The 3 Best Ways to Lower Your Auto Insurance Premium

The costs of owning a car keep rising. Transportation is generally the second most important expense after housing for many people. Insurance is sometimes one of the biggest expenses associated with owning a car.

Paying too much for insurance seems to be what it is and is not changing. The reality is that there is a lot of wiggle room in the amount you pay. There are actually ways to cut your costs and save money.

In this article, we’re going to go over some of the best ways to save money on auto insurance.

1 – Shop

One of the biggest mistakes people make when it comes to auto insurance is following the first quote they get from an insurance company. Not doing the trick can end up costing hundreds of dollars. While you may be lucky and pay the lowest premium for your coverage, you’ll never know if you don’t shop around.

Finding the best auto insurance shouldn’t take too long, but you should take the time to make a few phone calls before committing. Doing things online to compare quotes can work, but sometimes it’s best to call a company. An operator can do some research and will often find the best ways to lower your quote.

Insurance companies are keen to steal a customer from another company, so let them know how much you are currently paying. Often times, they will find a way to lower your premium so that you are more likely to switch to them.

2 – Check your coverage

People almost always pay for more coverage than they need. For example, when you finance a new car, you are required to get the maximum policy. Once you’re done paying for your car, there’s no need to keep paying for such an expensive policy.

Check out the policy to see what you’re paying for and you’ll likely find some features you can do without. Roadside assistance is usually not worth it since you can sign up for AAA and save money.

You may want to reduce the amount of collisions or even get rid of theft coverage altogether if your car is not susceptible to theft.

3 – change driving habits

The longer you go without an accident or speeding, the more your premiums will be reduced from year to year. Driving better will save you money in many ways. Your tires will last longer if you take corners more carefully and not having an accident or speeding ticket saves a lot of money.

There are devices that can be connected to your car’s internal computer provided by the insurance company to monitor your driving. When you drive the speed limit and don’t aggressively start and stop, you’re showing the insurance company that you’re less likely to have an accident. Using these devices can lower your insurance premium even further.

This article does not necessarily reflect the views of the editors or management of EconoTimes.

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