Insurance is a very competitive business. It is so competitive that sometimes agents and companies will skimp on some important coverages to save the insured a few dollars in premium. This can leave the insured in a very weak position if a claim were to occur.
- Bundle – The easiest way to save money on your auto insurance is to bundle your other insurance needs with the same company that has your auto insurance. You could save up to 30% just by taking advantage of multi-policy discounts.
- Multi-Car Discount – The more cars that you insure with on carrier, the more discounts that you will receive. Some carriers will even include boats, motorcycles, and other types of vehicles with the multi-policy discount.
- Professional Organization / Association Discounts – Some carriers will also give discounts if you are a member of an organization or trade group. Alumni Associations, Business & Professional groups, Educational Groups, Military, and many other groups may be available. Check with your agent to see if an organization that you belong to qualifies for a discount.
- Save Drivers Discounts – Most carriers give their clients discounts for drivers that have not had any violations or accidents for a certain amount of time.
- Age Based Discounts – Some carriers give out discounts based on your age. These discounts can begin as early as age 55. Check with your agent.
- Driver Safety Course Discounts – For drivers under the age of 21, a driver safety course may be a good idea for their safety and it may also qualify them for a discount. Most high schools offer Drivers Education Courses.
- Good Student Discount – Some carriers also offer discounts to students for good grades or perfect attendance.
- Vehicle Safety Discounts – Sometimes newer vehicles are less expensive to insure because of the many safety features. Anti-lock brakes, anti-theft devices, airbags, & electronic stability devices are some of the features on newer cars that can lower your cost of insurance.
- Raise your Deductible – The higher your deductibles the lower your premium. The question that you need to ask yourself is, ‘how much can I “self-insure” this vehicle.’ Raising your deductible from $500 to $1,000 can save you as much as 20% in premium.
- Work with an Independent Agent – Independent agents have access to multiple companies and can often times find the best deals to match your specific circumstances.
Insurance is very competitive, but before you go and start slashing your liability coverages, review your policy with your agent to make sure that you are taking advantage of all of the discounts that are available to you.