From utilizing coupons to negotiating the best deal on a car, everyone enjoys saving money. There are numerous ways to secure the best price for your vehicle insurance. Below are some auto insurance tips that could help you save on your premiums.
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Can I Save on Auto Insurance?
You might assume that pricing for your auto insurance is a fixed rate based on various factors like your location and driving record. However, there are certain aspects within your control that can lower your rates, such as the coverage options you select. Other factors, like maintaining a clean driving record for five or more years, can gradually reduce your premium.
For example, certain car models have lower insurance. Factors that determine premiums include repair costs and how specific makes and models perform in crashes. Insurers examine both auto manufacturers’ testing and real-world crash data. Lower damage and fewer injuries to a vehicle’s occupants mean that when accidents occur, costs will be lower in these vehicles. This leads to better premium rates for drivers.
Numerous variables can help you save on your car insurance premium. Continue reading for tips and suggestions on achieving lower car insurance rates.
Bundle With Other Insurance Types
One popular method to save on auto insurance is to combine your coverage with other types of insurance you may have. This process, called “bundling,” is an easy way to get a discount. Whether you rent or own your home, you likely have renters or homeowners insurance, so consider adding your vehicle insurance into the mix.
Other insurance types can also be bundled for additional savings. Valuable personal property coverage, boat insurance, motorcycle insurance, and recreational property like RVs or snowmobiles are all insurances that can be bundled.
Insurers offer discounts when you bundle because managing multiple lines of insurance with the same carrier is more efficient and profitable for them.
Drive Safely and Maintain a Clean Record
One of the most critical factors determining your premium cost is your driving record, which is largely within your control. The best way to keep your auto insurance rates low is to be a responsible driver.
Many insurance companies now offer tools that track your driving behavior. These devices, known as “telematics,” record data such as speed, hard braking, and the time and distances traveled. Your insurance company collects data on your driving habits and analyzes them. If you’re a safe driver, using one of these devices could save you money on car insurance.
Shop Around
Comparison shopping can save more money than you might anticipate. Drivers often discover that premium rates can vary significantly between insurance carriers.
Assuming the information provided is the same—such as your age, location, and driving record—why would one insurance company charge less than another? It’s because each carrier weighs the data differently. In some instances, the differences in premiums may be negligible, while in others, they might be substantial.
Comparing a range of quotes is the best way to determine if you could save on car insurance. Make sure you use the same information with each for an accurate comparison.
Consider a Higher Deductible
When you’re gathering quotes, you’ll be asked about your preferred deductible. A deductible is the portion of repair costs you are responsible for before insurance coverage kicks in. Selecting a higher deductible means you’ll assume more financial responsibility when your vehicle is repaired after a covered accident, resulting in your insurance company paying less. Insurers often incentivize higher deductibles with lower rates.
Evaluate your personal situation carefully, and select a deductible amount you can genuinely afford. If you can’t pay $1,000 out of pocket for damages in an accident, choose a lower deductible. If your situation changes—such as receiving a raise at work that enables you to afford a higher deductible—you can always contact your insurance company and switch to a higher deductible.
Get your free quote and see if you could save
Where Can I Get an Auto Insurance Quote?
Searching for the cheapest car insurance online can be time-consuming. The Expert Agents at Guaranteed Rate Insurance are available to help you find the right insurance coverage at a great rate. Get started with a free online quote. If you’re aiming to lower your car insurance premiums, follow these great tips and talk to your insurance agent to see if you could be saving on your auto insurance!
Disclaimer:
*Savings, if any, vary based on the consumer’s profile and other factors. Contact your insurance agent for more information. Restrictions apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate Insurance does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate Insurance. Guaranteed Rate Insurance, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
