Tips to Save for Auto Insurance

by Scott HuntJuly 15, 2021,
Tips to Save for Auto Insurance

Getting Insurance for your automobile is not only smart, but it is also a necessity. Although it does add to your list of expenses, and upkeep of your vehicle. There are, however, some practical tips that can get the premiums reduced by hundreds of dollars.

The experts have shared valuable tips that most of you probably didn’t know about, but can get you better insurance and help save on Auto Insurance. 

So the next time your insurance is up for renewal, make sure to check all your boxes.

“Cutting costs on your auto insurance policy is actually easier than you might initially think! There are a lot of things that you can do to save money on your auto insurance coverage. Here are just a few of the best examples:

Ask For Higher Deductibles With Your Insurer

“When you ask for a higher deductible, your insurance premium will decrease. For instance, if you raise your deductible from $250 to $500, your premium could drop by as much as 29%! That percentage difference could save you tons of money on a monthly or annual basis.” (David Adler)

Enroll In A Safe Driving Telematics Program

“Many insurance companies will have a telematics safe driving program, where they'll track your driving habits through an app on your phone. If you drive at safe speeds, follow the rules of the road, and avoid late-night driving, you'll be rewarded with money back from your insurer, which can help cut down on your insurance costs.” (David Adler)

Bundle Home And Auto Under One Provider

“Many insurers will offer Bundle and Save discounts for their customers. So, if you bundle your home and auto insurance one provider, you can cut down on your overall insurance costs.” (David Adler)

Reduce Coverage On Older Cars

“If you have an older car on your policy that's on its last leg, then it might make sense to drop or reduce your coverage on that vehicle. This is because an older vehicle may be valued less than or roughly the same as your premium. This means the coverage for your older car may not be cost-effective and you may actually be wasting money by keeping it on your policy. Try to get a sense of the current value of your older vehicles to figure out the right decision for your needs.” (David Adler)

Talk Directly With Your Agent

“The best way to reduce the costs of your coverage is to speak with your agent directly. They're intimately familiar with all the key details of your policy and understand your coverage to the t. This means they'll be able to offer better guidance and recommendations on how to best adapt your coverage for your budgetary needs.”

David Adler is the President and owner of Denver-based insurance agency, Adler Insurance Group

Comparing Quotes

“First, compare quotes from multiple insurers. Choosing a car insurance policy can be difficult, especially with so many options available. The key to getting the best bargain on your insurance policy is to shop around. Use comparison sites, research insurance companies and get their quotes to ensure you’re not missing out on any golden rates.” (Matthew Roberts)

Paying Annually Can Get You a Discount

“Second, pay annually. It is tempting to pay monthly to avoid a hefty upfront payment. Yet, remember that you will save money on your insurance if you pay annually, as doing this provides you a little more discount. Every dollar saved counts. 

Third, utilize your memberships and associations. Although it is not often at the top of our minds, many memberships and associations have partnerships with insurance companies. With that, you may be able to take advantage of what you can save.”

Matthew Roberts, Chief Operating Officer at My Choice

“Car insurance is not only required, it is important to have if you find yourself in a situation without it. Think about car insurance as any other bill you have, such as electric, phone bill, internet, etc. Without these amenities, it is difficult to function in the day in time. If you prioritize bills over free spending and ‘girls night out’ you should be able to budget car insurance in.” (Lauren Mckenzie)

Set aside Money Each Month or Utilize the Pay in Full Plan

“Depending upon the coverages desired, and your premium if you choose to do a monthly payment plan, make sure you are setting aside money each paycheck in order to make that full payment on the due date. If you are able to get ahead, my advice would be to pay your bill early that way you know it is taken care of and there will not be any late fees or possible cancellation. A great option most companies offer is a ‘Pay in full plan’, this also offers savings on your total premium. If you pay for the full 6 months, or 12 months up front, you will likely save $200-$300 over your entire term. If you’re unable to afford that this term, consider setting money aside each month for a year, that way when its time to renew you can make that full payment and not worry about monthly Installments.”

Lauren Mckenzie is an Insurance Broker at Learnandserve.org Powered by A Plus Insurance

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