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Cars

Top 8 Ways to Save Money on Car Insurance

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Saving on car insurance

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It’s expensive to own a car; however, unless you live somewhere with very good public transportation, then might have no choice but to own a car. First, you’ve got to deal with car payments, which can be high for a new car, and then there are all those gas, maintenance costs and registration fees.

For the most part, it’s difficult to save on any of those items, but one thing you can save on in a big way is your car insurance. We show you how in this article…

Before you continue reading, note that you may find that your insurance company offers other discounts in addition to the ones we discuss, so be sure to ask your agent if there are any other discounts that you may qualify for the next time you renew your policy.

Bundling Discounts

Having multiple insurance policies — home insurance, car insurance, life insurance, etc. — with the same company can save you money. In fact, most the world’s most popular and biggest insurance companies now offer bundling discounts, which could range from 10% to 20% in savings.

Multiple Vehicle Discounts

Like having multiple policies, having more than one vehicle on your car insurance may save you money. Generally, in order to qualify for a multivehicle discount, the cars have to be registered under a single policyholder’s name and must be driven only by that person or by family members living in his/her household.

Safe Driver Discounts

Being a safe driver with a clean driving record will typically earn you savings with just about any insurance company. Just make sure that you are accident free when getting quotes from the various insurance companies and see if they offer a discount policy for that.

Low-Mileage Discounts

Driving less reduces your risk of getting into an accident, which is why many insurance companies offer low-mileage discounts.  Make sure to inform your insurance agent if you drive a small number of miles (kilometers) each year or infrequently drive, and keep in mind that some companies might require electronic monitoring — usually a device that’s attached to an electronic monitoring port in your vehicle — to qualify.

Seatbelt Discounts

Do you and your passengers always wear your seatbelts? If that is indeed true, you may be able to get a discount off the personal injury protection or medical payment portions of your premium.

Good Student Discounts

Get this, some car insurance companies (the popular ones, usually) offer a ‘good student discount’ for young drivers who get good grades in school.  They view students eho earn good grades as less likely to drive irresponsibly.

To qualify for a good student discount, the student driver has to be younger than 25 years old, enrolled full-time in high school or college, and maintain a B average or higher. Is your child up for the challenge?

Automatic Payment

Some insurance companies offer a discount for authorizing automatic payments from your bank account. Moreover, some insurers will also give a discount if you pay all your premium at once, assuming you have the money to do so.

Anti-Theft Device

Even though car alarm systems have become more of a nuisance than they are useful, having an one on your vehicle can still net you savings with some insurance companies.  You could get a discount of up to 20% on your comprehensive coverage, a large sum of money on some cars.

We would like to thank the sales staff at The Chevy Source on Long Island, NY, a local Chevrolet dealer, for suggesting to us these eight ways you can save money on car insurance!

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