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8 Ways To Lower Your Auto Insurance Rates

Increase Your Deductible
The easiest way to lower your auto insurance rate is to increase your deductible. Your deductible is the out-of-pocket expense your responsible for when a claim is placed. usually deductibles are set at $100, $250, $500 or $1000. If you had a car accident and it cost $750 to fix the vehicle and you had a $500 deductible then your insurance company would pay $250 and you would be responsible for the $500 deductible. The lower your deductible the higher your auto insurance premium. Raising your deductible will lower your insurance rates but please be sure to speak with your Agent to ensure your financially able to cover a higher deductible.

Drop Comprehensive And Collision
Again, you should discuss this with your agent but if you have an older vehicle with a lower replacement cost then it might make sense to carry just liability insurance on the vehicle. Full coverage no matter what the deductible could be a costly expense. Dropping your comprehensive and collision coverage and just purchasing liability car insurance will lower your car insurance rate.

Shop Around
Online car insurance quote comparisons are the best way to see what companies are affordable. The quote comparisons usually consist of 3 or more companies rates. Online car insurance quotes usually don’t take into consideration certain discounts but it should give you a general idea of what companies are competitive given the informatio you entered to generate the quote.

Add Multiple Lines
Insurance companies often give discounts to those that have purchased one or more insurance policies with them. A multi-line discount is different for each company but know that if you have one or more vehicles or if your insuring your home and a vehicle that you will get a discount.

Take A Defensive Driving Course
Auto insurance companies love safe drivers. The more knowledgeable the driver the better so they like to reward drivers with discounts if they have completed a safe driver or defensive driving course. These courses are usually one or two sessions of 8 hours or more and can be a great education for new drivers or a nice refresher course for veterans. Taking a safe driver course not only saves you money but it can also save your life.

Safety Or Theft Deterrent Items
Car alarms and lojacks are great ways to save on your auto insurance. Insurance companies will give you a discount if you have some sort of theft deterrent in place. This small investment will save you money on your auto insurance policy and it will also limit your chances of having your car stolen. Safety items such as air bags can also lower your auto insurance rate.

Pay Your Bills On Time
Yes, paying your mortgage, your electrical bill and even your cable bill can save you money on your car insurance. Auto insurance companies are now using your credit score in conjunction with other underwriting methods to determine your auto insurance premium. Evidently, there have been studies that show correlations between poor credit scores and aut insurance claims. So if you pay your bills on time and have a high credit score you could save on your auto insurance.

Change Vehicles
Finally, if you’ve tried all the available options for lowering your auto insurance rate but still can’t seem to calculate it into your budget then perhaps you should think about changing vehicles. It’s widely known that insurance premiums fluctuate dramatically depending on the vehicle. Sports cars and 4-wheel drive vehicles tend to have the highest auto insurance. The cost of the vehicle also figures into your auto insurance. A $50,000 vehicle will be more to insure than a $5,000 vehicle. So consider selling or trading your old vehicle for a car that offers more affordable insurance rates. Contact your auto insurance agent to find out which cars have the best rates.

Before pulling the trigger on any of these methods please be sure to consult with an agent.