Would you be interested in finding great auto insurance coverage at the best possible price? Of course you are, everyone is, which is why we created this list of ten ways to lower auto insurance premiums. Chances are that at least one of these tips can help you save money.
- Shop ‘til you drop. Shopping around is the best way to learn about options and compare prices. If you don’t have the time to study insurance companies, read policy forms or evaluate coverage options, let us do the work for you. As an independent insurance agent, Setnor Byer Insurance & Risk can access multiple insurance companies to find great coverage at affordable rates.
- Before buying that new car, find out how much it will cost to insure. Checking insurance rates before your next purchase may lead you to a car with a lower total cost of ownership.
- Opting for higher deductibles can mean lower premiums. A deductible is the amount you pay upfront before your insurance policy kicks in. If you choose a higher deductible, you could lower your costs. But beware—if you do happen to have an accident, make sure you have enough squirreled away to pay the claim.
- Use a driving monitor system. Some companies will send you a device that plugs into your car’s diagnostic port. It tracks things like hard braking, speed, and distance travelled. If you are a safe driver, you can be rewarded with lower rates. If you are not a safe driver, this probably isn’t a very good option.
- Maintain good credit. Studies have found a statistical correlation between credit score and the likelihood of filing an insurance claim. Insurance companies applied these statistics to create a fairly simple formula: better credit = less likely to file a claim = lower premiums.
- Speaking of good credit, if you’re married, list the spouse with better credit on the policy first.
- Bundle. Lower premiums are typically available to those who bundle coverage with a single insurance company. If you have multiple autos or are willing to obtain other kinds of coverage from the same company, such as homeowners’ insurance, you may be entitled to a multi-policy discount.
- Lyft lover or member of UberPool? If you don’t drive much, you can often receive a low-mileage discount.
- Reduce the coverage on that clunker. If you have an older-model car that’s getting up there in years, you may be able to reduce coverage on that vehicle. Chances are, it’s not worth what it was.
- Contact Setnor Byer Insurance & Risk for more information.. We have agents ready to help you save money on your auto policy and to our insurance professionals can find out if you’re eligible for other premium discounts. There could be more savings out there for you!
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