We know how costly car insurance can be in the States, but are some incredible tricks to reduce your car insurance cost and premium.
Many people complain about the heavy costs of car insurance and auto premiums but it is important to note that there are many many ways to reduce this already heavy burden. Although we can’t completely eradicate the cost, here are 15 ways you can reduce the cost. As follows :
1. Shop around and keep your options open
Table of Contents
- 1. Shop around and keep your options open
- 2. Compare all insurance costs
- 3. Request higher deductibles
- 4. Ask about group insurance
- 5. Keep your mileage down and low as possible
- 6. Maintain a good credit record
- 7. Hinge on multiple insurance discounts
- 8. Reduce coverage on old cars
- 9. Avoid accidents
- 10. Defensive driving courses
- 11. Get Safety Equipments and Tech
- 12. Buy Insurance Friendly Cars
- 13. Behavior Based Discounts
- 14. Talk to Your Accountant
- 15. Seek Out Other Discounts
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Strive to pick out the best of the best to carry out your dealings with. Make sure to check out their reviews from both the internet, the publications, and even from peers Check their records as well as their customer care packages. Go around a minimum of three firms and weigh out the one that will be most beneficial for you and your budget both in the short and long run. Repeat this as often as possible to get updated.
2. Compare all insurance costs
While trying to acquire your dream car, you should also place of the back of your mind the insurance costs. The insurance premiums differ per automobile and it is heavily reliant on the features of the car that may reduce the risk of damage.
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3. Request higher deductibles
Deductibles are basically initial cash you pay on the initial premium so that you save on future payments. If you increase your deductible from let’s assume say $300 to $600 you are bound to save up to 25% on deductibles. One downside although is that you should have substantial income set aside to do so. You might just as well include it in your initial budget when saving.
4. Ask about group insurance
Insurance companies often offer discounts if you apply through a group. It may be a professional, business, or clubs and societies as well. So it will be advisable to inquire from your organizations if they have group insurance and how possible it is.
5. Keep your mileage down and low as possible
Low mileage customers obviously have low insurance costs due to the fact they move less are less prone to accidents and hazards. So finding a house close to your place of work will be a sure good way to lower the cost of insurance.
6. Maintain a good credit record
It’s simply good business every co-operation protects the interest of its credible customers. Always strive to be on the credit side of the book. Keeping a good credit record will surely reduce your insurance premium cost. Try to keep your credit as low as possible and pay your bills on time. A positive credit card score will surely be of assistance to ensure better auto insurance policies.
7. Hinge on multiple insurance discounts
If you patronize one insurer on many coverages, you are most likely to receive some slack or get discounts on your insurance costs across board. This is definitely also applicable to your auto insurance as well. Also if you are a long time customer, you are bound to receive discounts. It still doesn’t hurt to shop around once in a while though.
8. Reduce coverage on old cars
This is an avenue often overlooked but is very important for each and every car owner seeking good insurance costs. If you drop collision coverages on older cars, you stand to improve your insurance standings. If you look up the current worth of the car and it is very much less than the premium, paying coverages although will be cost-ineffective.
9. Avoid accidents
The very fact is that even without all the extra, auto insurance is already very costly as it is. So avoiding accidents and driving hazards is surely sure without any doubt method to not make it more costly. So let us keep the speed down and drive as carefully as possible, shall we?
10. Defensive driving courses
A discount is most likely to come if you present proof of having completed a defensive driving course. Keep an eye on your budget though to ensure that taking the course does not run you at a loss for more than a year. It helps to reduce premium costs over time as well.
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11. Get Safety Equipments and Tech
Insurance companies also give discounts if your vehicle already has safety checks in place. It is also advisable to incorporate as much as you possibly can, they are also beneficial to you; a security system, airbags, brakes anti-lock and a few others like alarms won’t be bad as well.
12. Buy Insurance Friendly Cars
When making a car purchase, depending on your budget and rate of incure flow it is advisable to avoid expensive or sporty, flashy cars because of the obvious. The insurance costs are also notably higher than normal SUV’s or salons. So for those reading this, remember this when the time to buy a new car comes.
13. Behavior Based Discounts
As earlier stated, if you help the insurance companies secure their bags, they will most likely secure your interest. Reckless driving and numerous tickets do not help them so they give you discounts for being a good driver. Save your life and save cost on insurance, seems like a win-win to me.
14. Talk to Your Accountant
As usual, when it comes to things of finance, it will be great to talk to a professional. Constantly frequent your accountant or a friend into economics and management in order to plan your finances as well as your insurances and review your insurance policies. There’s a lot of loopholes and maybe you could find one.
15. Seek Out Other Discounts
There are a million other ways to also reduce auto premium costs. It may vary company to company so it is best to follow through with your present insurer and look through their menu for discounts that will suit you.
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