While you may need auto insurance to drive your car, you probably don't want to be paying top dollar for it. When you have multiple drivers in your household, the costs can quickly add up. If you are looking to cut back on insurance premiums, these tips will help you do it.
Select a Higher Deductible
One big factor that determines your insurance premium costs is your deductible. The less you pay when you get into an accident and make a claim, the more you pay for your insurance premium. While a high deductible may save you more money when it comes time to paying your bill, you want to make sure that you can afford the deductible if you need to make a claim.
Consider the cost of what a high deductible would be across all cars in your household, and make sure you can afford to pay them all in a worst case situation. For example, you may have a house fire that causes both cars in the garage to become damaged. If the deductible is too high, you'll run into a problem when it comes time to make a claim.
Select an Annual Premium
Check with your agent to see if there is a difference between paying your premium every 12 months or every 6 months. If you can save money on the annual policy, go with it. Know that even if you sell your car or end up getting into an accident that totals the vehicle, you can cancel your policy and get back a prorated refund for the months that you did not use. If you can afford the annual premium, there is no reason not to do it.
Remove Collision Coverage
Collision coverage is great to have on a new car, but are you still paying for it on a car that is past its prime? Look into removing collision coverage on older cars that you have. If the car is not worth the expensive repairs that would need to be made to it, then you don't need the coverage. It could actually be more cost effective to put that money you save towards a used car if the time does come.
These are just a few ways to save on your auto insurance. For more tips, speak with an agent, like one at Mid-Alliance Insurance Associates LLC. They can look at your policy and let you know where you can cut costs.
Share14 October 2016
