These tips are no secrets, but they are not common knowledge either. The more you know about how insurance works, the more you will be able to save off your premiums. Follow these 10 simple tips and you will undoubtedly not only become a more informed consumer, but you’ll have everything, including the knowledge, you need to know to add to your savings. In this economy, whatever money you can save is a bonus.
1. Get a quote & apply online
Auto insurance coverage is practically the norm in every country, but insurance premiums are another story. Coverage from one company to the next can vary, by the hundreds and the thousands. The only way to make certain you are getting the best base price for your policy is to compare, compare, compare and do it online. If you are unsure about something, then you can call the company of interest.
2. Make sure all your cars are on the same policy
Many affordable auto insurance companies have something called the “Multi-vehicle discount” for drivers who insure more than one car on the same policy. This can bring you savings of up to 10 per cent on all cars.
3. Insure both your car and home with the same company
Many affordable insurance companies have something called the “Multi-line discount”. They offer this savings as an incentive to get your property insurance business as well. It’s all perfectly legal and it’s a great way to get another five per cent off your premiums.
4. Increase the deductible
In a nutshell, the higher your deductibles, the lower you will pay your insurance premiums. Insurance was really meant to cover you for damages you cannot afford on your own. If you can afford to repair $1,000 of your car damages, then raise your deductibles to $1,000 and pay less for your insurance.
5. Older car? Think about dropping your collision coverage
If your car is getting up there in age, you may want to think about dropping the collision coverage’ on your policy. You need to think about this one - it’s not always a simple decision to make. You need to weigh the cost of the collision coverage with the value of your car and your chosen deductibles. For example, if you had a 10-year-old car that was worth about $1,000, and your deductible was $1,000, that collision coverage is not going to any help to you. The affordable insurance company will just write the car off.