Having multiple policies with different insurance companies may seem like a convenient way to handle your insurance needs, but it's important to review them regularly to make sure you have the protection that you need. You should also shop for new rates every year or two, and consider how changes in your lifestyle might affect your insurance needs. For example, you might save on car insurance by changing your commuting distance or by moving to a safer neighborhood.
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Get a Safe Car
While the make and model of your car can influence your insurance rate, you may also be able to save by getting a safer vehicle. GEICO notes that cars with built-in antitheft devices, airbags and passive restraint systems often have lower premiums. Similarly, you might save by purchasing a newer car that is generally less expensive to repair than older vehicles.
You could also reduce your premium by increasing the deductibles on your physical damage coverages, which are the amounts you pay out-of-pocket in the event of an accident. However, you should make sure you’re comfortable with the higher amount you would have to pay in the event of a claim before doing so.
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Another way to save on car insurance is to take advantage of all discounts that apply to you. Some of these might include a discount for paying by electronic recurring payments, a discount for a clean driving record and one for completing a defensive driving course. Many insurers offer these as a sign of good faith to customers, and you might get information about them in your policy or with your billing statements.
Other potential car insurance savings might come from a good credit score, which can have a significant impact on your rates. You might also be able to cut costs by dropping coverages you no longer need or by removing a driver from your policy, especially if they have a poor driving record. This might seem obvious, but it’s worth mentioning since some drivers end up paying for coverage they don’t need because of a mistake or oversight. A final way to save on your premium might be by lowering the amount of roadside assistance you need, or by lowering or eliminating collision and comprehensive coverage on older cars that have declined in value.
