WEDNESDAY, JANUARY 20, 2021
Insurance is often seen as a necessary evil, as it just adds on to your monthly bills. Car insurance doesn’t always have to be expensive, however. There are easy ways you can save money on car insurance each month.
Drive Carefully
This one is obvious but one of the most important. Your driving record can influence your car insurance premiums greatly. Even a single at fault accident can remain on your record for three to five years, meaning you will pay higher premiums until it falls off your record. Avoid distractions such as food and cellphones on the road and obey traffic signals.
Ask About Discounts
Most insurance providers offer a range of discounts for drivers. When looking for car insurance, ask about discounts you may qualify for such as:
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Mature Driver
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Good Student
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Low Mileage
You could be surprised at the discounts available to you, so be sure to ask.
Choose an Older Vehicle
If you are looking to buy a car to insure, you should keep car insurance in mind while shopping. More expensive vehicles, such as new vehicles, tend to cost more to insure. Vehicles built for speed, such as sports cars, may also be more costly to insure. By insuring an older vehicle, you can often save money on car insurance. Also take into account its safety rating and other factors, however.
Maintain Good Credit
Insurance providers often use your credit score as an example of how reliable you will be for paying your auto insurance premiums in full and on time. Having a high credit score can save you money on car insurance. You can maintain good credit by paying bills on time and setting up automatic drafts for your bills.
Bundle Home and Auto
In many cases, your insurance provider will want you to purchase additional insurance from them. If you purchase home insurance and auto insurance from the same provider, bundling these coverages can often save you money.
Choose a Higher Deductible
Another way to save money is by choosing a higher deductible when you purchase an auto insurance policy. Your deductible is how much you will pay after an accident before receiving compensation from a car insurance claim. Choosing a higher deductible can save you money on monthly premiums, but keep in mind that is also means paying more out of pocket after an accident.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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