7 Smart Ways to Lower Your Car Insurance Payment
If you’re trying to shrink your budget to get through rough economic times, reducing your car insurance payment is something that might help more than you think. With that in mind, here are the best 7 ways to reduce your car insurance costs.
High Deductibles
It’s nice to only have a $200 deductible if you’re in an accident, but you can lower your monthly car insurance costs dramatically by changing to a $500 or even a $1,000 deductible. Check with your auto insurance provider to calculate the actual savings.
Don’t Duplicate the Coverage
If you’re lucky enough to already have good life insurance and health insurance from your employer, there’s no need to duplicate the coverage with your auto insurance policy. If you have good insurance through an employer, getting the minimum from the car insurance company can save you a lot of money every month.
Ask for Discounts
Sometimes, auto insurance companies have sales and deals that you might not know about. If you ask your insurance provider if there are any discounts for your age, if you carpool, or other things, you might be surprised to learn you can get a hefty discount on your monthly payments.
Roadside Assistance
While this is a great and convenient “perk,” if you’re trying to tighten the belt and save on your monthly budget, cutting out roadside assistance from the auto insurance company can help you save a little money on your monthly bill.
Choose Your Car Wisely
This doesn’t apply to everyone, but if you’re in the market for a new car, make sure you take car insurance into account. Certain types of cars (four door vehicles as opposed to sports cars) may be cheaper to cover with insurance. Beyond that, certain features like airbags and anti-locking brakes can greatly reduce your monthly cost. Checking into a particular make or model of car with your auto insurance company before you buy it can go a long way.
A Good Credit Score
Yes, your credit rating follows you pretty much everywhere these days. Not all auto insurance providers factor your credit rating into your rate quote, but if they do, you’ll want to make sure you check your credit score and see if there’s anything you can do about fixing any potential mistakes on it or paying off bills to get them removed.
Group Discounts
Ask your insurance provider if you can get discounts for either insuring all your vehicles with them or having all your family members on the same insurance plan. You’ll have to check with your particular car insurance company, but if you don’t ask, you’ll never know if you could be saving money every month.
