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Home » Auto Insurance: Reducing Your Costs
March 17, 2022

Auto Insurance: Reducing Your Costs

When buying insurance, you want to do everything you can to reduce your bills. We all have to make our budgets affordable. Paying too much for our insurance can quickly drain our finances.

Most households need multiple insurance policies. Therefore, it is important to always make sure you can afford coverage. Auto insurance is a required part of most people’s finances. If you pay too much for coverage, you can easily sink your bank accounts.

However, don’t sacrifice the quality of your auto insurance coverage for the price. Sometimes, paying for the cheapest option doesn’t give you the coverage you need. You may find yourself without the right coverage when you experience an accident.

Though you may pay more for higher coverage, there are many ways you can still reduce your insurance costs. Keep these tips in mind when searching for coverage. Doing so can help you reduce your costs.

1. Work with an Independent Insurance Agent

When searching for auto insurance, one of the best ways to compare options is through choices. Often, you have the widest girth of choice when you use an independent insurance agency.

Independent agents are not contracted with a single insurance company. They can often work with many different companies to compare different policy perks. By doing so, they can get you the coverage levels you need while also searching for the lowest costs among insurance providers.

2. Adjust Your Coverage Levelssilver car driving

Most states require drivers to carry certain minimum coverage levels of car insurance. Beyond those requirements, you usually have leeway in determining how much coverage to carry.

By increasing your car insurance coverage levels, you often increase the price for coverage. Therefore, it is important that you strike the correct balance of coverage. Make sure that you get enough coverage to fully protect your risks. However, don’t buy so much coverage that you cannot afford your coverage.

Talk to your insurance agent. He or she can help you get the proper amount of auto insurance coverage while keeping your costs low. Always be honest with your agent about your car, driving habits and other factors like income.

3. Adjust Your Deductible

Like many insurance policies, auto insurance often comes with a deductible. A deductible is a set amount of money that a policyholder pays before insurance begins to issue a payout. For example, you may suffer car damages that total at $2,500. Your deductible is set in your policy at $1,000. You will have to pay the $1,000, while your insurance will likely make up the rest of the $2,500 in damages with a $1,500 payout.

If you opt for a higher deductible when you buy your policy, you may be able to save on costs. By assuming a higher deductible, you lessen the financial risk that an insurance company assumes by covering you. Simply put, a higher deductible may mean that an insurance company will have to pay out less to you as a result of a claim. For that reason, you may see your insurance costs drop.

4. Ask About Discounts

You often have other options to reduce your insurance costs. Many insurance companies offer discounts based on certain demographic information. Discounts, essentially, help companies retain your loyalty by assuring you that they understand your value as a customer.

You might be able to receive the following discounts:

·       Good grade discounts for full-time students

·       Accident-free discounts

·       Safe/Defensive driver discounts

·       Low mileage discounts

·       Anti-theft discounts

·       Safety feature discounts

·       Military discounts

·       New car discounts

There are many other ways that you could qualify for discounts on your car insurance rates. Many insurance companies reward loyalty, and offer discounts to returning customers and those who renew their policies regularly.

Furthermore, carrying more than one policy with the same company may also qualify for discounts. Bundling your insurance policies can be a great way to keep track of your coverage.

5. Take Care of Your Vehicle

It goes without saying, but insurance companies appreciate conscientious vehicle owners. You’re insuring a very valuable piece of property when you cover your car. Therefore, maintaining the car also protects it in the eyes of the insurance company.

Make sure that you service and maintain your car throughout its operating life. Doing so can help you stay ahead of small problems. That way, small problems can’t exacerbate insurance risks.

6. Be a Safe Driver

The biggest risk to any automobile is probably the driver. Whenever you take your car out, you expose it to risks. Therefore, it is up to you to maintain your reputation as an insured driver.

Safe driving may qualify you for discounts if you keep a clean record. However, it is much more than that. By practicing safe driving, you reduce your chances of accidents and insurance claims. Even though auto insurance is there to help you, no one wants to ever have to use this policy. The safer you drive, the better your chances of lessening your insurance liability.

Auto insurance is often a required part of any household budget. However, it doesn’t have to break the bank. Look for ways to save on your policy, and talk to your agent today.

McCartan Insurance Group is here to help you get a fast, free auto insurance quote. Call us at (515) 633-2273 for more information now.