Let’s face it - nobody likes paying for auto insurance. While there’s no way to get free auto coverage, there are a couple of ways to lower your rate while keeping the same coverage you have now.
1. Take a defensive driving course
While taking a defensive driving course can certainly help keep your rates low by preventing accidents in the long term, taking such courses can also sometimes directly lower your rate, depending on your auto insurance company. Check with your agent or company and see if taking a course can lower your rates.
2. Increase your deductible
Insurance payments come in two forms: premiums and deductibles. When you decrease one, you generally end up paying higher rates for the other. However, if you live on very calm or slow streets or don’t drive too often, it might be worth it to increase your deductibles to drop your premiums. After all, higher deductibles only actually matter if you end up having to pay them. Try asking your agent about your deductibles and if your current plan allows you to choose your deductibles.
3. Pay annually
Paying your premium on a yearly basis, rather than month-to-month guarantees your company payment, so most plans offer significant discounts for customers that pay on a yearly basis compared to monthly. Additionally, you save the company processing fees, and those savings get passed on to you.
Bigger isn’t always better when it comes to car engines. Cars with larger engines tend to carry more risk, be driven by riskier people, and are more likely to be stolen than their slower counterparts. If you don’t need a particularly fast car, consider staying on the slower side.