Are you looking for ways to lower your auto insurance premium? Auto insurance rates can spiral depending upon factors that include your age, past driving record, and other factors such as credit history. However, the trick is to find ways to lower the annual premium. We have come up with five ways in which you can achieve this and lower your premiums.
Hike up your deductible
Stop trying to get the ‘lowest deductible’, instead go in for a comfortably higher out of pocket payment plan. The amount that comes out of pocket before the insurance policy takes effect would be the “deductible” amount. Your periodic premium amount would then effectively go down. But let us say your car is damaged in any way, the one true disadvantage of this strategy is having to pay a higher amount for initial expenses before making the claim.
Leave Your Car Parked At The Garage
You can leave your vehicle parked at any garage located at shopping malls, or other commercial and personal establishments. This could help reduce close to 20% of the premium. Of course, you don’t run the same risks of getting your car damaged if it’s parked at a garage. This could possibly be a telling factor when choosing between a preferred and standard rate, to use a more technical point of view.
Shop around and bargain
Among these five tips, it is this tip that we personally feel is the best – to keep your options open. Make sure you at least have three to four price quotes with you prior to selecting a service provider. Look beyond the initial price and consider the whole cost of the deal.
Take a Defensive Driving Course
Not many people are aware of this. By volunteering for a state-approved defensive driving course, you can get discounts in your premium of up to 10%. Ask your insurance provider first, though, if you have made the right choice.
Reducing Your Coverage
Well, downsizing coverage is perhaps the easiest way to lower your auto insurance premium. But we advise you to exercise discretion if you should go this route. This might save money, but would also limit coverage.
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Tags: auto insurance, automotive, autos, business and finance, Insurance