How to Save on Your Auto Insurance Premiums

Save on Auto InsuranceAre you paying too much for auto insurance?

It is common for many of us to set and forget our auto insurance policies but the truth is that if we only devoted a little time and effort into reviewing the particulars of our car premiums and made some slight changes to the coverage, it would be possible to realize considerable savings. Here are a few simple steps that you can use to take the bite off your coverage bills and save on your auto insurance premiums:

Shop Around

This is undoubtedly the most obvious and time tested option that you can use to save on your auto insurance premiums. With the advent of the internet and price comparison tools and websites, the process has gotten a lot easier. Before you purchase an insurance coverage for your car, ensure you have obtained at least three or more price quotes from multiple insurers so as to determine which of these offers cheap auto insurance premiums.  There are auto insurance companies that sell their packages via agents and you are likely to get inflated costs for insurance coverage. You can save on your auto insurance bills by purchasing from those insurers that sell directly to customers via the internet.

Get Higher Deductibles

Deductibles refer to the amount of money that you are willing to pay before your insurance company comes to the rescue.  You can ask your insurance company to offer you a higher deductible so as to amass good long term savings and avoid paying too much for auto insurance. As an illustration, an increase of your deductible from $200 to $500 can reduce your premiums by up to 30%. This is one of the best ways on how to reduce auto insurance premiums.

Reduce your coverage

By lowering your coverage, you will be paying less for your insurance premiums. This option is particularly appealing for auto owners with old cars or those that have finished paying off for the cost of purchase of their cars.  While lowering the coverage helps you save on your auto insurance, the insurance company will give you less money in the event you have an accident. You can, for example, get rid of the collision coverage and the comprehensive coverage while maintaining the liability coverage.  This is however not an open-ended option. Many states have laws on what will constitute minimum coverage so you are limited in some respects when it comes to what you can strike out. Some forms of coverage that you may deem unnecessary could be a mandatory requirement in some states.

Employ the same insurer for multiple auto insurance policies

This allows you to take advantage of discounts and couponing offers. Most insurance companies will offer you discounts when you purchase multiple policies from their companies.  Use price comparison tools to determine which insurance companies offer you the best deals from multiple insurance policies.

Group Insurance

This is an insurance product that may not be available amongst all insurance companies but offers one of the best ways to save on your auto insurance. If you belong to a group or club, your organization may have a special coverage agreement that guarantees you massive savings on your auto coverage.

 

 

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