Is your car insurance premium is too much for your budget for the next six months? When it comes to saving money on your premium, there are steps you can take that will help you quickly save money, and other steps that take longer to implement.
Quick Savings Strategy #1: Increase Your Deductible
One of the easiest ways to reduce your premium is by increasing your deductible. You only have to pay your deductible if you get into an accident. Look at your deductible and figure out how much you can increase it.
For example, if your deductible is currently $250 and you can increase it to $500, you should see a noticeable drop in your insurance premium. The more you increase your premium, the more the drop should be.
Quick Savings Strategy #2: Get Rid of Unnecessary Insurance Coverage
Second, you need to carefully look over your policy and make sure you are not carrying any unnecessary insurance coverage.
For example, if you are driving a fifteen-year-old car around, you probably don't need to be carrying full coverage on the car anymore. Or, if you paid off your car loan, you don't need gap coverage anymore. Or if you have roadside assistance through another program, don't pay double for it.
Just make sure you are paying for the car insurance you need. Dropping unnecessary coverage can help lower your policy.
Quick Saving Strategy #3: Combine Insurance Policies
If you have other insurance needs, such as a policy for your home or your motorcycle, consider combining your policies with the same carrier. Most insurance companies will offer you a discount when you combine two policies.
For example, if your car insurance premium was $700 and your motorcycle insurance premium was $500, instead of the premium together being $1200, the insurance company would only charge you $1000. Insurance companies offer discounts for bundling coverage as a way to get more of your business.
Quick Saving Strategy #4: Check Your Discounts
Next, check and make sure you are getting all the discounts that you qualify for. There may be discounts that you should be getting but are not for some reason. Check with your insurance agent, and make sure you are getting discounts such as accident-free, multi-car, and paperless discounts. It doesn't hurt to ask and make sure you are getting all applicable discounts.
If you want to save money on your car insurance quickly, increase your deductible, decrease your coverage levels, combine your insurance policies, and make sure you are getting all the discounts you qualify for.
Reach out to a car insurance provider for more information.
After I graduated college, I started to feel like an adult. I started teaching at a school. I also bought a car. And I became the owner of several insurance policies. I obtained a comprehensive insurance policy for my car. I also secured my first life insurance policy at this time. I didn’t want my family members to be burdened with funeral costs if I suddenly passed away. A few years after graduating college, I became a homeowner. After this joyous occasion, I invested in a homeowners insurance policy. On this blog, I hope you will discover the most common types of insurance people purchase.