When it comes to your auto insurance, you want to ensure that you are getting a good deal. That means ensuring you are eligible for all the discounts your insurer offers. Those include low-mileage discounts (recent retirees or those who work from home may save), car pooling discounts, discounts for military service and good student drivers, and senior citizens discounts. In addition, you can usually save money by paying your premium annually rather than in monthly installments. Ask your agent or broker about these discounts.
You can also save by bundling your auto and home policies with one company, a setup known as multi-policy or multi-home. According to State Farm, new customers who bundle auto and home policies save more than 20 percent on average. Many insurance companies also offer discounts for taking online billing and automatic payments, or by having your policy set up with a yearly lump sum payment rather than in monthly payments.
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If you have a good relationship with your insurance agent, consider asking them to take a look at your coverage and rates on a regular basis. In fact, a survey by CR found that if you switch insurers every five years, you could save more than $2,400. You should also do a thorough annual policy review to reflect life changes that might impact your rates. These might include your commuting distance, the number of adult children who now drive, or any other changes that could help you cut costs.
Ask for a Discount
A lot of people don’t realize that they are eligible for insurance discounts, but these are available from most carriers. Those discounts can significantly reduce your premium and help you save a significant amount of money. They can include anything from a simple payment option to adding safety features in your vehicle. If you aren’t sure about what discounts you might qualify for, ask your insurance agent. They will be able to give you a rundown of every discount that you might have the opportunity to take advantage of.
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