Tips to Reduce Car Insurance Costs

by sarah on August 18, 2014

Car Insurance ImageSpending a large portion of your monthly budget on car insurance is something you would like to avoid if possible. The good news is that there are many ways to reduce the price of coverage. What are some easy ways to keep your premium to a minimum without sacrificing the quality of your insurance policy?

1) Increase the Deductible on Your Policy

The deductible on your insurance policy is the amount of money that you have to pay before your insurance company will pay for any damage sustained to the car. If you increase the amount of the deductible, you can save money on your premium. For most people, a deductible of $500 for glass work and $1,000 for body damage is a good balance for those looking to save money without paying too much if a claim needs to be filed. 

2) Get Rid of Coverage That You Don’t Need

Do you have comprehensive coverage on a car that is only worth $500? If so, you can drop it without feeling exposed to financial ruin if the car is damaged in a parking lot or by a falling tree or power line. The same is true if you have collision insurance on a car that is not worth more than $1,000. It may also be unnecessary to carry more than $100,000 to $300,000 of bodily injury coverage in the event of an accident. 

3) Add Safety Features to Your Car

Adding safety features to your car may make it possible to lower your premium without having to drop or alter coverage levels. Using an anti-theft device or installing new brakes in your car decreases the chance that it is damaged during a burglary or in an accident. If you have a new car, there is a good chance that your car comes equipped with an alarm and anti-lock brakes. However, those with older cars can have these installed at a reasonable price. 

After you find your local auto insurance agent, you may be able to come up with other ways to lower your premium and tailor a policy to fit your needs and your budget. Your agent may also be able to tell you about discounts that you didn’t know you qualified for, which can save 10 percent or more on your policy regardless of how it is constructed.

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Freelance Writer on Frugal Living, Inspirational Topics and Parenting

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