Nine Ways to Save on Auto Insurance | Get a Free Quote from an Expert Agent |
| Here are nine suggestions to help you save on your auto insurance policy from the Insurance Information Institute, which is supported by some 275 property/casualty and reinsurance companies. Auto insurance premiums can vary from company to company and from coverage to coverage, so be sure to shop around. 1: Comparison shop. Use consumer information provided by your state's insurance department. Where they're available, insure.com has published state insurance department auto rate guides. These guides tell you what coverages you need and show you sample rates, usually from the biggest companies. 2: Ask for higher deductibles. When you file a claim, a deductible is the amount of money you pay before your insurance company kicks in. Higher deductibles mean lower premiums. For example, increasing your deductible from $200 to $500 on collision coverage could reduce your cost by as much as 30 percent. 3: Drop collision and/or comprehensive coverages on older cars. If you own a car that's worth less than $1,000, you'll probably pay more for the coverage than you would ever collect on a claim. Your bank can tell you how much your car is worth, or check out the Kelley Blue Book . 4: Buy a "low-profile" car. Cars that are expensive to repair or that have a high theft rate generally have higher insurance costs. 5: Take advantage of low-mileage discounts. Some insurance companies offer discounts to drivers who put fewer than a predetermined number of miles on their vehicles each year. 6: Consider insurance cost when making a move. Costs tend to be lowest in rural communities and highest in cities, where more traffic congestion occurs. 7: Find out about discounts for automatic seatbelts or air bags. Your insurance agent should let you know about these discounts when you purchase your coverage. Most policies give discounts for air bags and automatic seatbelts. 8: Ask about antilock brakes. Some states, including Florida, New Jersey, and New York, require insurers to give discounts for cars equipped with antilock brakes. Some insurance companies give the discount no matter where you live. 9: Ask about other discounts. Some companies offer discounts for insuring more than one car, also insuring your home with them (known as a multiline discount), having no accidents in three years, being a driver over 50, taking driver training courses, and having antitheft devices. Plus, remember good-student discounts when you are insuring a teen driver. |
