Owning an automobile accounts as the 2nd largest household expenses, according to the Bureau of Labor & Statistics. Although their efficiency is still a subject for debate, we all know as car owners that it’s better to be safe than sorry. In this article we will discuss the different ways to save hundreds of Dollars on your Car Insurance.
1. Look Around to find the best Prices may vary depending on the company and its policies. With the recent stats released by BankRate.com, 90% of the drivers overpay for up to $368 on their car insurances. So it really pays to look around and widen your options. One hassle free method is searching online. Many of them offers a discounted rate compared to normal Insurances. So always weight in your options and find the best.
2. Secure your car and get discounts in your Insurance Safety related bells and whistles on U.S. cars gets lots of discount points from car insurers. Installed anti-theft and passive-restraints features like air bags score great discounts. Insurers also like cars kept in garage overnight, because there is a higher risk of theft by keeping your car on the road.
3. Cancel the Collision Coverage If your car is 10 years old or worth less 10 times the premium, the cost of repairing it could be more than the car is worth. You’re likely better off cancelling your collision coverage and save up to 40% or as much as $440 a year by scaling down to just injury and property damage coverage.
4. Think Twice before adding your Teens on your Policy According to a report released by InsuranceQuotes.com, car insurance cost 79% more for married couple after they add a teen driver to their policy. More so if that teen happens to be a son: car Insurance cost 92% more for teenage males, but just 67%more for teenage females. This is because car crashes are the leading cause of death for U.S. teens, particularly males ages 16 to 19, according to the Centers for Disease Control.
5. Bundle all your Insurances to a single company Insuring your home and auto with a single company could bring your rates down by 10% a year. A two-year nationwide study by Consumer Reports found that bundling home and car insurance would save the average customer $97 a year.
6. Choose Higher Deductibles if you have cash The higher your deductibles are, the lower your insurance premiums will be. If you can afford to have a higher out-of-the-pocket cost if something happens to your car, choose a $1,000 deductible instead of $500 to save.
7. Mind your credit Score According to a study conducted by the Wallet hub, there is a 49% difference in the cost of auto insurance premiums for someone with excellent credit and someone with no credit history. Another study by Consumer Reports says, the average difference cause of the difference in credit score is $214. So any time your score improves, ask your insurer for a discount or shop around for another policy.