There are a variety of ways to save on your auto insurance, but shopping around is not one of them. While you may be able to get a lower car insurance premium by comparing different insurance companies and choosing the lowest price, that does not mean you were, necessarily, comparing equivalent policies.As opposed to just searching for cheap auto insurance, make sure that you know how to save on auto insurance:
GO PAPERLESS: First, consider going paperless. This is an easy way to save up to 10 percent off your current auto insurance premium, or any other car insurance premium, and it is offered by almost every car insurance provider in the U.S. The savings can be even more significant if you remove the “paper” aspect from your payments and use an automatic payment system.
GET DISCOUNTS: Make sure you are aware of and receiving any other discounts for which you may qualify. You may be able to get: discounts for having more than one policy (combination discount), discounts for taking driving courses (e.g. refresher course, defensive driving class), good student discounts, discounts for having retired, discounts for belonging to certain groups or associations (even working for certain employers can mean a discount), loyalty discounts, discounts for having certain safety devices, etc. However, if you don’t ask about, or research, your eligibility for extra discounts, you won’t get any discount auto insurance.
DRIVE LESS: In many states, you can also get discounts for driving less. This type of car insurance is called usage based insurance or Pay As You Drive (PAYD) insurance; opting into a program like this can save you as much as half off your current premium (or more) if you are a safe driver that drives less than 30 miles per day on average.
INCREASE YOUR DEDUCTIBLE: Increasing your deductible will also lower your auto insurance premiums. Going to a $1,000 deductible from a $250 deductible could save you as much as 20 percent off your current auto insurance rate.
LOWER YOUR COVERAGE: If you drive an older vehicle, you may even want to consider lowering your coverage, especially with regard to vehicle replacement if you think that you will be buying a new vehicle as soon as the old one dies. There is no need to carry enough insurance to replace a $15,000 used car when you drive a 15-year old Camry.
IMPROVE YOUR CREDIT: You can also save on auto insurance by improving your credit rating. If you have bad credit (e.g. under 600), you likely are paying a much higher premium than if you had good credit (i.e. over 750) or even decent credit (i.e. over 700). Raising your credit score by just 50 points, can mean a real savings on your car insurance premiums.
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