You just got your latest car insurance bill, and it's gone up again. In fact, it's more than 10%! A little gecko and a few other companies you don't care about are all trying to get your business. What should you do then? Switching insurance companies is one option, but before we go through all the trouble of making a change, let's look at five ways you can immediately lower your insurance premiums.
Raise the amount of your deductible.
You can save money right away by agreeing to pay a higher deductible. You might find that a collision deductible of $1000 makes more sense and will save you a lot of money in the long run.
You can get discounts.
Make sure that your insurance company knows if you park your car in a locked garage, have an alarm system, have a good driving record, etc. Your premium should go down because you have taken extra security measures and have a good driving record.
Change your insurance plan.
If your car is old, you might want to think about getting rid of collision coverage. Your full coverage may also need to be looked at. Lastly, make sure that you aren't being charged for expensive extras like towing insurance. Check your member's agreement to see if your car club already covers both towing insurance and rental car insurance.
Change the status of your family.
If your insurance policy says you are single but you are actually married, you may be paying more for it. Rates tend to be lower for married couples and people in their 30s and older.
Make sure your address is right.
Your insurance company might have the right address but the wrong zip code for you. If you live in a "high risk" area, you might have to pay more for your insurance.
When you bundle your car insurance with your home insurance, you can sometimes save money. Last, talk to your broker about what other steps you can take to save more money. You might have missed something or not know about a special offer or programme.
