Smart Ways to Save Money on Auto Insurance

Share

business-861323_640When shopping around for auto insurance, it can be difficult to get exactly what you want and still meet your budget. If you’re trying to save money, you need to make sure you do it in a way that won’t hurt you in the long run. Here are some smart ways to save money on auto insurance.

Change Your Deductibles

Changing your deductibles is a good way to lower your auto insurance premiums. The higher your deductibles are, the lower your premiums will be. You need to be careful about how high you make your deductibles. For example, if you have a $250 deductible, that means you need to pay $250 before the insurance will pay for the amount you have chosen. If you can afford to pay a $500 deductible, then it might be in your best interest to do it. However, If you raise your deductible to $2,000, your insurance is pointless if you won’t be able to pay the $2,000 to file your insurance claim.

Carpool

Carpooling isn’t just great for the environment, it also saves you money on auto insurance. The less you drive, the lower your auto insurance will be. When you get a quote, it will ask you how many miles you drive annually. You can lower you insurance payment by $10 to $30 every month if you drive less.

Browse Discounts

Discounts are important when searching for auto insurance. Some companies don’t offer a wide variety of discounts while others do. Shop around auto insurance companies and see who will give you the best discounts. Some companies will give you discounts for being affiliated with certain companies or organizations. There are also potential discounts for having a clean driving record, having more than one car on the policy, and many other things.

If you’re unsure about potential discounts, call the auto insurance agency in Chicago to ask about all of the discounts that they have available. If you have a full list, it’s easier to figure out what you can qualify for. Sometimes when you solely make policies online, you tend to miss out on some discounts that you don’t know are available.

Combine Policies

If you have multiple insurance policies through different companies, you could be wasting a lot of money. Insurance companies want to be your only company, so they’ll give you a good deal if you’re exclusive and loyal. This means if you get multiple policies through one company, you can end up saving. You might save $10 per month by getting your renter’s insurance policy through a different company, but you could be missing out on a $25 per month discount by combining your policies. That is $15 per month and $180 per year that you are wasting.

Automatic Payments

More and more companies are offering large discounts to customers who set up automatic payments. Knowing your payment is going to be made on the same day every month makes things a lot easier on the company. They don’t have to send reminders to those who are paying their insurance later, and they don’t have to worry about your policy going into default. Therefore, many companies will make your monthly payment $5 to $10 cheaper every month if you set up automatic payments.

Auto insurance doesn’t need to break your bank account. It’s pointless to have a car if you have no money left over to put gas in it. Make sure you check into these tips to saving money on your insurance policy.

About the author


ModestMoney.com Top Finance Blogs

Archives

SSCP   CAS-002   9L0-066   350-050   642-999   220-801   74-678   642-732   400-051   ICGB   c2010-652   70-413   101-400   220-902   350-080   210-260   70-246   1Z0-144   3002   AWS-SYSOPS   70-347   PEGACPBA71V1   220-901   70-534   LX0-104   070-461   HP0-S42   1Z0-061   000-105   70-486   70-177   N10-006   500-260   640-692   70-980   CISM   VCP550   70-532   200-101   000-080   PR000041   2V0-621   70-411   352-001   70-480   70-461   ICBB   000-089   70-410   350-029   1Z0-060   2V0-620   210-065   70-463   70-483   CRISC   MB6-703   1z0-808   220-802   ITILFND   1Z0-804   LX0-103   MB2-704   210-060   101   200-310   640-911   200-120   EX300   300-209   1Z0-803   350-001   400-201   9L0-012   70-488   JN0-102   640-916   70-270   100-101   MB5-705   JK0-022   350-060   300-320   1z0-434   350-018   400-101   350-030   000-106   ADM-201   300-135   300-208   EX200   PMP   NSE4   1Z0-051   c2010-657   C_TFIN52_66   300-115   70-417   9A0-385   70-243   300-075   70-487   NS0-157   MB2-707   70-533   CAP   OG0-093   M70-101   300-070   102-400   JN0-360   SY0-401   000-017   300-206   CCA-500   70-412   2V0-621D   70-178   810-403   70-462   OG0-091   1V0-601   200-355   000-104   700-501   70-346   CISSP   300-101   1Y0-201   200-125  , 200-125  , 100-105  , 100-105  , 1Z0-803  , 400-051   EX300  , CISM   100-105  , 000-106   400-201   642-732   220-902   70-410  , MB6-703   810-403   70-243  , CAS-002  , AWS-SYSOPS   70-462   70-410   2V0-621   LX0-103   70-461  , 220-902   1Z0-144   70-178   70-270   350-080  , 1Y0-201   1z0-808  , NSE4   102-400  , ADM-201   SSCP  , 200-125  , 640-911   000-104   640-692   300-320   350-060   000-089  , 000-017   1z0-808   700-501   1Z0-051  , 70-177   M70-101   300-209   70-461   3002   N10-006   VCP550   70-487   300-320  , 3002   700-501   NS0-157  , 1V0-601   CAS-002