It’s definitely expensive to own a car or a vehicle and one of the expenses that is on the top when it comes to spending for a vehicle is owning insurance. According to The Zebra, the average annual car insurance premium in the US is 1,548 US dollars.
This means that having a car insurance could cost you as much as 129 US dollars a month. That could take quite a chunk of your salary each month and it’s understandable if you are trying to find ways to save on this. Luckily, there are a few ways to save on car insurance.
You can also use the services of insurance agencies that would help you find the best coverage and even the cheapest if that’s what you prefer. By visiting LoPriore Insurance Agency, you’ll be given the chance to choose from a variety of automobile coverage that suits you.
Now, if you want to find more ways to save on car insurance, here are some great tips that you can follow.
- Shop around
Before you sign up with any insurance provider, it’s best that you get multiple quotes from different providers first. Know that insurance providers would offer you different deals and having at least three options is the best thing to do.
- Adjust your deductible
The deductible is the amount of money that you will have to pay before your insurance picks up the tab in case an accident happens. A deductible typically ranges from 100 to 1,000 dollars and usually, the lower the deductible, the higher your premium will be.
This means that the higher the deductible, the lower your annual premium is. This is typically the rule to follow so if you can increase your deductible to 1000 USD, then do it. It will save you money in the long run. However, it’s still best to check this with your agent first as some insurance providers don’t really follow this rule in terms of the deductible amount in your coverage.
- Combine the policies that you have and drop the ones you don’t need
If you have other insurance policies, check if you can just get all of them with one carrier. It’s the best thing to do to help you simplify your finances. Most of the time, customers with multiple coverage or policies are offered discounts and so this could help you save money.
- Ask for discounts
Speaking of discounts, you can check with the insurance provider if they can offer you any. Here are some common types of discounts that insurance companies may have for its customers:
- Accident-Free
- Good Student
- Multi-car
- New vehicle – usually for vehicles that are less than five years old
- Paperless
These are just a few possible discounts that insurance companies offer. If you’re a member of any association, you can bring this up with your agent because some providers tie up with associations or businesses.
- Take care of your credit
Now, if you really want to get a low premium, then work on your credit score. In many states, insurance providers take this into consideration when it comes to determining your premium. Know that you’ll always get the better offers if you have a good credit standing. This is something that is not only applicable to car insurance.
If you’re really determined to get a low premium, monitor your credit and work on it. If you think that you’re doing enough to better your credit standing each year, then you can get quotations from carriers each year to see if they could offer you better or cheaper premiums.
- Consider the pay-by-mile option
There are only a few insurance providers that carry this option. This may be something that you want to take a look at if you don’t drive that much. A pay-per-mile or pay-by mile car insurance premium will be based on your mileage each month. The lower the mileage, the lower your premium will be.
Ordinary car insurance coverage would typically ask for an estimate of your monthly mileage as this is one of the factors that could affect your premium. With the pay-by-mile option, your insurance carrier can have a more accurate assessment of your driving.
- Drive safely
While this may be an obvious tip, this is generally the best thing to do. Driving safely means avoiding tickets and bad driving records. Know that insurance providers would also check on this. If you have an outstanding driving record, then it is likely that you’ll get great coverage with lower costs.
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