Five Ways to Save on Your Auto Insurance Policy

One of the most common questions that insurance agents are asked is how you can save on your auto insurance policy. This is just a short list of potential discounts or policy changes that can help you save. Check out these five ways to start saving on the cost of your policy:

 

Maintain an clean driving record

If you have a squeaky clean driving record, you are probably already getting a great insurance rate. It’s not uncommon for a driver to have a speeding ticket or two, but any moving violations or accidents can have a serious impact on the cost of your insurance. Unfortunately, these incidents can impact the cost of your insurance for up to six years.

 

Drive fewer miles

The fewer miles annual miles driven on your car, the less likelihood that it will be involved in an accident. Try commuting by public transportation or bicycle, or join a carpool to work.

 

Maximize savings with a companion policy discount

Most insurance companies offer a discount on your auto insurance if you are willing to bundle your homeowners or renters policy with them as well. This is sometimes referred to as an account discount. In some instances, you can benefit from this discount just for having the policies within the same agency.

 

Review your deductibles

As the policyholder, you’re typically responsible for paying the deductible before an insurance company will respond to claim for a covered loss. You can reduce the cost of your policy if you’re willing to pay more out-of-pocket in the event of a loss.

 

Pay in full, or set up a recurring payment plan

Most insurance companies will offer a discount if you are willing to pay the policy in full for the year. Some companies may offer a discount if you are willing to set up a recurring payment from your checking account.

 

The actual savings for discounts and coverage changes can vary depending on the insurance company, the cost of the policy, and other discounts that may already be applied. Always consult with your independent agent on ensuring you are taking advantage of the appropriate discounts.

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