Deal shopping: There are a lot of insurance companies selling their services. So go around and get a quote from each of them. Understand the kind of coverage they offer and the prices they quote. Most provide adequate coverage for everyone but look for those that offer affordable coverage options and have excellent reviews. Some even offer fantastic discounts.
Compare: When you get all the quotes, compare them. Give the smaller companies a chance, too, especially if they’re financially sound. You may just get yourself a good cover and a great deal.
Ask for discounts: If you have multiple quotes around the same price, start asking these companies for discounts. Every insurance company will offer some discount. They can make a major difference. See if your education, club membership, chess association, job, age, driving history, credit history, car safety equipment, anti-theft devices, etc. can make you eligible for discounts. Bundling insurance may also help so see if you get discounts if you buy home insurance or insure multiple cars or drivers with the same coverage provider.
Older car cover: If your car is old and is not worth over ten times your collision and comprehensive premium, then consider dropping that cover for it. That way, in case the car gets into an accident, it will be better for you to get a new one rather than repair or replace this one with an equivalent model. Before you drop any coverage, check whether you will still meet the requirements for auto insurance set by your state. You don’t want to do anything illegal just to save a little money.
Deductibles: This only applies if you have comprehensive and collision insurance. You can save a significant amount on your premium if you raise your deductibles. If you do decide to hike your deductible, ensure that you can pay it in case of a claim. Raise it to $1000, and depending on your coverage provider, you could save up to 40% on your premium.
Up-front premium: People willing to pay their insurance premium upfront receive significant discounts. We know this means letting go of a large chunk of money at once, but the savings may offset that block. Think about it.
