Global Courant
Your latest auto insurance bill is in and it’s not a pretty site. In fact, it’s downright ugly! What can you do? Should you be held hostage by the ever-increasing rate hikes forced upon you when your policy renews? In short, no. Let’s take a look at five strategies you can practice today to immediately lower your car insurance premiums.
1. Buy a new policy. Even with “loyalty discounts,” many consumers will find that a competing company will offer significant savings over your current plan. This is especially true if your state has recently opened up the market to invite more competition.
2. Change your coverage. If your vehicle is old, you may want to consider scrapping collision coverage. Your extended cover may also need to be re-examined. Finally, make sure there are no duplications included, such as tow truck insurance if it’s already offered through your auto club.
3. Family status. You may pay more for your insurance if your policy shows you are single when in fact you were newly married. Rates are generally reduced for married people and people over a certain age.
4. Increase your deductible. You can save immediately by increasing the deductible that you are willing to pay. You may not need a $200 deductible if $500 is enough.
5. Get security discounts. If you park your car in a locked garage and/or have an alarm system, make sure your insurer is aware of this, as your premium will be adjusted downwards.
In many cases you can also save on car insurance by bundling it with your home insurance. Finally, talk to your broker to see what other measures you can take to make additional savings.
5 strategies to lower your car insurance premiums
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