Car insurance protects you from huge repair bills in case of an accident. You have to have it while driving. Otherwise, you risk being fined or losing your driver’s license. Auto insurance is compulsory and is one of the most expensive parts of car ownership. Prices can increase, especially if you’re insuring a high-end car. Luckily, there are several ways in which you can control your rates.
We’ve rounded up five strategies that you can use to get the best car insurance rates in the market.
Enquire About Car Insurance Discounts
Most insurance companies have special discounts to keep their customers happy. To get the best discount, you should ask the agent about all the possible deals you can get from your coverage. For instance, you might obtain a quote to insure one vehicle and end up paying more than you would if you insured several cars. In exceptional cases, the company might cut you a deal if you bring more clients.
Most of the time, insurance discounts for multiple drivers require them to be related by blood or marriage to obtain the offer. However, two unrelated people can also get a deal provided they jointly own the vehicle.
Another offer you can get is a good student discount. In most cases, parents with teen drivers pay more to cover them. But you can get a good student discount if your teen driver is a B and above student and ranks in the top 20 percent in their class. However, the offer is mostly valid until they are 25. It’s an excellent deal if your child passes the mark because you get to enjoy a 1-39 percent discount.
If you are loyal to the same insurance firm and obtain other insurances such as homeowners insurance from them, you get to enjoy a discount for bundling up your policies.
Be Careful on the Road
Not only should you drive safely to get the best insurance quotes, but you also do it to protect your life and those of other road users. With more vehicles on the roads and new drivers emerging every day, be sure to avoid distractions so that you don’t get into an accident.
Most insurers give discounts depending on your record. You’re likely to pay higher premiums if you’ve been in an accident or if you’ve had serious traffic violations. You might also pay more if you’re a new driver without an insurance track record. Don’t hesitate to ask your insurer for a discount if you’ve not been in an accident for more than three years.
Take a Defensive Driving Course
Most firms will give a discount to drivers who complete accident prevention or defensive driving classes. However, it’s best to ask the insurers you are considering if they offer this type of discount before signing up for the course. If they confirm, ensure you take the training from an accredited institution.
Shop Around to Get the Best Car Insurance Rates
Sometimes the annual premium rates go up when you’re about to renew your coverage. In such cases, you should shop around for a better deal. Additionally, try getting quotes from other companies once or twice in two years. You might find a lower rate in the process.
As you shop around for a lower rate, be on the lookout for mediocre insurers. Make sure to look into the firm’s creditworthiness to ensure that you’re working with a financially stable company.
Use Public Transport Regularly
While shopping for auto insurance, the company might ask you about the number of miles you drive each year. They use this information to determine how much they will charge for their services. For instance, if you drive for one hour daily to get to work, your insurance cover will be costlier than a person driving for half an hour each day.
To save on your insurance, use mass transits to reduce your vehicle’s mileage. The logic behind this is that you are less likely to get into an accident if you drive less. Again, consult with your provider first to know if they offer this kind of discount.
The Bottom Line
Experts believe that auto coverage will continue rising in the future. However, you can be on the safe side by following the above five tips to lower your premiums significantly. Remember to always ask questions to find out the factors that affect your insurance rates. And most importantly, you should find a company that has cheap rates but offers reliable coverage.