How to save money on auto insurance
ByDavidRodeck
Kiplinger’s Personal Finance
Shopping fornewauto insurance? Here areways tosavemoney.
Startbyaskingaboutdiscounts. Bundling multiple policies with one insurer can lead to savings on all your premiums. Discounts for setting up electronic payments, paying your entire premiumin full, and going several years without a ticket or accident are alsocommonones to look for, says
Or, if you’re driving less these days, see whether your insurer has a programthat sets your rate based on your mileage. More major insurers have created thesenew programs since the pandemic.
Considerincreasingyourdeductible orremovingcollisioncoverage.
Youmayalsobeable totrimyourinsurancecost ifyouhaveanoldervehiclethat hasdepreciatedinvalue." You could reach a point where you’re spending more on full coverage than it’sworth for the vehicle," Longero says. "Consider switching to liability only." Just knowthat if you do crash, you’d need to cover the repairs on your vehicle yourself or buy a replacement.
Asyoushoppolicies, checkwhetheryour currentliabilitycoveragelimitshavekept upwithinflation." It’s incredible howfast the prices of cars have gone up," saysAdam Pichon, general manager of auto insurance at LexisNexis. "If you have
Checkhowaninsurercomparesbeyond price.
Improveyourcredit. "Research suggests that peoplewhomanage their creditwell file fewer claims and are, therefore, less expensive to cover," Edmonds says. If your credit score isn’twhere you’d like it to be, make all of your loan and credit card payments on time and aim to pay down your credit card balances. This can help you save on premiums the next time you shop, not to mention help you get better loan and credit card rates in the future.
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