Twelve ways to save on your auto insurance policy:
- Ask for higher deductibles.
When you file a claim, a deductible is the amount of money you pay before your insurance company pays for the rest of the damage. Higher deductibles mean lower premiums. For example, increasing your deductible from $250 to $500 on collision coverage could reduce your premium by as much as 30 percent – potentially saving your hundreds of dollars.
- Drop Collision and/or comprehensive coverages on older cars.
If you own a car that’s worth less than $2000, you’ll probably pay more for the coverage than you would ever collect on a claim. Although insurance companies use their own criteria to determine fair market value for vehicles, you can find out how much your car is generally worth by using the Blue Book.
- Buy a “low-profile” car.
Cars that are expensive to repair or that have a high theft rate generally have higher insurance costs.
- Take advantage of low-mileage discounts.
Some insurance companies offer discounts to drivers who put fewer than a predetermined number of miles on their vehicles each year. And with the high price of gasoline, carpooling and taking public transportation around town can help you save more than just premium dollars.
- Consider insurance cost when making a move.
Costs tend to be lowest in rural communities and highest in cities, where more traffic congestion occurs and the likelihood of theft increases.
- Ask about discounts for air bags and other safety features.
Your insurance agent should let you know about these discounts when you purchase your coverage. Most policies give discounts for air bags.
- Ask about antilock brake discounts.
Some insurance companies give discounts when your car is equipped with antilock brakes.
- Multi Car Discounts.
When you have 2 or more vehicles insured with the insurance company, you will be eligible to receive 15% to 20% off the policy.
- Multi Policy Discounts
When you insure your home and auto policy with the same company, you will be eligible to receive up to an additional 10% off both your auto and home policies.
- Accident Free Discount
When you have not had any accidents within the past 3 years, you may be eligible for discounts for being accident free plus you may be eligible for preferred discounts with insurance companies.
- Have anti-theft devices installed on your car
Many companies give discounts depending on the type of anti-theft device that is installed.
- Good Student Discounts
When young drivers have a grade point average of 3.0 or better or a B-average, most companies will give up to a 25% discount on the car they are rated on.
Ways to Save on your Home Insurance:
- Install Security System in your Home
When you have a security/fire alarm system wired into your home, many companies will offer up to 25% discounts on your home premiums.
- Remove Wood Burning Stoves
Many times you are eligible for preferred discounts when you do not have a wood burning stove on the premises.
- Increase Your Deductible.
You can save 10% to 25% off your base premium just by increasing your deductible.