Auto insurance is a necessity, but for many, it can be financially overwhelming. Did you know that you may be able to reduce your auto insurance bill without sacrificing your level and quality of coverage? Find out how you could start saving with these helpful tips.
Bundling May Save You Time & Money
Bundling multiple family members under the same policy is likely to qualify for a group discount and can be an effective way to lower your auto insurance bill. Additionally, many insurers offer multi-policy discounts if you bundle more than one kind of insurance (i.e. auto, homeowners, renters, or boat) through their company. Consolidating policies with the same company could, therefore, offer not only savings but added convenience in having one agent and one payment for all your insurance needs.
Increase Your Deductible
If you get into an accident and are responsible for costs, the deductible is the specified amount you must pay before your insurance begins to pay a claim. Increasing your deductible can help lower your monthly insurance costs substantially. If you do choose a higher deductible plan, however, it’s important to have enough money set aside to pay the deductible if necessary.
Maintain Good Credit
One of the less obvious benefits of establishing a solid credit history is that it could help cut your insurance costs. Insurers often look at credit scores to help price auto insurance premiums for their customers. To confirm you’re getting the best price possible, ask your insurer if your credit score will be considered. If it is, be sure to keep your credit score in good standing by paying bills on time and regularly monitoring your credit report.