Ask your insurer to provide a list with discounts and let you know if your premium can be reduced. Some insurers offer discounts ranging from 10% to 15% for people who work in certain professions such as teachers, accountants and lawyers. A 10% discount could be offered for being a member of an alumni organization or another organization. You might also receive a discount for carpooling, hybrid cars, and other activities.
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Pay your bills differently
Finding out if your insurance company will offer a discount for you to pay your bill in one lump sum instead of monthly installments is one way to lower your premiums. Rates can be reduced by as much as 5% to 10% by paying for the entire policy term, which is usually six months.
Increase Your Deductible
Your premiums can be reduced by as much as 20% by increasing your deductible from $250 to $500 or $1,000 to $1,000. You may also be prevented from filing small claims, which could result in a rate hike or jeopardize your claim-free discount. You can add some money to your emergency fund to cover the deductible in the event of an accident.
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Bundle up
Your rates can be cut by buying your car insurance from the same company as your renters or home insurance. An umbrella policy you purchase from the same insurance company may be eligible for an additional discount.
Get Good Grades
Young drivers with a minimum B average in high school and college will receive a 15% to 25% discount from most insurers. Drivers must be full-time students under 25 years old to qualify.
Register for data tracking
Participating in a data-tracking program such as Progressive’s Snapshot or State Farm’s Drive Safe & Save, can help you save money. An app for your smartphone, or a device that plugs into your car, tracks how much you drive, when you drive late at night, and any potentially dangerous driving behaviors, such as speeding and braking hard.
Take a look around
The prices of car insurance can vary greatly from one company to the next. It is a good idea that you shop around for car insurance every few decades. If you add a teenager driver to your married couple’s policy, the insurer with the lowest rate may be the most expensive.
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Ask Your Insurer for a Rate Cut
Before you switch to another insurer, let your current insurance know if you have found a lower rate with another company. You may be able to get a better rate from another insurer to remain a customer.
Some types of coverage on older cars are being dropped
Collision coverage covers damages to your vehicle that result from a collision with another vehicle or object. Comprehensive coverage covers damages from other covered events such as theft, natural catastrophes, collision with animals, and if an object falls onto your car (such a tree).
Get a Driver Safety Program
Drivers under 21 years old who complete an approved driver education course may be eligible for a discount. You may also be eligible for discounts from some insurers by enrolling in their driver-safety program.
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Watch the clock after an accident or ticket?
Most states keep tickets and at-fault incidents on your driving record for three to five years. Customers who have maintained a good driving record for a long time may not be eligible for a rate increase. Many insurers do check the records of motor vehicles every 12-18 months.