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5 Ways to Slash Your Auto Insurance Rates

by lizzieweakley

If you’re like most drivers, you know that auto insurance is a necessary evil. It’s not something you want to pay for, but it’s required by law in most states. The good news is that there are some things you can do to lower your rates. Here are five tips to help you slash your auto insurance rates.

Review Your Coverage Annually

Your needs will change over time, so it’s important to review your coverage every year to make sure you’re not paying for more than you need. For example, if you have an older car, you may be able to drop comprehensive and collision coverage. Or, if your children have moved out of the house, you may no longer need the extra coverage for them.

Increase Your Deductible

The deductible is the amount of money you’ll have to pay out of pocket before your insurance policy kicks in. By increasing your deductible from $250 to $500, you can save up to 30% on your premium. Just make sure you have enough money saved up in case you do have an accident so that you can cover the deductible amount.

Take Advantage of Discounts

Most insurers offer a variety of discounts, including safe driver discounts, good student discounts, and multi-policy discounts. Be sure to ask your agent about all the discounts that are available so that you can take advantage of those that apply to you.

Shop Around

Auto insurance companies use different criteria to determine rates, so it pays to shop around and compare rates from multiple companies before selecting a policy. Use an online rate comparison tool or contact different insurers directly to get quotes. Be sure to call and ask questions before signing on to an insurance company.

Drive Safely

The best way to keep your rates low is to avoid accidents and traffic violations altogether. But if you do get into an accident or receive a ticket, be sure to shop around for a new policy once your current one expires so that you can get the best rate possible.

Auto insurance is necessary but it doesn’t have to be overly expensive. There are things that drivers can do to lower their rates, including reviewing their coverage annually, increasing their deductible, taking advantage of discounts, shopping around for a new policy periodically, and driving safely. By following these tips, drivers can save themselves some money on their auto insurance premiums each year.

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