Car insurance is one of the necessary evils of car ownership. It protects you financially if you have an accident, but it can also be a big drain on your wallet. Here are some tips on how to save money on your car insurance.
1. Review your coverage every 6 to 12 months
2. Raise your deductible.
3. Don’t let your insurance lapse
4. Shop around for the best price
5. Consider drop comprehensive and collision coverage for an older car
6. Take advantage of discounts
By following these tips, you can save money on your car insurance. Just make sure you compare rates and coverage before making a final decision.
- Shop around. Don’t just automatically renew your policy with your current insurer. Get quotes from a few different companies to see who can offer you the best rate.
- Consider raising your deductible. This is the amount you have to pay out of pocket before your insurance kicks in. You can decrease your premium by increasing your deductible. Just make sure you have enough money saved up to cover the deductible in case you do have an accident.
- Take advantage of discounts. Many insurers offer discounts for things like having a good driving record, installing an anti-theft device, or taking a defensive driving course.
- Make sure you’re not paying for coverage you don’t need. If your car is worth less than your deductible, it may not make sense to carry collision or comprehensive coverage.
- Ask about group discounts. If you’re a member of certain organizations, you may be eligible for a discount on your car insurance.
- Check for errors. Sometimes mistakes are made on your insurance policy. Make sure to review your policy documents carefully to ensure that everything is accurate. If you do find an error, contact your insurer to have it corrected.