10 Super Easy Ways to Save on Car Insurance
1. Raise your Collision deductible. Collision covers your vehicle if you “collide” with something. If you have a Collision deductible of $250 on your vehicle raising it $500 could easily save you 20 to 30 percent of your collision premiums. You have to ask about the price breaks because sometimes the savings are not worth the additional risk you take on. Example you go from a $500 deductible to a $1,000 and you save like $10 bucks it would take a long time to make up the difference if you had an accident.
2. Bundle your Car insurance with 2 or more other policies. The most common discount that almost all direct car insurance companies offer is the multi-policy discount. With many companies adding a Homeowners or Renters policy along with your auto insurance can save you anywhere from 5 to 25 % depending on the insurance company
3. Insure more then one car. By having multiple cars insured on the same policy will usually qualify you for a multi-vehicle policy. With the multi-vehicle discount many companies will give you another 10 to 20 % off your car insurance rates
4. If your car is 10 years old or older consider removing the physical damage coverage. Physical damage (PD) is your Comp and Collision coverage. Depending on the car you may be paying more then the car is worth for your insurance premiums. So find out what your car is worth and compare it to what your paying for your Comprehensive (comp) & Collision coverages.
5. Try calling your agent or direct auto insurance company and asking if there are any other discounts you might qualify for
6. After a ticket or accident has “fallen off” of your insurance record ask your company to stop charging you for it. Most companies will penalize you for tickets and accidents for 3 years to 5 depending on the severity.
7. Shop your policy with 3 other carriers with an apples to apples quote and ask your company to honor the quote. You would be surprised what the agent or company is willing to do if they think they might loose a customer. This is becoming less
true as there is much less flexibility than was available years ago but in some instances it is still there. Just remember the more policies you have with an agent or company the more leverage you have.
8. This is a more advanced strategy but you may be able to adjust your medical payment coverage to offset your health insurance deductible and out of pocket max. Be careful before you just go and cut back on your medical payments coverage. This coverage will also cover other people in your car so give this one some thought before you cut back because it might not really be worth it depending on what it saves you.
9. Remove the towing coverage. Many companies charge anywhere from $5 to $10 every 6 months for this coverage. Ask
yourself how many times have you been towed in the last 10 years? The average towing bill for most areas is usually from
$60 to $100 and if you only tow your car once in 10 years you would save a bunch by not having this coverage.
10. Don’t just file your insurance policy in the drawer and forget about it for 5 years at a time. Make sure you get a complete insurance checkup once a year to make sure your needs are being met. Any time you are going to make a change to any insurance coverage make sure you check with a qualified professional to make sure it makes sense to do it.