How much house can you afford? What is a money market account? Which certificate of deposit account is best? What type of CD is best? Because the initial steps in getting car insurance at a good price can be so frustrating, most people tend to ignore how To Save Money On Car Insurance once they have it.
That could be costing them considerable sums of money each year. While it’s easy to mistake auto insurance as something that’s a relatively fixed cost, it’s not. It can be lowered — often easily — to help you save money, the Insurance Information Institute says. Generally, when someone decides on a deductible amount forhis or her car insurance, he or she sticks with it. A car wreck will cost you more this way, but if you and everyone else on your car insurance policy have a history of safe driving, it’s a way to save money. And if the threat of a big deductible payment worries you, put the money aside.
Joining a car pool has benefits beyond helping the environment. If you carpool with three other people, with each driving one-week shifts, you can cut the miles you drive by up to 75 percent. And the less you drive, the more you save on car insurance. Art Scott, a retired insurance agent who worked for State Farm for 30 years. Anything under 7,500 miles is considered the pleasure rate — and that’s the lowest. The amount you save will vary depending on several factors, but J.
Robert Hunter, insurance director for the Consumer Federation of America, says the difference could be as much as 25 percent. The car insurance you need when your car is brand new is often considerably different than what you need later on. Once it’s paid off, most people forget to save money by exploring their car insurance options. Check the value of your car through the Kelley Blue Book or NADAguides. You might have more collision insurance than you need. Mike Barry, spokesman for the Insurance Information Institute. Comprehensive is so inexpensive, and you’re giving up a coverage you might need — that’s worth hanging on to, though. Among the reasons you might need comprehensive coverage: damage from storms, vandalism and theft. If you’ve got your car insurance through a different company than you did your homeowners insurance or renters insurance, you may be paying more than you should.
Car insurance is the biggest risk for policy writers. You’re more likely to get in an accident or have your car stolen than to have something catastrophic happen to your house. By combining policies, you lower some of the insurance company’s risk. Maybe you’ve moved to an area where your favorite stores are a lot closer? Keep an eye on that odometer to save money. Just like with carpooling, reduced driving mileage means reduced car insurance rates, says Scott, the retired insurance agent. If you know you’re a careful driver, you might save money with a new car insurance policy from Progressive Casualty Insurance Co.
How To Save Money On Car Insurance Expert Advice
You could save as much as 60 percent, visit our car insurance buying guide. When you are researching companies, and check to see if you may be eligible for additional discounts. Select the coverage that best suits your needs.
How To Save Money On Car Insurance In Our Generation
After the first year, you could save as much as 60 percent, according to Progressive. But you will be sacrificing some privacy for the savings. And in some states, such as New Jersey, if the company doesn’t like your driving habits, it could raise your rate by up to 9 percent. Your timeliness in paying your bills may not seem like it has anything to do with your driving abilities, but it’s something car insurance companies pay attention to. There are other ways to get car insurance discounts. Older drivers who complete adult driver safety programs can get premium reductions, while many insurers offer discounts for teens who maintain a 3.
0 grade point average in school. For more information on how to save money, check out these stories at Bankrate. States with no income tax: Better or worse to live there? Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Our experts have been helping you master your money for four decades. Our tools, rates and advice help no matter where you are on life’s financial journey.
Another fact of life is that it can be expensive. You can save money by shopping around for good deals and by paying for only the coverage that you really need. Many people don’t realize that they can reduce costs by limiting their coverage to services that they can actually use or need. Find out your state’s minimum requirements. Nearly every state requires liability insurance for all registered cars. This covers damage that you might cause to another person’s car in an accident, if you are at fault. It also protects you if you injure someone else.