Frugality is fashionable these days, with consumers scouring for ways to put money back into their bottom line. One way to save a few bucks is to maximize your automobile insurance coverage. By reviewing your current policy, you may discover ways to trim the fat from your payment, while ensuring the safety and coverage you need.
Good Driving History
A good driving history is the key to cheaper car insurance. Drivers are rewarded for making safe choices behind the wheel with rate decreases and rebate checks, as these drivers save insurance companies millions. Some companies offer rebates for consumers who have been accident-free for six months, and others reward for not receiving a ticket within a year. Insurance companies regularly conduct Motor Vehicle Record (MVR) checks to evaluate speeding tickets received and other incidents reported by law enforcement. No matter what your current driving record may be, the easiest way to save on future coverage is to ensure safe driving practices.
Pay your Bill Quarterly or Annually
Paying your insurance bill quarterly or annually can result in savings of 10-15% with many companies. Consumers who choose monthly payment arrangements generally pay more, as insurance agencies take a higher risk with these customers. One missed payment can result in a lapse of coverage or cancellation, and if your bill is paid up-front or in advance, chances are your insurance company will reward you.
Multiple-Policy Discounts
Do you have three drivers in your family on different policies? Is your auto insurance with one company and your homeowner’s insurance with another? If so, it may be time to combine those policies and take advantage of a host of discounts. The insurance agent who manages your auto policy would be more than happy to provide you with a quote for your home, life, retirement, and more. Showing loyalty to an insurance company by placing multiple policies is not only prudent, but it can make life easier for you as well.
Take an Online Drivers’ Course
Many insurance companies reward their customers with savings or discounts for participating in an online drivers’ course. These courses provide an opportunity to re-learn the rules of the road, resulting in a safer driving experience. Your insurance company can provide you with a list of accredited online driving courses. Once you have completed the course, a notification is sent to your insurance provider, which can save you money in the long run.
Get the State Minimum Coverage
While some drivers are underinsured, many are also over-insured. Having full coverage on a twenty-year-old vehicle does not make fiscal sense for you or your bottom line. Determine if the value of your vehicle is worth carrying full coverage; you may be surprised to see how much you can save.
Shop Around
Thousands of insurance companies are ready and willing to earn your business, so why not see what they have to offer? Shopping around is a great way to save money on your auto insurance. New and more competitive companies are out there just waiting to show you how they can save you on your next payment. The internet is an incredible resource for shopping around, and will save you hours on the phone. Enter your state name and “auto insurance quotes” into any search engine and you will be amazed at the results.
