Are you tired of watching your car insurance premiums rise every year—even though you haven’t had an accident? Well, you’re not alone. Fortunately, there are ways to mitigate this increase, especially if you’re willing to be proactive. Try some of these tips from an insurance agent before continuing to pay your monthly fees after your next renewal.
If you’re not getting multiple quotes for your car insurance, then you’re missing out on a key opportunity! Working with a broker allows you to access rates from different companies, and now you can pull more online. The experts recommend getting at least 3 different prices to compare, but make sure you’re only looking at reputable companies.
After all, you buy insurance to have protection in case something happens. You want to know that the company handling your payments is going to be there for you if you need them. Try to ask friends/family for recommendations and/or you can check their financial rating for yourself. Organizations like A.M. Best or Standard & Poor’s do the research, so you don’t have to.
When preparing to purchase a new car, it’s the perfect opportunity for this step! While it may not change your decision to buy a certain make/model, it can help you budget for insurance premiums on top of your new car payment.
Adjust your Coverage
Depending on how much you actually use your insurance, there may be ways to reduce your costs. Do you know what your deductible is? The lower your deductible, the more you’re paying each month for your plan. Since this is the amount of money you’ll have to pay out-of-pocket for repairs, you’ll want to consult with your insurance agent before making any drastic changes. However, if you’ve got a $200 deductible, for example, changing your plan to incorporate a $500 deductible could lower your car insurance costs without leaving you largely responsible for an accident.
For older cars that you’re not driving as much anymore, you may also be able to drop collision and/or comprehensive coverage. In some cases, people are paying more than the vehicle is worth on insurance premiums alone. Stepping down your policy will allow you to save some, while protecting you from liability if you damage something in an accident.
Take Advantage of Common Discounts
Hopefully, you already know that bundling your homeowners’ insurance and car insurance can save you money each month. However, you may not know that certain employers/organizations offer group discounts on their plans; so, it doesn’t hurt to ask! You can also ask about discounts for safe drivers, low mileage (if you’re not driving that car as much), students, multiple vehicles, antitheft devices, and more!
At Freedom Insurance, we ask our clients questions about to incorporate these cost-saving strategies whenever possible. That way, you’re not combing over the policy looking for every possible discount—that’s our job!
Working with a customer-service-oriented company like Freedom Insurance, Inc. can help you lower your car insurance costs. Let our knowledge of the industry and our relationships with multiple carriers save you money on insurance premiums every year! We can take care of most of these suggestions for you and review your current coverage (whether it’s through us or not). Just give us a call today!