Hey there, have you ever wondered if you’re paying more than you should for your car insurance? Well, guess what? I have some juicy secrets to share with you! There are actually 9 ways you can lower your car insurance that Dave Ramsey doesn’t talk about. So let’s dive right into it and reveal these hidden gems.
Shop Around for Better Options
The first and best way to lower your car insurance is simply to shop around. It’s always a good idea to check different companies and compare their offerings. If you’re paying more than you think you should or if the prices have gone up, it may be a sign that your current insurance company is no longer the best fit for you. According to the reputable Insurance Information Institute, shopping around is the number one thing you can do to lower your car insurance. And if you need some guidance, check out Cover, our channel sponsor, who can help you find the best policy at a lower cost.
Compare Insurance Costs Before Buying a Car
Before you make that big purchase, it’s crucial to compare the insurance costs for different cars. Some high-performance cars or vehicles with low crash ratings can significantly increase your insurance premiums. Knowing this information ahead of time can save you from potential surprises and help you make a more informed decision.
Increase Your Deductible
One common and effective way to lower your car insurance is to raise your deductible. By opting for a higher deductible, you’re taking on more risk, and insurance companies reward you with lower premiums. It’s like showing them that you’re a responsible driver who can handle a higher upfront cost in case of an accident. Just make sure the deductible is at a reasonable level for you.
Adjust Coverage for Older Cars
If you have older cars, consider reducing the coverage to save on insurance costs. Some companies allow you to lower the liability limits per vehicle. While not all insurance providers offer this option, it’s worth checking if it’s available. Additionally, combining multiple cars into one policy can often lead to multi-car discounts and overall better pricing.
Bundle Homeowners Insurance with Car Insurance
Did you know that bundling your homeowners insurance with your car insurance can lead to significant savings? Many insurance companies offer discounts ranging from 15% to 30% when you combine these two types of coverage. So if you’re paying a lot for insurance and you have a homeowners or renters policy, consider combining them to enjoy some extra savings.
Maintain good credit
Your credit score can impact the price you pay for car insurance. Insurance companies use an insurance score, which is tied to your credit, to determine your premiums. It’s essential to maintain good credit as it can help lower your insurance costs. While not all states consider credit as a rating factor, the majority of them do. So take steps to improve your credit and enjoy the benefits of lower premiums.
Take Advantage of Low Mileage Discounts
If you don’t drive your car much, make sure to inform your insurance agent or company. Many insurers offer low mileage discounts for drivers who drive less than a certain number of miles per year. By taking advantage of this discount, you can save money on your car insurance. Check with Cover to see if they offer this discount and take steps to reduce your annual mileage.
Join Group Insurance Policies
Just like going to Disney World as part of a group gives you better deals, joining specific groups or associations can also lead to insurance discounts. Many companies offer group insurance policies for employees of certain companies or members of particular organizations. This can include banks, credit unions, teachers’ associations, or even AARP for those aged 35 and older. Exploring group insurance options can help you save significantly on your car insurance.
Seek Other Discounts
Don’t forget to explore all the possible discounts available to you. Some common ones include anti-theft devices, defensive driving courses, good student discounts, and maintaining a clean driving record. Additionally, being a long-time customer, having no accidents or moving violations in a certain period, and even having multiple cars insured with the same company can lead to substantial discounts. So make sure to ask your insurance provider about all the potential discounts you may qualify for.
So there you have it, my best-kept secrets for saving money on your car insurance. Remember to shop around, compare options, and take advantage of various discounts. And if you’re ready to start exploring your insurance options, head over to F4VN and let us help you find the best coverage at the most affordable price. It’s time to keep more money in your pocket while enjoying the peace of mind that comes with great car insurance coverage.
