DavidRegardless of where you drive, you must have insurance on your vehicle. Otherwise, you could be cited for failure to do so as well as incur financial liability for any damages you cause while operating your vehicle. Although you must carry coverage, it doesn’t mean that you have to pay too much for it. Let’s take a closer look at how you can get a car insurance policy that fits your needs and your budget.
1- Get Multiple Quotes
Most major insurance companies will give you a quote with no obligation to actually purchase a policy. In fact, there are websites that will compare quotes from multiple companies at once to help you review your options in an easy and timely manner. You can also work with an insurance broker who can find a policy that meets your needs and budget regardless of what the company offers for the quote.
2- Review Your Policy Annually
Another great way to save money on car insurance is to review your policy each year to ensure that you’re getting the coverage that you need. It’s also worth noting that insurance companies may raise your rate by a few dollars every few months or once a year, which means that you could be paying significantly more than you should without knowing.
3- Switch to Paying Every Six Months
One of the easiest ways to cut your insurance bill is to pay once every six months instead of paying in installments. Doing so allows you to receive a discount that could save you hundreds of dollars per year. Other discounts may be available such as for bundling your car insurance policy with a renters or homeowners policy or for not filing a claim in a six-month period. You may also be able to get a discount for taking a driver education course or by adding security elements to your vehicle.
4- Consider Dropping a Dependent
It’s not uncommon for teen drivers to be part of a parent’s car insurance policy. However, you may pay more because younger drivers are more likely to cause accidents or get tickets. If you need to save money fast, you should consider making your child get their own policy or dropping your son or daughter after their 18th birthday. If you’re not married to your partner, you may be able to get your own policy even if you live with that person.
5- Increase Your Deductible Amount
The last way to save money on car insurance is to increase your deductible if possible. Typically, you’ll have a deductible to pay for glass damage and to pay for other damage to your vehicle. The more liability you’re willing to take on yourself, the less that you’ll pay in insurance premiums.
Paying for car insurance may feel like little more than another expense weighing down your wallet. However, the truth is that having coverage can help you save a lot of money if you are ever in an accident whether it is ultimately your fault or the fault of the other driver.