These Tips Could Save You Thousands
You are legally required to carry insurance for your vehicle, but this doesn’t mean you should overpay for your coverage. The monthly premium your insurance provider charges is a recurring expense that will impact your budget, so looking for an affordable option is essential.
It is possible to purchase the kind of coverage you need, protect your vehicle, and save money if you take the time to shop around and select the right provider and policy.
Start by finding out more about how much insurance you’re required to carry. There are laws specific to each state regarding how much coverage you need.
These steps will help you find a more affordable policy for your vehicle:
- Consider raising your deductible. This means you’ll have to cover a higher out-of-pocket expense if you get in an accident, but your monthly premiums will be lower.
- Drive less. Let your insurance provider know if you drive less than the average individual, use public transit to work, or carpool. Some insurance providers will grant you a discount since driving less means you’re less likely to get in an accident.
- Have some clauses been removed from your policy? Go over the policy you’re interested in and ask your insurance agent to make a few changes if you need more coverage.
- Update your coverage regularly. The value of your vehicle will drop over time, and you might find that you’re paying for coverage that exceeds the value of your vehicle if you don’t upgrade your policy regularly.
- Bundle your policies. Most insurance providers will give you a discount if you insure more than one vehicle with them or buy a homeowner’s or a renter’s insurance policy when you insure your vehicle.
- Be a good driver. You can usually earn a discount if you have a good driving record, but you might have to contact your insurance provider and ask for a discount. Some insurance companies will give you an additional discount if you complete a driving class.
- Improve your credit score. Some insurance providers will calculate your premiums based on your credit score. Work on improving your credit and contact your insurance provider to ask for a discount once your score goes up.
- Choose a vehicle you can afford. If you are in the process of buying a new car, compare the average price of an auto insurance policy for different vehicles to find one that’s a good fit for your budget.
- Shop around. The premiums and discounts offered vary from one auto insurance provider to another. Take the time to request quotes and compare your options before purchasing insurance.
Combine all these tips to find an affordable policy to insure your vehicle. Ensure the policy you purchase meets legal requirements and provides you with enough coverage to replace your vehicle if you get into an accident.
Don’t hesitate to talk to your insurance agent to learn more about the different discounts you might qualify for, or just ask for a discount!
![Picture2 Real Estate Pro Guide](https://x8ea2d.p3cdn1.secureserver.net/wp-content/uploads/2021/12/Picture2.png)
Avoid The Critical Financial Mistakes Made By Real Estate Pros
Failing in the financial basics will doom your business. Get our free e-book "The Real Estate Pro's Guide to Financial Success" to see if you are set up for success.