Consider this a friendly heads-up: Yourcar insurancebill is about to go up.
Well, thats not fair, youre thinking.What can I do about it?
Weve got a dozen ideas for what you could do about it.
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A number of reasons, namely inflation and a nationwide increase in fatal auto accidents.
When Insurance Falls Short…
Unfortunately, insurance doesnt covereverything.These resourcescan help you manage those unexpected expenses.
And no, Im not going to suggest anything that requires a drastic life change.
But thats not realistic for most of us.
Here youll find the simplest, most practical ways to lower your auto insurance premiums:
1.
In fact, theyre kind of counting on you not noticing.
But dont worry; this is an easy fix.
On average, drivers who shop around tend to save $500 per year or more.
Getting started is super easy, too.
Stop overpaying for car insurance.
It only takes a few minutes tocompare your optionsand see how much you could be saving.
Continue to Shop for a Lower Rate Every 6 Months
Comparing rates once wont cut it.
They can change month to month even day to day.
But consider external factors, too, like natural disasters, crime rates and the economy.
Increase Your Deductible
Car insurance deductibles are typically $500 or $1,000 you choose.
Now, youre thinking the lower deductible is best, right?
Youll have to consider what happens if you get into an accident and have to file a claim.
Can you cover that $1,000 deductible?
Maintain Good Credit
Did you know your credit score can have a hefty impact on your car insurance premiums?
James Cooper, a motivational speaker, raised his credit score 277 points in six months using Credit Sesame.
Coopers favorite part about Credit Sesame is its personalization.
It suggested concrete steps, based on his situation, to better manage his credit score.
All Smart Credit Card Users:
Debt can get out of control fast.
(Inflation, amiright?)
That doesnt mean you have to let your debt run your life.
Bundle Your Insurance Policies
Youre probably paying for additional insurance policies, right?
Like homeowners insurance or renters insurance?
Once you find a company you like and trust, consider bundling your policies to save some money.
The Zebra found that bundling policies could save you up to 10%.
Take a Defensive Driving Course
OK, so maybe you recently got a speeding ticket.
Or you didnt see that stop sign and received a moving violation.
You dont have to sit through a weekend of classes.
The cost of the course will vary by state, but you shouldnt pay more than about $40.
you might also get discounts if youre involved in an educational, business or military organization.
(This is often referred to as 30/60/15.)
The minimum coverage is the cheapest, but youll likely want more.
A good rule of thumb?
To find out your states required minimums, visit your DMV online.
Comprehensive insurance will cover any non-accident related damage.
Some states call this other than collision coverage.
Then theres collision coverage, which pays for damage done toyourcar.
Both of these add-ons are optional, but they could benefit you, so consider your circumstances carefully.
Chances are, your agent will be able to dig up something to help you out.
Can You Survive 10 Days of Budgeting?
If you oughta wrangle your budget, it may be time to consider a savings challenge.
Use Your Negotiation Skills
When in doubt, hop on the phone.
Yup, for this final tip were getting back to the basics.
Its time to negotiate!
you could negotiate just about any of your monthly bills, including your car insurance.
Dont say that last part.)
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
Carson Kohler is a former staff writer at The Penny Hoarder.
