Five tips for saving on your auto insurance

There are hundreds of insurance companies out there and they all charge dramatically different auto insurance rates for the same level of protection.  In fact, auto insurance quotes can vary by more than $1,000!

What’s hard to find is someone willing to tell you why.  Don’t worry; I’ll give you the facts and information you need to save hundreds of dollars a year on your next auto insurance quote.  Right here.  Right now.  Without any strings attached.

1. Raise your deductible

A deductible is the portion of a claim that you have to pay out of your own pocket. And if you can set aside enough money to cover a higher deductible it’s the first thing you should do.  Increasing your deductible from $200 to $500 could save you as much as 30 percent on your collision and comprehensive coverage.  Raising it to  $1,000 could save you more than 50 percent.

2. Get the discounts you deserve

Most companies will discount your rate if you have more than one car on your policy or if your car has safety features like air bags, automatic seatbelts and anti-lock brakes.  Some companies even have discounts for young drivers who earn good grades or complete driver education courses.  But companies like to give discounts for seemingly random things that you may not think about — like driving a hybrid car or being an accountant.  So to see if you’re getting credit where credit is do, it’s a good idea to find out all the discounts available to you.

3. Watch your credit

Research has shown that drivers with good credit or a high credit score number tend to be more responsible and less likely to file a claim.  That same research reveals that having poor credit or a low credit score increases your chances of taking risks and filing a claim.  For these reasons, most insurers use a customer’s credit history or credit score when determining their premium.

4. Don’t overprotect your car

It doesn’t matter how much coverage you have, your insurance company will not pay more in repairs than your car is worth.  So if you’re driving around in an old car that’s only worth a few thousand dollars, drop your collision coverage.  When you factor in your deductible, you may only be getting a few hundred dollars back if you file a claim.

5. Shop around

Just because your insurance company gave you the best rate a few years ago doesn’t mean they’re giving you the best rate now.  To be sure you’re getting the price and quality you deserve, you should secure at least three quotes from three different companies every three years or if you experience any of these factors:

  • Your premium goes up
  • You buy a new car
  • You have a change of address
  • Your marital status changes
  • You change jobs
  • You add a new driver to your policy
  • Your salary or assets increase.

Shopping around and comparing rates is the only way to be sure you’re getting the best auto insurance rate.

7 Responses to Five tips for saving on your auto insurance
  1. Charles
    September 23, 2010 | 1:55 pm

    that’s great! I recently increased my deductible from $500 to $1000 on my old mazda and i was able to save about $15/mo. it’s not much but definitely helps when you’re trying to save every penny!

  2. Ashton Patterson
    October 12, 2010 | 7:07 pm

    Thank you for this post! I just checked what discounts I could get, and I can get up to 5 discounts now. Some of the discounts require a driving test, but it’ll be money saved. Also I have a towing discount because I drive an older car. A 94 mustang, but it is still classified as an older car so my insurance will repay 80% of my towing fee! I’ve only had to use it once, but it worth checking into if you have an older car!

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