Whether it has been years or months, most people remember their experience, including their efforts when buying their cars, as if it happened yesterday. They took their time to compare different makes and various models. There was also the search for affordable and reasonable financing rates.
As much as that’s the case, only a few people put even half of such efforts when getting car insurance. It is one of the many reasons car owners end up paying high prices for their cover. Fortunately, this article will help you avoid being part of that lot. Here are the five ways to save on car insurance.
- Comparing several can insurance options
- Maintaining a good record
- Improve your car security
- Purchasing a bundle
- Increase deductible or reduce coverage
How do these actions help you save money on car insurance? Keep reading to find out. So, read on as we discuss the five ways to save money on car insurance.
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Comparing several car insurance options
Suppose you are not careful when purchasing your car insurance policy. In that case, you may end up paying extra hundreds of dollars despite getting the same coverage as another person paying way less. So, from the word go, you have an opportunity to save money on car insurance. To do so, don’t settle for the first insurance company that catches your eye or ears. On the contrary, visit as many as possible. Ensure that you take note of their prices and coverage offers. Compare them and use your findings to choose the cover that will favor you financially. FindMyQuotes is an excellent place to start.
However, don’t use just the price to choose your car insurance. After all, some insurance providers will charge you less only to offer you mediocre coverage. The bottom line is to ensure that you don’t compromise on quality to get a cheap cover. Equally important, ensure that you do not pay a huge price for the same thing that you can get at a lower price.
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Maintaining a good record
One of the records that need to be good is your credit score. That’s because most insurance providers consider one’s credit score when determining their car insurance premium costs. You will be surprised to learn the difference between someone with a good credit score and another one with an average one. The former pays hundreds of dollars less than the latter. So, if you have an average credit score, strive to move up to a good credit score and save money on car insurance. Improving from poor to exceptional credit scores will see you save around $1500 every year.
Secondly, always drive safely. Never forget that accidents and traffic tickets can lead to an increase in your car insurance premium. Driving safely will avoid chances of getting into such incidences.
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Improving your car security
Improving your car security can be as simple as choosing secure parking for your car—some of the secured facilities to choose from include residential driveways and garages. If your location’s zip code shows that you live in one of the major urban areas, that’s another plus. Car insurance policies providers will lower your comprehensive coverage if they feel that the overnight parking is secure. After all, it decreases the chances of your car being stripped, broken into, or stolen. Again, you get to save money on car insurance through something so simple.
While still on your car security, ensure that you install an alarm system. Other safety features worth considering include blind-stop monitoring, reverse cameras, and automatic braking. You may not have to worry about installing airbags and anti-lock brakes if you purchase new models. That’s because it is now a law requirement in the United States. Don’t assume that your insurance provider will automatically know that your car has safety devices, especially when it is quite old. On the contrary, make an effort to inform the insurer lest they assume otherwise, thus charging you high premiums.
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Purchasing a bundle to save money on car insurance
There are two ways of saving money on car insurance as far as purchasing a bundle is concerned. The first is buying some of your insurance covers from the same carrier. For instance, if you bundle your home and auto insurance covers, you can rest assured that you will save up to 10% on all your covers. Don’t assume that you need to be a house owner to benefit from bundling. On the contrary, keep in mind that owning a condo can also earn you a discount. Additionally, those who rent houses and condos can also reap its benefits. Whereas homeowners can save about 10% on car insurance, renters get 5% off while condo owners save 8%.
Another option of saving money on car insurance through bundling is to combine the coverages of all the drivers in your household. You should also do the same if you own more than one car as long as they are registered under one name. Most coverages will offer around 25% multi-car discounts, making it another way to save money on car insurance.
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Increasing deductible or reducing coverage
If your budget can allow, do not hesitate to raise your deductible. That’s because when applied on a car cove, you get to pay relatively low insurance premium costs. Again, one thing worth mentioning is the need to set what you can afford. Otherwise, increasing your deductible to a value hard for you to raise can end up doing more harm than good.
If the worth of your old car isn’t at least ten times what you pay as your insurance premium, you can save money on car insurance. Simply ensure that you reduce coverages such as collision and comprehensive insurance policies. You get to pay less with that out of the picture, thus saving some bucks.
Conclusion: Five Ways to Save Money on Car Insurance
As illustrated in the above discussion, there are various ways to save money on car insurance. The good thing is that some won’t even cost you a single dime. Others come with other advantages, and an excellent example is a good credit score. It turns out that saving money on car insurance isn’t as hard as one would imagine.
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