Car Insurance is one of the most volatile expenses out there. It’s prone to massive spikes in cost as well as massive drops for seemingly random reasons. However there are ways that you can be saving on your car insurance, and this article will tell you how.
Opt-Out of Coverage You Don’t Need
There are lots of different things that are covered by your insurance and you can get into the nitty-gritty of exactly what they are, in fact, you should, because there’s probably some that you don’t need.
A common example is coverage that overlaps with the coverage you already have, like if you have employee benefits that cover certain health issues, then car insurance that also covers those issues is money you don’t need to be spending. There could be many other things like this in your insurance that are costing you extra for no good reason.
Take A Driver Training Course
This one is probably most applicable to young drivers just starting out, but it could still be beneficial to everyone. Some insurance companies offer a premium if you show proof of completion of a driver training program.
While you may already know how to drive because you were taught by your parents, it can be worth doing one of these courses which you’re sure to get an easy pass on just for the insurance premium, after all, it’s proof of education, sort of like a university degree in miniature.
Increase Your Deductible
Your deductible is the amount you pledge to put towards a claim before the insurance company pays the rest, if the claim is $3000 and your deductible is $300 then the insurance company will pay the remaining $2700. If you increase that deductible then the insurance company is going to like you, because it means they’re paying less and they’ll lower the premium, just make sure you’re actually prepared to pay that deductible should the worst come to pass.
Get Multiple Quotes
You’re not married to any one insurance company just because it’s the one you used last time, you may get loyalty discounts for sticking to the same company, but even if you do there’s no reason you shouldn’t have a look at what the competition is offering, if you find a better deal take it.
Ask for a Discount
This might seem obvious but a surprising amount of people don’t think about being this direct. You can in fact call up the insurance company and ask if they have any discounts that may apply to you. Insurance companies have all sorts of deals on offer, it’s just a matter of finding one that can apply to your situation.