How to Save on your Car Insurance
How to Save on your Car Insurance
How to Save on your Car InsuranceCar insurance rates depend on a number of factors. These factors include the driver's age and gender, where they live and work, type of car and security measures it has, and how far it is driven in a year. While some factors, like age and gender, cannot be changed, others can be influenced to reduce your car insurance rate.
While this list is not inclusive, methods to reduce car insurance rates include:
- Notify your auto insurer if you have installed a new alarm system in the vehicle. This can reduce your premium.
- If your new employer is closer to home or you are working fewer days, report it as a reduction in miles driven. Since the risk of an accident is considered constant per mile driven, fewer miles driven reduces the risk of an accident.
- Did you get married? For men under 30, this is considered a sign of maturity or greater responsibility. Getting married can reduce car insurance rates, often as much as turning 25 or turning 30, when age is used as a correlation for maturity. However, the premium change for women is far less if not non-existent.
- While you may work or live in a higher crime area with an above average risk of car theft, parking in a parking garage or attended lot partially reduces this risk. Talk to your insurance agent. Paying more for secure parking may be offset by a reduction in car insurance rates.
- Combining insurance policies with one insurer can reduce your insurance rates. However, life insurance and home owner or renter insurance is often handled by separate divisions of the same company. If you have multiple policies with one insurer who also provides your car insurance, make sure you are getting this multiple-policy discount.
- Check the classification of your car on your car insurance policy. Sports cars and trucks have a higher insurance rate than sedans. If your car is a higher performance version of a sedan or compact vehicle, verify that the correct classification is applied to your car. This can save hundreds of dollars per year for a young driver classified as having a sports car instead of a more conventional model.
- Increasing the car insurance deductible is a well known insurance savings method. However, choosing not to insure add-ons is another savings. For example, if a teenager adds after-market parts, choosing to replace these items out of pocket instead of increasing the market value of the car for the insurance policy can save money. The same is true for not covering trailers, extra sound-system components, or luxury add-ons.
- Finally, pay all premiums on time and in full. Missing a car insurance payment not only causes it to lapse but causes all other insurers to charge more when you renew a policy.
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