Auto insurance is required in almost every state in the country. Depending on where you live, it can be expensive. You may be able to reduce your monthly auto insurance premiums, however, without sacrificing the kind or amount of coverage. Here are a few ways you could explore to potentially save.
Bundle Your Policies
If you have several family members under one policy, it’s possible you could qualify for a group discount, which could help lower your auto insurance bill. Additionally, when you bundle various kinds of insurance policies (such as homeowners, renters, or boat) through one company, many insurers offer multi-policy discounts. This could offer you not just savings, but also the added convenience of only having one insurance company and one payment for all your insurance needs.
Increase Your Deductible
Your deductible is the specified amount you must pay before your insurance begins to cover a claim. Increasing your deductible could help lower your monthly insurance substantially. The only drawback with increasing your deductible is that you risk having to pay more money out of pocket if you end up filing a claim. It’s therefore important to set aside funds to ensure you can pay the deductible if necessary.
Keep Your Credit in Good Standing
Although not widely known, establishing a solid credit history could help reduce your insurance costs. Insurers often use credit scores to help price auto insurance premiums for their customers. To confirm you’re getting the best rate available, ask your insurer if your credit score is considered. If it is, make sure to keep your credit in good standing by regularly monitoring your credit report and paying bills on time.