None of us particularly enjoy paying for insurance. However, in the unfortunate event of an accident, you’ll be happy that you did.
But just because insurance is a necessity, it doesn’t mean it has to be expensive. In fact, there are tons of ways to save money on car insurance!
However, like most good things in life, saving money on car insurance will take some effort and even a little sacrifice.
Keep reading to understand more about how you can save money on car insurance!
How to Save Money on Car Insurance
We may have played up the dramatization a little bit in the intro. Truthfully, saving money on car insurance isn’t super complicated. If you know what you’re doing, it will hardly take any work at all!
Check out these top five tips!
1. Compromise on the Car You Drive
Simply put, if you want your insurance to cover an expensive car, you’re going to need expensive car insurance. An easy way to avoid paying lofty monthly bills is by downgrading your car or never buying a super pricy one in the first place.
This doesn’t mean you shouldn’t have a nice car, it just means insurance companies will expect more if they’re expected to protect a Porsche. There’s generally a mark up for performance cars because let’s face it, nobody buys a fast car to drive slowly.
Check out this list of the top 10 cheapest and priciest cars to insure.
2. Find the Right Provider
Next, and perhaps most importantly, you need to pick the right insurance provider to ensure you save money on car insurance.
The same coverage can vary in cost from place to place. If you want the best auto insurance rates, you can always talk to a specialist who will find it for you!
Just remember to be patient and shop around. Don’t take the first thing you get until you’ve seen what the competition has to offer.
3. Try Combining Insurance Policies
More often than not, insurance companies are comprehensive, meaning they will do homeowners insurance, renters insurance, auto insurance, etc.
Sometimes it pays (literally) to use the same company for all of your insurance policies. There may be discounts and perks available to you if you use the same insurance company for all your policies.
Call your provider and see what kind of deals they have for you!
4. Adjust Your Deductible
Next, if you want to save money on car insurance and aren’t super worried about filing a claim, you can adjust your deductible.
Basically, by agreeing to pay more in the event of an accident, your monthly premium will go down. For example, if your deductible is $500 and your monthly bill is $150, raising your deductible to $1,000 could save you significantly each month.
While the monthly savings may not seem like much, over a long period of time with no accidents, you’re saving tons of money.
5. Be a Good Driver
Finally, many insurance companies reward good drivers. Therefore, the cleaner your driving record, the cheaper your insurance will be.
The way the insurance companies see it, you pose a low risk of ever needing a payout. Your monthly payments are basically free money to them. However, if you ever need the assistance, they’ll be more than happy to pay up!
If you’re paying too much for insurance – stop!
Now that you know how to save money on car insurance, don’t spend another second giving away the farm! And if you want more quick and easy life hacks, feel free to browse around the rest of our blog!