Lower My Car Insurance
The following are ten ways you can lower your car insurance:
1. Switch Insurance Providers
This is the quickest and easiest way to lower your insurance cost. There are NUMEROUS insurance providers out there. I have researched many, for many different people. On average, the CHEAPEST REPUTABLE insurance provider that I have found is esurance. The nice thing is that you can request a free quote, and it only takes about 4 – 5 minutes to complete the quote. There is NO obligation to sign up
2. Increase Your Deductible
The deductible is simply how much you have to pay when you enter an insurance claim, or more precisely, how much is DEDUCTED from the amount that the insurance provider pays on your claim. Increasing deductible reduces the amount of your insurance premiums. Just be careful that you don’t go too far and have an insanely high deductible and then have something happen.
3. Reduce Your Coverages
Insurance companies are always trying to sell you extras. Think about the various coverages you have and if you still need them all. For example, if you carry collision coverage on your 15 year old car, is it really worth it to keep additional premium billing cycle?
4. Drive Fewer Miles
While there are some extenuating circumstances, people who drive more miles tend to be involved in more accidents than people who drive fewer miles. Insurance companies know this and often adjust their rate schedules based on how many miles you drive. If you find ways to drive fewer miles (e.g. take public transportation etc.), not only will you be at less risk of an accident, but your premium might also be reduced due to your lower mileage per year.
5. Drive An Older Vehicle (Or Don’t Buy That Newer One)
In general, the newer and more expensive your vehicle is, the more it will cost to insure. Logically, if a driver of a 1995 Chevy Cavalier gets into an accident with the driver of a BMW, the insurance company will have to pay out a lot more for the BMW than the old Cavalier, so the BMW driver’s rates will be much higher.
6. Drive A Different Type Of Vehicle
Insurance companies have actuaries working for them studying a number of different things. Studies show that drivers of sports cars tend to have higher accident rates than drivers of sedans or minivans. These sports car drivers pay the price for that. You can see some of the cheapest vehicles to insure here.
7. Buy a Vehicle with a Theft Device or have one Installed
Purchasing a vehicle with a theft deterrent system or having one installed will most often get you a discount.
8. Change Your Driving Habits
Outside of who your insurance provider is and the type of vehicle being insured, your driving habits are probably the next most important determining factor for how much you pay for insurance. It’s pretty simple, those who are involved in more accidents and get more tickets have much higher rates than those that don’t.
9. Improve Your Credit Score
Again, insurance providers are looking for any type of relationship they can find between a measurable variable and accident/ticket rates. Studies show that drivers with lower credit histories tend to be involved in more accidents and get more tickets than those that have higher credit scores. People with low credit scores pay the price for this. There are various ways you can review your credit score and history.
10. Pay Up Front
This won’t save you a ton of money, but it will save you a little. Insurance companies usually charge you more to pay monthly rather than paying for six months or a year worth of coverage in advance.
Ways to Reduce Your Car Insurance Costs
Again, if you are thinking “How do I lower my insurance”, the easiest way is to compare and change providers. GET YOUR FREE QUOTE BELOW
Random Rant: Insure and Ensure are two different words with two different meanings. Click here for the differences between the two words.