How to lower auto insurance costs - what to do - should be addressed by every driver any time their policy is up for renewal. It is easy to just renew you existing coverage, especially if there is no increase in rates. However, this could be a mistake. The stable rates might be masking some opportunities to save money on your monthly premiums. Insurance is one of the largest regular monthly expenses we have. Saving money on insurance can make a huge difference in the amount of money you have available at the end of the month. Here are ten possible ways to save money on your insurance coverage.
Ask for a higher deductible
This is the amount that you must pay before your policy coverage begins. The most affordable car insurance policies have higher deductibles. By increasing your deductible from $200 to $500, you can save up to 30% a month. Make sure you are able to put the additional money you will need to pay the higher deductible in a savings account that you can access when needed.
Drop comprehensive or collision coverage
Car insurance quotes for older cars include this coverage needlessly. If the value of your car is less than the deductible, this coverage makes no sense.
Eliminate duplicate health coverage
If you have good life, disability, and health insurance, then ask for quotes on car insurance with the minimum amount of PIP coverage allowed in your state. There is no point in paying twice for what is essentially the same benefit.
Buy a low risk vehicle
It is hard to find affordable car insurance for a vehicle that has a poor safety record, costs a lot of money to repair, or is attractive to car thieves. Insurance companies know which vehicles pose a higher risk, and they charge accordingly.
Drive fewer miles or start a carpool
When searching how to lower auto insurance costs - what to do is sometimes as easy as not driving as much. Most insurers offer low mileage discounts for drivers who car pool or otherwise drive fewer miles a year than the average.
Update safety equipment information
Does you policy reflect that you have an air bag, daytime running lights, anti-lock brakes, or an automatic seat belt? These can all qualify you for a discount, as can an anti-theft device.
Look for teen discounts
Keep your teenagers on your policy. Separate teen policies are more expensive. Also, teenagers that pass a driver education course and keep good grades qualify for lower rates.
Combine multiple insurance policies
Ask for car insurance quotes from your homeowners' insurance or life insurance providers. You can also save by putting all of your vehicles - including trailers, boats, and RV's - on one policy.
Ask for other discounts
Quotes on car insurance often leave out details, like other discounts for which you might qualify. Ask you current provider what discounts are available to you, and shop around for others as well. Sometimes mentioning one company's discount might move another company to match the offer.
Think twice about roadside assistance
Check first with your credit card company to see if you already have roadside assistance coverage. There is no sense in paying twice for the same service.
With monthly incomes only now starting to recover, many are still looking for ways to cut monthly expenses. How to lower auto insurance costs - what to do first is to take this list to your current company, then shop around to see if anyone can beat their best offer. Most likely, you will find the same or better insurance coverage for less.