For most people car insurance is a the single largest insurance expense after health insurance. Rates are high and are forever climbing, or at least it seems that way. You can save money on your car insurance premiums by following these easy steps:
1. Raise Your Deductible. A $200 deductible sounds wise until you learn that the cost for having a deductible at this threshold can drive your rates through the roof. Consider a deductible as high as $1000 to save on premiums. You can always fix minor mishaps on your own.
2. Drop Collision. If your automobile is worth less than two or three thousand dollars, consider dropping collision altogether. Sure, you will get nothing from your insurer if your car is totaled, but the savings you realize by dropping collision can be used as a down payment for your next car.
3. Update Your Address. If the insurer has the wrong address, town or zip code on your policy you could find yourself paying more than you should.
4. Look For Discounts. If your car has certain safety features, make sure that your insurer is aware of this. You might be surprised what your insurance carrier offers discounts for. Reach out to your agent and ask them.
5. Business Deduction. If you drive your car for business, a portion of your insurance costs may be deductible. Conversely, your rates may be increased if your insurer knows that you use your car more for business than pleasure.
6. Combine Policies. Purchase your homeowners, auto, and life insurance policies from the same broker and you may save on your premiums. Some insurance companies reward policyholders if they “one-stop” purchase all of their insurance needs through one company.
7. Consider Before You Buy. The Porsche Boxster may be your ideal car, but it could also sharply raise your insurance rates. Maybe a less sporty model would be ideal.
8. Driver’s Education Course. You may have taken a driver’s education course and your insurance company has not factored that in when determining your premium. Let them know that you are a safe driver!
9. Deleted Points. If you had moving violations that were reported to your insurance company, make sure that your insurer adjusts your premium downward if several years have gone by since the occurrence. You could be paying a premium higher than you deserve.
10. Work With a Great Agent. You'd be surprised how many people come to our agency paying too much for their insurance because it was sold to them by someone who didn't understand all the discounts, sold them the wrong type of policy, or just didn't help them find the right coverage for their situation. Over the course of a lifetime, a top-notch insurance agent can save you hundreds of thousands of dollars. Maybe more.
Reducing your car insurance costs should not be an impossible feat. By following these steps you should realize some savings the next time your policy comes up for review. For more information about ways to save on your car insurance contact our agency at (386) 218-4951 or click here to get a quote.