8 Clever Ways to Save Money on Car Insurance

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8 Clever Ways to Save Money on Car Insurance

Senior driver shouting at the road.
Photo by Minerva Studio – Shutterstock.com

Worried about car insurance costs? You’re not the only one. These expenses shouldn’t go through the roof and if you have a hunch you could cut down a little, you’re probably not wrong. Here are some clever ways that’ll help you spend more money that you have to on your car. 

No Tickets, No Problems

Save at least $100 a year.

Possibly the most obvious one of all, but now’s a good time to remind you. Your insurer could offer a discount of as much as 20% if you’ve avoided getting a ticket for three years or more. The more careful you are, the better it pays! This, of course, also includes moving violations.

Don’t Settle for Just about Anything

Save an average of $50 to $200 a year.

Having a good record comes with one major benefit when it comes to car insurance. It can give you the option to shop around. You don’t have to stick to your current insurance company unless you really like their rates. Nothing’s stopping you from checking out other places in order to get the best deal possible. You could save a lot of money if you put in a little effort to find a better company for you.

Combining Policies

Tiny car and home figure.
Photo by suphakit73 – Shutterstock.com

Save an average of $50 to $200 a year.

If and when you decide to start shopping around, think about combining your car and homeowner’s insurance. The vast majority of companies will give you a discount based on that alone. 

Take Note of Safety Features

Save an average of $50 to $100 a year.

Every little thing counts! Airbags and automatic seatbelts will tear down the costs, as will any smoke detectors in your home. Your insurance company will repay any measures of safety. But this can also mean more personal measures. Non-smokers and non-drinkers should also expect discounts.

Raise the Deductible on Your Auto Collision Insurance

Save an average of $225 a year.

If you think about it it’s not counterintuitive, but it only really works if you’ve got a good driving record. Considering the fact that you could save between 10% and 30% on premiums if you raise your deductible from $200 to $500, it’s not a bad deal at all. Have a conversation about this with your insurance agent and see what they can do for you. 

Drop Some Coverage

Man pointing at minor car accident.
Photo by Freedomz – Shutterstock.com

Save an average of $100 to $300 a year.

No, don’t drop liability coverage. That’s definitely something you need to stick to. But what if you have an older car? You could give up collision and comprehensive coverages, which are required if you have a car loan. 

Of course, don’t go about this willy-nilly. Have a chat with your insurance company. As them what they’d pay if your car was totaled. If that number is lower than $1000 on a car that’s more than 5 years old, there’s really no need to keep paying for these. It’s all about knowing your car’s worth.

Let the Car Model save You Money

Save an average of $50 to $200 a year.

Some cars have higher theft rates, others have higher damage and repair costs. If you want to keep these at a minimum, ask your insurance provider for an opinion on what cars you should steer away from when buying a new one. They’ll be able to give you a list of cheaper options that won’t require a surcharge. 

Student Discount

Save an average of $125 a year.

No, you don’t have to go back to school to benefit from this one. If you’ve got a high school student or a college student under the age of 25 in your household, your insurance could offer you a 25% discount. Of course, you’re going to have to apply first and see if you qualify, but it’s definitely worth a shot.

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