For most of us, car insurance is not an expense we can avoid. The good news is, while we may not be able to eliminate the cost, we can make it B.E.T.T.E.R. Here’s how:
Buy a car with insurance in mind: When it comes to insurance, not every car is created equal. If you’re purchasing a car, consider how much the insurance will be. Vehicles with certain features and good safety records are cheaper to insure. Consult with your agent as you car shop to determine your best options.
Embrace a higher deductible: Many people get anxious at the thought of a higher deductible. Don’t be intimidated. It could actually save you in the long run. You may be able to reduce your premium by up to 40%.
Take teen discounts: Insuring your adolescent children can get pricey. Take advantage of any discounts available. Do they get good grades? Will they be away from home for college (and only need coverage during breaks)? Can you assign them to your least-expensive vehicle? Ask your agent what options are available.
Trim your coverage: Do you have an older vehicle? If you have full coverage, you may be over-insuring the car. Check its value. If it is less than 10 times the premium cost, it might be best to drop any coverage beyond liability.
Establish good credit: Research reveals that people with better credit scores make fewer insurance claims. As a result, many insurers use credit information to help determine insurance rates. Stay out of debt, pay bills on time, and check your credit score regularly to ensure all the information is correct.
Request other discounts: Talk to your insurance provider about additional discounts that might be offered. Common discounts include multipolicy, good driver, limited mileage, and antitheft devices.