If you own a car, you know that having insurance on your car is required. While this expense is mandatory, it does not mean it has to be costly. When it comes to insurance for your vehicle, there are several ways to save money on your policy.
- Plan your purchase. If you plan to purchase a vehicle, talk with your agent about insurance costs for the different models you are interested in. The type of vehicle you own is a big factor in the price of your auto insurance policy.
- Drive less. How many miles do you drive each year? Many insurance companies offer discounts for drivers that drive under 7,500 miles each year. Taking public transportation or carpooling doesn’t only save you on gas, but also on your insurance costs.
- Are you driving an older car? If so, consider dropping the collision coverage. Any claims filed will only pay what the vehicle is worth, and chances are, it’s not much if your car is more than seven years old.
- Ask your agent for discounts. Your vehicle might be cheaper to insure if it has airbags or an alarm. You might also be entitled to a discount if you are a member of a professional organization or if you have homeowners insurance with the same insurance provider. Ask your independent insurance agent what discounts you may qualify for.
- Be a responsible driver. Avoid traffic violations and do all you can to stay out of accidents. A clean driving record can be a huge factor in lowering your auto insurance rates.
- Raise your deductible. Raising your deductible can help you pay less for your car insurance. For example, raising your collision deductible up to $1,000 can save you about 30 percent off your monthly premium.
- Keep credit healthy. Insurers are starting to use credit scores more and more to set insurance rates. A higher score could mean a lower premium.
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