5 Strategies to Lower Your Auto Insurance Premiums
Your latest car insurance bill has arrived and it’s not a pretty place. In fact, it’s downright ugly! What can you do? Must you be held hostage to the ever-spiraling rate increases that are foisted on you when your policy is renewed? In a word, no. Let’s take a look at five strategies you can practice today to help lower your auto insurance premiums right away.
1. Find a new policy. Even with “loyalty discounts” in place, many consumers will find that a competing carrier will offer significant savings over their current plan. This is especially true if your state recently opened up the market to invite more competition.
2. Change your coverage. If your vehicle is older, you may want to consider dropping your collision coverage. Your comprehensive coverage may also need to be re-examined. Finally, make sure no duplicate costs are included, such as towing insurance if it’s already offered through your auto club.
3.Family Status. You may be paying more for your insurance if your policy shows you are single when, in fact, you were recently married. Rates are generally lower for married people, as well as for people over a certain age.
4. Increase your deductible. You can get instant savings by increasing the deductible you’re willing to pay. You may not need a $200 collision deductible when $500 is enough.
5. Get security discounts. If you park your car in a locked garage and/or have an alarm system installed, make sure your insurer is aware of this, as your premium will be adjusted lower.
In many cases, you can also save on auto insurance by bundling it with your homeowners insurance. Finally, talk to your broker to see what other steps you can take to get additional savings.
