Whether you are shopping for new car insurance or thinking of retooling an existing policy chances are that what you really want is cheap car insurance. While there are many companies that advertise low rates and discount pricing, it’s important to remember that insurance is highly regulated, and that includes premium ranges. When you choose a discount company, you may be sacrificing service for price.
That being said, if you’re trying to find ways to save money on car insurance, there are discounts that you can ask your agent about. The quotes we offer here are based on general parameters, and may not always take these factors into account, but the companies we work with are always happy to answer your questions about their offers.
- Safety Features. In New York and Florida, it’s actually mandatory that you get a discount if your car has anti-lock brakes, but insurance companies offer discounts for that in other states, too. As well, other safety features, like air bags, anti-theft devices such as LoJack, and even automatic seat-belts may net you a lower premium.
- Deductible Increases. Because your deductible is inversely proportional to the amount of your premium, you can lower your insurance rate by making your deductible higher. This does mean more out-of-pocket expense before the insurance kicks in, if you are in an accident, but if you are an infrequent driver, it may be worth it.
- Risk Increases: If you drive an older car, worth less than $2,000, you may want to drop your collision insurance. This is because you will probably be paying more in premiums every year than it would cost to simply replace the car.
- Consolidate: By consolidating – having your home, auto, and life insurance with one company – you can often qualify for discounts. Even without the life insurance, most companies give a home/auto combination discount.
- Class Matters: If you take a defensive driving class without needing to erase a ticket, you may qualify for a discounted insurance rate, though such discounts generally only last from one to three years. (Of course, you can always repeat the class, as needed.)
These five discounts are just a few of the ways you can save money on car insurance. Other discounts are sometimes offered based on your age (if you are over 55), your job (either a discount as part of your benefits package, or your actual occupation if you’re an engineer or teacher), and your driving record, if you go for years without ever getting a ticket.
Be sure to review the quotes you receive from CarInsuranceList.com, and ask the recommended companies if you have any questions about such credits. Car insurance doesn’t have to be horribly expensive, as long as you are informed.