Insurance®, do this for you automatically--get a quote).
4. Drive a less expensive vehicle
In general, factors like the year, make, and model of your vehicle will influence the amount of money you pay for collision and comprehensive coverage. In most cases, if your car is expensive and new, you can expect to pay a much higher premium; therefore, if you don't like the monthly premium for your current car, you should consider driving a less expensive car or at least keep the one you have now.
Also, depending on how old the car is and its value, you may be better off opting out of comprehensive and collision coverage completely. To determine whether this is the right choice for you, consider whether the cost of the deductible for the comprehensive and collision coverage is higher than the "book" value of the vehicle.
5. Keep your existing vehicle insurance for the full policy term
Finishing policy terms shows future intent of staying with a car insurance carrier; this helps you qualify for discounts like prior insurance discounts and continuous insurance discounts.
Also, depending on how old the car is and its value, you may be better off opting out of comprehensive and collision coverage completely. To determine whether this is the right choice for you, consider whether the cost of the deductible for the comprehensive and collision coverage is higher than the "book" value of the vehicle.
Car insurance these days can feel like it's breaking the bank; follow the tips discussed above to help find affordable auto insurance. You could discuss these options with your agent. At Solo Insurance® we review the rates for our clients at every renewal, making sure you're always with our best rate (Click to get a quote).
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