Multiple Quotes
Premiums can vary from company to company by as much as $1000. So get quotes from multiple companies or check sites that display multiple quotes at once.
Consider the Car Carefully
The type of car you drive can affect the insurance premium. The least expensive vehicle to insure annually was the Honda Odyssey ($1112), while the most expensive was the Mercedes S65 AMG Convertible ($3835). Use online tools to understand how much cars will cost to insure before you buy them.
Adjust the Deductible
Use insurance to handle unacceptable losses but not more. So if you can handle a $1000 loss, then don’t set the deductible for $100 or $250. If you increase your deductible from $500 to $1000, you can save 9% on insurance.
Combine Policies
Combine multiple insurance policies from one carrier. It’s an easy way to simplify your finances, and you can get a discount from the coverage provider for being loyal to them.
Guard Credit
A lot of insurance companies used your credit score as a factor when they determine your insurance premiums. Studies show that people with good credit file fewer claims. Therefore if you have a good credit score, you will get a break on premiums.
Claim Discounts
Auto insurance companies offer discounts for safe driving, of course. But you also get discounts if you belong to the United States Chess Federation, are accident-free, are a member of certain clubs, a good student, and take defensive driving courses. Check all the details with your coverage provider.
Pay by Mile
Paying insurance by the mile can reduce the miles you drive and the premiums you pay. A quote from a leading pay-by-mile insurance operator was 3.2 cents a mile. That’s not bad.
Reduce Coverage
This is just like raising your deductible. As your car gets older, you may not need comprehensive, or collision insurance as the cost may be more than the value of your car. So you can save a lot of money by reducing your coverage.
Compare Prices
Every year, check existing insurance rates. This is something you can do online easily, and will only take a few minutes. This quick exercise could save you a lot of money.