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6 Steps to Saving the Most Money on Auto Insurance

Auto insurance is an important expense. It many states drivers are required by law to carry some type of auto insurance. In addition, auto insurance helps protect you financially in the event of an accident. This type of protection can be expensive, however. Follow these steps to get the best deal and save the most money on auto insurance.

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1. Don’t Make Shopping Around for Quotes a One Time Event

Comparing auto insurance rates to make sure you are getting the best deal possible is not a one time thing. You must plan to shop around for auto insurance on a regular basis.

Mark your calendar and plan out a time at least once per year to go online and compare rates at several auto insurance companies. Laws as well as company policies change; so the company that gave you the best rate last year may not be the company with the best available rate this year.

Keeping up with this task will help ensure that you always get the best possible rate and save the most money on auto insurance each year.

2. Carefully Evaluate Your Insurance Needs

Your insurance needs will not always stay the same. Did you recently pay off your auto loan? Now is the time to get some quotes for insurance with higher comprehensive and collision deductibles, or perhaps even without this coverage. Comprehensive and collision coverage is typically required by auto loan lenders; when you pay off your loan you will no longer be subject to this requirement.

How old is your vehicle? As your vehicle gets older, coverage like collision coverage might be worth reducing or dropping altogether.

Have your driving habits changed? Be sure to include accurate driving information when obtaining quotes. If your driving habits have changed and you are now driving less, for example, you might be able to save some money.

What extra coverage do you really need? Many extras are available including rental reimbursement and towing coverage. For some it is worth purchasing extras like this; but be sure it makes sense in your situation before paying extra. If you are married and own more than one vehicle, for example, rental reimbursement might not be necessary. If your vehicle is in an accident you might be able to ride with your spouse or use his or her vehicle until your vehicle is fixed.

Everyone has different insurance needs at different times. Carrying only the insurance that you really need is one of the best ways to save money on auto insurance.

3. Life Changing Events

Major life events can also mean different insurance needs or new ways to save money on auto insurance.

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A few examples of these types of events:

  • Marriage- If you recently got married and you both drive; it is time to consider the best and most cost effective way to insure your vehicles. Shop around and get some quotes with both of your vehicles on the same policy and you might find that you can save this way, and enjoy the convenience of just one policy with both of you listed as drivers.
  • A home purchase- Many insurance companies offer discounts for carrying more than one type of insurance policy with them. If you have recently purchased a home, or even if you already own a home, obtain some quotes and find out if you can save by insuring your home and your car with the same company.
  • Adding a Teenage Driver to Your Policy- Adding a new teenage driver to your auto insurance policy is sure to increase the amount you are paying for auto insurance. When shopping around for insurance, be sure to inquire about any available discounts for driver education courses and require that your teen take a course.

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4. Pursue Discounts

Auto insurance companies extend discounts for more reasons that you probably realize. Here are a few things that might make you eligible for a discount:

  • Are you or is your child a good student? Some auto insurance companies offer discounts for earning good grades in school. This can be particularly helpful if you have teenage drivers on your policy who do well in school.
  • Are you a member of any clubs or organizations? It is sometimes possible to receive a discount based on membership in a certain club or organization. Employees at some companies are also eligible to receive discounts with certain auto insurance companies.
  • Are you in the military? Many auto insurance companies offer a military discount. student driver auto insurance
  • Are discounts available for taking driver education courses like defensive driving? Ask if this type of discount is available and be sure to take the course if it can score you a discount.

5. Consider the Many Payment Options

While obtaining auto insurance quotes to compare; carefully review the various payment options offered by the companies you are considering.

Most online auto insurance companies offer automatic payment options. Paying automatically through your bank account or credit card means you will save time and also money on stamps. Automatic payments also greatly reduce your risk of missing a payment. Since your payment history and credit score factor into the insurance rate you receive; making all payments on time is essential to saving money on auto insurance.

Inquire about available payment schedules and any available discounts available for choosing the one time payment option. Most auto insurance companies offer the option of paying monthly installments or paying the entire policy in full. An installment fee is typically charged if you utilize the monthly payment schedule. Many companies also offer a discount for paying the policy in full, so be sure to take this into consideration when comparing companies.

6. Before You Buy a New Vehicle

If you are in the market for a new vehicle, the shopping stage is the time to compare auto insurance rates for that new car. Every car costs a different amount to insure. Factors like special features on the vehicle and how appealing the particular make and model is to thieves statistically will all factor into the amount you will pay to insure a particular vehicle.

Obtaining auto insurance quotes before purchasing a new vehicle is the best way to avoid purchasing a vehicle that will cost you too much to insure.

It takes time to research, compare auto insurance rates and inquire about discounts. The benefit of paying the least amount possible for the coverage you need, however, is well worth the effort. Utilizing the Internet makes the process quicker and easier.

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