Saving Money on Car Insurance: The Lowdown
Car insurance is one of those necessary expenses that everyone dreads. We all want to save money when it comes to car insurance. After all, who wants to pay more than they have to?
The good news is that there are a few easy tips and tricks you can use to get the most bang for your buck and help you save some money on car insurance. AND it’s easier than ever with the right tools and apps!
Let’s break down a few tips to get you saving money on your car insurance without sacrificing coverage.
Know Your Coverage Needs
When it comes to saving money on car insurance, one of the best things you can do is know exactly what kind of coverage you need.
Be honest with yourself about your driving habits and any extra coverage you may need.
If you drive an older vehicle, for instance, you may not need comprehensive coverage.
That said, if you have a newer vehicle, it’s probably a good idea to get comprehensive coverage. Newer vehicles will be more expensive to repair or replace in the event of an accident or theft.
Do you think that having full coverage isn’t worth it right now? Maybe…maybe not.
But think about if something happens down the line where having full coverage would have saved you thousands of dollars in out-of-pocket costs. If that’s the case, then all your hard work comparison shopping wouldn’t matter much at all!
No matter how much research or comparison shopping you do, it’s important not to sacrifice coverage just for the sake of saving money on car insurance premiums.
Increase Your Deductible
The deductible is the amount of money you’ll have to pay out of pocket before your insurance company will cover any costs related to an accident or other covered incident.
Generally, the lower the deductible, the higher your premium will be. But if you’re willing to take on more risk, raising your deductible is one way to lower your premiums.
However, this only makes sense if you are able to afford the increased deductible amount should an accident occur.
Just make sure that if you do raise your deductible, keep enough money in savings in case of an emergency.
Shop Around and Compare Quotes from Multiple Insurers
One of the best ways to save money on car insurance is by shopping around and comparing different companies.
Look at what each company offers in terms of coverage, deductibles, and discounts. Be sure to pay attention to any special offers or discounts they may have.
Some companies offer discounts for memberships in certain organizations or for having multiple cars insured under the same policy.
It’s also important to pay attention to customer reviews and ratings so that you can get an idea of how reliable a particular company is before committing to them.
Bundle Policies
Many insurers offer discounts if you bundle multiple policies—such as home and auto—under one insurer.
If you don’t already have both home and auto policies under the same provider, it’s worth looking into whether bundling them would save you money in the long run.
It never hurts to ask!
Utilize Apps & Websites For Deals & Discounts
It used to be tedious work trying to compare quotes from multiple insurers. But now there are plenty of Websites/Apps out there designed specifically for people looking for deals and discounts on car insurance.
These sites and apps often feature a variety of options from different companies so that you can easily compare prices and coverage levels.
A few popular Websites/Apps to save money on car insurance are:
1. The Zebra: This website is the go-to resource for comparing car insurance rates across multiple providers with one easy search. With the Zebra, you can compare prices in minutes and find discounts that may save you hundreds of dollars a year on car insurance.
2. Coverhound: Another great option to save money on car insurance is Coverhound. This website aggregates quotes from over 100 different car insurance providers, giving you the best prices and coverage options for your specific needs.
3. The Goodbuy App: This app is an innovative way to save money on car insurance by using gamification. With each good decision you make, like driving safely or taking a defensive driving class, you will get points that can be redeemed for discounts on car insurance.
4. The Insurify App: This app also uses an algorithm to compare rates from over 200 car insurance providers in seconds. With its easy-to-use interface and intuitive design, you can make informed decisions without spending hours researching.
5. Geico: While not necessarily an app or website, Geico is one of the most well known names in car insurance and for good reason. Their competitive prices and excellent customer service make them a great option for anyone looking to save money on car insurance. Plus, you can always count on their gecko mascot to bring a little bit of cheer to your day.
Discounts and Deals
Lastly, don’t forget to look for other ways to save money on car insurance such as discounts and rewards programs offered by various companies.
Many insurers offer discounts for safe drivers, students with good grades, members of certain organizations or professions (like teachers or military personnel), etc. Taking just a few minutes to ask what they have to offer can potentially save hundreds of dollars when it comes time to buy car insurance.
Final Thoughts to save on car insurance –
Do your research, shop around for quotes from multiple insurers, consider raising your deductible if possible, and bundle policies when possible. Don’t forget about websites like Zebra and Insurify which can help make comparing quotes quick and easy!
There are plenty of ways for everyone (no matter their budget) to find car insurance savings when it comes time for renewing their auto insurance policy!
