Do you like spending money on car insurance? Although it is a necessary expense, many people find themselves cringing whenever they send in a check or submit their regular online monthly payment. Here are three ways that you might be able to save money on your monthly car insurance premiums, without sacrificing your coverage levels.
1: Increase Your Deductible
If you are good with your money, it might frustrate you to spend more than you need to, but you might have a little bit of cash stacked away for emergencies. Fortunately, you might be able to spend less on your car insurance premiums by increasing your total deductible.
Many insurance companies offer better monthly rates to people who decide to pay a little bit more when they are actually involved in an accident. For example, if you are a careful driver who rarely has problems, you might be paying a high premium for that low $250 collision deductible, when you are unlikely to use it.
To save money, talk with your agent about raising that deductible to $500 or $1000. If you have that money set aside, you won't be in trouble if you are involved in an accident, and it might save you cash every single month.
2: Bundle Your Policies
Do you rent an apartment or need life insurance? If you have other insurance needs, you might be able to get great auto insurance premium discounts by combining all of your policies through the same carrier.
Think carefully about the types of insurance policies that you use every day. Talk with each carrier about the rates that they might be able to offer for the other policies, and think about moving them all to the same company. You might be able to get great deals on all of your insurance policies by doing a little paperwork.
3: Go to Traffic School Instead
It might not seem like that big of a deal, but a simple traffic ticket could really cost you. Violations can count as marks against your driving record, which could increase your monthly auto insurance premium. If you get a ticket, think about attending traffic school instead of simply paying the bill.
Because traffic school teaches people how to be more responsible on the road, many auto insurance companies will reward your attendance by not increasing your rates because of one violation.
Saving a little cash on your monthly car insurance premiums might free up your budget, so that you can do something a little more fun with your money.
Share29 October 2014
