Reducing the cost of your auto insurance usually involves some 'gamble' on your part. It depends on your ability to tolerate risk. Most things you can do to reduce the cost will mean that you have the chance of more money coming out of your pocket in the case of an accident. These are the most common tactics:
Increase your auto insurance deductible
Increasing your auto insurance deductible is an easy way to save money. The gamble is straightforward: If my driving record is good, I raise my auto insurance deductible - because I don't expect to be making a claim. If my driving record is bad - then I have some decisions to make.
With a bad driving record a higher deductible can save you a lot. However, you have a greater chance of an accident. So, if you raise your deductible be sure to have an equal amount put away "for a rainy day." Just in case.
Also remember that many auto shops will allow you to pay for repairs over time - which means less hassle if you ever have to get it repaired after an accident.
Drop either collision auto insurance and/or comprehensive auto insurance coverage on older cars
If you have a 1989 Dodge Shadow (I did until two years ago) you shouldn't be carrying either collision auto insurance or comprehensive auto insurance. The cost of the auto insurance coverage doesn't make any sense. If anything happens to the vehicle, you are going to junk it.
Insure through a single insurance company for multiple policies (auto, home, etc)
Most insurance companies reward "loyalty". They do that by giving you a multiple policy discount. This can often mean 10 or more percent off your total insurance bill. That adds up.
So, buying insurance for auto AND home? You will likely get the best deal if you insure both with one company.
Also, if you have more than one vehicle, insure them with a single auto insurance carrier. Multiple auto policies usually means a discount; with or without your home insurance included.
Reduce auto insurance coverage extras
Auto insurance companies are always looking for other areas where they can provide insurance coverage. This is their livelihood. Therefore, over time they've come up with a variety of additional auto insurance coverages, which you may or may not need.
Does your insurance company offer towing coverage?
If you've already got an auto club membership don't buy towing coverage! And if you have an older car you are likely better off to get the auto club membership than pay for this service through auto insurance. Why? Older cars have a higher rate of breakdown. Auto insurance companies know that.
Another extra is car rental insurance.
While it's likely to be cheaper through your auto insurance company, than through the car rental agency, it's still expensive. However, if you have a 'gold' credit card it likely provides car rental insurance as a benefit. Check all your credit cards - gold or not - and see if this is covered. Then you can waive this extra!
Compare auto insurance quotes
This is where the internet makes it easy! There are many internet sites which will let you get multiple auto insurance quotes and which will deliver those quotes right to your email address. Most of these services are free - but some charge a fee. Check carefully. Click on the above links to access some auto insurance quotes online.
Never get less than three auto insurance quotes. It's in your best interest.
You can also call multiple auto insurance agents. Most agents will be able to give you a quote over the phone. Agents will work with more than one auto insurance company. If you want to know which auto insurance companies the agent checked you are free to ask.
Don't forget to check out the reduce auto insurance cost, discount car insurance, car insurance medical, auto insurance collision, liability insurance, comprehensive car insurance, uninsured & underinsured, auto insurance cost, and how much insurance should I carry guides and click on the links above for auto insurance companies.
Also remember that many auto shops will allow you to pay for repairs over time - which means less hassle if you ever have to get it repaired after an accident.
Drop either collision auto insurance and/or comprehensive auto insurance coverage on older cars
If you have a 1989 Dodge Shadow (I did until two years ago) you shouldn't be carrying either collision auto insurance or comprehensive auto insurance. The cost of the auto insurance coverage doesn't make any sense. If anything happens to the vehicle, you are going to junk it.
Insure through a single insurance company for multiple policies (auto, home, etc)
Most insurance companies reward "loyalty". They do that by giving you a multiple policy discount. This can often mean 10 or more percent off your total insurance bill. That adds up.
So, buying insurance for auto AND home? You will likely get the best deal if you insure both with one company.
Also, if you have more than one vehicle, insure them with a single auto insurance carrier. Multiple auto policies usually means a discount; with or without your home insurance included.
Reduce auto insurance coverage extras
Auto insurance companies are always looking for other areas where they can provide insurance coverage. This is their livelihood. Therefore, over time they've come up with a variety of additional auto insurance coverages, which you may or may not need.
Does your insurance company offer towing coverage?
If you've already got an auto club membership don't buy towing coverage! And if you have an older car you are likely better off to get the auto club membership than pay for this service through auto insurance. Why? Older cars have a higher rate of breakdown. Auto insurance companies know that.
Another extra is car rental insurance.
While it's likely to be cheaper through your auto insurance company, than through the car rental agency, it's still expensive. However, if you have a 'gold' credit card it likely provides car rental insurance as a benefit. Check all your credit cards - gold or not - and see if this is covered. Then you can waive this extra!
Compare auto insurance quotes
This is where the internet makes it easy! There are many internet sites which will let you get multiple auto insurance quotes and which will deliver those quotes right to your email address. Most of these services are free - but some charge a fee. Check carefully. Click on the above links to access some auto insurance quotes online.
Never get less than three auto insurance quotes. It's in your best interest.
You can also call multiple auto insurance agents. Most agents will be able to give you a quote over the phone. Agents will work with more than one auto insurance company. If you want to know which auto insurance companies the agent checked you are free to ask.
Don't forget to check out the reduce auto insurance cost, discount car insurance, car insurance medical, auto insurance collision, liability insurance, comprehensive car insurance, uninsured & underinsured, auto insurance cost, and how much insurance should I carry guides and click on the links above for auto insurance companies.
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