Are you looking for ways to lower the amount you pay for car insurance? Auto insurance rates can go up and up depending on your age, driving history, and other things like your credit history. But the trick is to figure out how to lower the annual pay-off. We've found the five fastest ways to lower your car insurance premium.
First, raise your deductible.
Stop trying to get the "lowest deductible" and instead choose a plan with an out-of-pocket payment that is comfortable for you. "Deductible" is the amount you have to pay before your insurance policy starts to pay for things. This is an easy way to lower your monthly premium, but be aware that if something happens to your car, you'll have to pay more to cover the initial costs before you can file a claim.
Second tip: park your car in a garage.
One of the easiest ways to save money on car insurance is to park your car in a garage, either at home or at a business. In some cases, this helps bring the premium down by close to 20%. In a garage, your car is much less likely to be broken into or hit from the side. From a business point of view, parking in a garage could mean the difference between a preferred rate and a standard rate.
Tip 3: Look around and look for deals.
Nothing beats the old saying "shop around to get a good deal." Before you choose a service provider, make sure you have at least three or four price quotes. Make sure you're not just shopping based on price, but on the whole package.
Tip 4: Take a course on defensive driving.
Not a lot of people know this. By taking a defensive driving course that has been approved by the state, you can get up to a 10% discount on your insurance. Check with your insurance company, though.
Tip No. 5: Coverage for downsizing
Well, maybe the easiest way to lower your auto insurance premium is to cut back on the coverage you have. But we think you should be careful and wise when making this choice. This could save money, but coverage would be cut.
