InsurTech

5 Excellent Tips to Save Money on Your Car Insurance

While the number of people owning cars increases, the cost of auto insurance also seems to be rising with no hopes of getting down anytime soon. There’s a list of factors that have led to car insurance increment including age, gender, and occupation. Nevertheless, you can save hundreds of dollars on your car insurance and still get quality coverage just by following these five tips:

Bundle Your Insurance Policies

Bundling your coverage is one of the best ways to save money on car insurance. You can save between 10% and 20% on your premiums if you combine auto and homeowners insurance under one carrier, according to the recent report of InsuranceQuotes.com.

Always Shop Around

With the internet everywhere in the world, it can take less than five minutes to shop for better deals on the web. Just use your smartphone or computer to access different comparison sites. Get at least five quotes and determine their difference. As you compare prices, keep in mind that the cheapest quote may not be 100% reliable.

Consider Driving Less

Insurers believe that driving less reduces the chances of having an accident, and they offer a low-mileage discount to drivers who drive 7,500 to 15,000 miles per year. The best way to reduce your annual mileage is to walk, ride a bike or use public transport when going to work. Driving less not only reduces your car insurance premiums, but it also keeps your vehicle in its top condition and increases its life expectancy.

Secure Your Car

Fitting your car with a security system is one of the easiest ways to get some car insurance discount. Security devices such as an alarm, tracker, and steering wheel lock professionally installed can lower your premiums substantially. This is because many insurers consider vehicles with these devices less likely to get stolen.

Pay Your Insurance Bill in One Go

It seems convenient when paying your car insurance on a monthly basis, but it comes with some cost. For example, if your insurance provider charges $5 processing fee on each payment, it means that at the end the year you can save $60 when you pay your bills in a lump sum. However, it’s important to ask your agent how much you can save on paying your car insurance in one go before accepting the terms and conditions of the policy.

The bottom line: Saving money on your car insurance is simple, especially when you know the best route to take. Asking for various discounts as well as shopping around are the excellent strategies you can use while finding for the best deals.

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