I’m going to provide you with six tips today for saving money on your car insurance premiums. Most of these are really simple so take notes and start saving today.
Number one – raise your deductibles. A simple change in your collision or comprehensive deductibles can lead to a decent savings on your premiums. 250 and 500 deductibles are a thing of the past. Consider a thousand dollar deductible – especially on your collision coverage. You might be surprised on how much you can save. Whatever you do, however, I do not recommend lowering your liability limits. Keep your limits high to ensure you have that added protection in today’s litigious society. And do not remove your uninsured motorist coverage. In my home state of Tennessee, a recent study showed that twenty five percent of all drivers on the road still do not carry auto insurance in a state that has the second worst drivers in the nation. Therefore, you need to keep that coverage for your protection- especially if you live where I do.
Two – if you have young drivers, it is absolutely essential for you to have them participate in a certified driver’s training school. Having this training gives a nice discount. You couple this with a good student credit if your teen driver has at least a “b” average with most carriers. This is a great way to save premium dollars.
Number three – look at a safe, practical car for your teens. The cost of car insurance for adding a teen driver can sometimes double the cost of your car insurance premium overnight so think twice about getting them that brand new car for their 16th birthday.
Money saving tip number four – look at the cars on your policy and make an informed decision about having full coverage if the car has some age. At some point, it just does not make sense to insure car for collision if the insurance is coming close to what the cost of the blue book value of the car is.
Number five is pretty easy as far as premium savings goes – don’t speed, avoid wrecks, don’t turn in small claims and ultimately do not engage in distracted driving. Distracted driving leads to accidents – sometimes fatal- and accidents lead to skyrocketing premium costs.
Finally, a great way to save on your automobile insurance is to always look to bundle your coverage with the same carrier that writes your home or renters insurance. There are deep discounts for doing so, and it is smart for longevity and leverage with a company.
Thanks again for reading this blog. I present them for one simple purpose – to educate consumers about insurance because the insurance industry is without a doubt one of the more misunderstood and misinterpreted in the financial services world. Hopefully, you have gained some insight by reading. If you would like to learn more about our Agency and how we can partner together, contact us at email@example.com.