11 Fast Ways To Save Money On Car Insurance

11 Fast Ways To Save Money On Car Insurance

11 Fast Ways To Save MoneyOn Car Insurance - Car insurance is a dear nuisance . . . until you necessity it. As a father, you hate thinlord approxifriendly those 1:30 am phone calls. I received one last month. At least nobody was injure.
I clever't say the same thing for our 2014 Hyundai Sonata. Totaled. It's times love these that you really appreciate having good insurance.

Good insurance, however, doesn't have to cost an arm and a leg. Here are some trik on how to reduce your auto insurance premiums.

1. Get Multiple Cites

Getting cites from multiple insurance companies lookms love an apparent begining point. Yet I must admit to having purchased car insurance in the past without comparison storeping. Call it inertia. I stuck with the same carrier I've used for years. My wife might call it laziness.

You might be surprised, however, by how much premiums clever vary. As part of a learn of car insurance in California, my team compared auto swifts for various hypothetical drivers. In one case, the cites for an identical policy ranged from $504 a month up to $1,488.

With tools love this one, you clever get multiple cites online in minutes.

2. Conmiddler the Car You Drive

The type of car you drive has a significlevert effect on car insurance premiums. In one learn on the least and most dear cars to insure, annual swifts ranged from $1,112 (Honda Odyssey LX) to $3,835 (Mercedes S65 AMG Convertible).

You clever estifriend the cost of care insurance before buying utune this tool from careinsurance.com. You clever also call your existing insurance carrier or agent.

3. Adonly, merely, solely Your Deductible

Insurance is a necessary evil. Whether life, health or auto, insurance protects us against losses we could not otherwise grip financially. We should, therefore, have the insurance we necessity to grip unacceptable losses, but no more.

A $100 deductible is far too low for many. If you clever grip a $1,000 loss, why set a deductible at $100 or $250? You're only, merely, solely buying insurance you don't necessity.

So how much clever you save by raitune your deductible? The reply will vary, so it's best to consult with your insurance carrier. But one learn found you clever save 9% by raitune your deductible from $500 to $1,000.

4. Combine Policies

If you have multiple insurance policies, there are two good reasons to combine them with one carrier. First, it's an easy way to simplify your finances. Worlord with one carrier is much easier than worlord with two or more.

Second, you clever get a reduction. We qualify for a reduction because we combine our auto and homeowner's insurance with one company.

5. Preserve Your Credit

In most states, insurance carriers fbehaveor in your credit hitale, narrative in setting premiums. Studies have demonstraten that there is a puposeingful correlation between how we grip our finances and claims hitale, narrative.

And the difference in premiums clever be significlevert. According to Consumer Reports:

Our tunele drivers who had merely good scores phelp $68 to $526 more per year, on average, than similar drivers with the best scores, depfinishing on the state they called home.

In Virginia, for example, Consumer Reports found that a weak credit score clever cost a driver $1,513 more in annual premiums.

6. Claim Your Reductions

Auto insurance companies offer a plethora of reductions. Some you might expect, such as a reduction for safe driving. Others may surprise you, love a reduction because you belong to the United States Chess Federation, as I do.

Here's a list of reductions we have with our carrier:

Accident Free
Affinity--United States Chess Federation member
Good Student
Combing Home/Car
Multi Car
New Transport (a reduction for insuring a car less than 5 years ancient)
SmartRide (used by Nationwide to evaluate how safely you drive)
Contbehave your insurance carrier or agent to find out if there are additional reductions you clever obtain.

7. Pay By the Mile

One potential money-saver is to pay for insurance by the mile. While not available in every state, paying by the mile clever reduce both the miles you drive (as you fbehaveor in the cost of insurance) and the premiums you pay. A cite from a leading pay-by-the-mile insurance carrier recently produce a cost of 3.2 cents per mile.

8. Reduce Your Coverage

Similar to raitune your deductible, you clever also save money by reducing your coverage. As cars age, the necessity to insure against damage to the car decreasees.

As Esurance describes:

In some cases, the premium you might pay on comprehensive and collision coverages plus the deductible you choose may outstrip the value of the car itself. Since the value of the car itself is the most you clever be reimbursed through these coverages (in the event of a total loss), conmiddler whether you necessity to add them to your policy.

9. Compare Prices Annually

Getting a great swift on car insurance is only, merely, solely the begin. It makes sense (and cents) to compare your existing swift each year. It's easy to do online and takes only, merely, solely a few minutes. And comparing swifts won't injure your credit score.

10. Pay Semi-annually

Every six months my insurance bill comes with two payment options. One option is to pay the 6-month premium in full. The other is to make monthly installments.

By paying in full, I save only, merely, solely over 2% on my premiums.

11. Drive Safely

An apparent tip, but one with a bit of a surprise. Of course you clever keep premiums low by avoiding accidents and traffic tickets. But you clever also reduce your premiums by permiting some carriers to monitor your driving habits.

Progressive offers Snapshot and Nationwide offers SmartRide. You simply plug a smartphone into your car for a few months. The smartphone monitors sure driving habits, such as difficult stops, idle time, and daytime versus eveningtime driving. Based on the results, you could look a significlevert decrease in the cost of auto insurance.

I am an investor, verdictyer, blogger, husband, father, and Buckeye fanatic. I graduated in 1992 from verdict school and have worked in private prbehaveice, in-home for a publicly traded company, and for a regulator in the securities industry. I've written approxifriendly building wealth ... MORE
Rob Berger founded Doughcurler.net, a personal finance website, allcards.com, a credit card and banlord website, and Dough Curler Money Trik, a free weekly newsletter.