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Car insurance is a necessary evil – right? Who wants to shell out money each year to pay for something that MIGHT happen…and to boot even when it does happen, you pay more money in the form of a deductible. But there are some ways to adequately protect yourself without paying top dollar. Many insurance companies offer discounts to your premium. When you are comparing rates between different insurance companies make sure you ask about these discounts because insurance agents may not always feel compelled to offer them to you (their commissions are based on the premium amount – higher premiums equal higher commissions).
- Anti-theft Devices
- Accident Safety Equipment
- Multiple Vehicle Insurance
- Insurance Packages for Car, Home, Liability, etc.
- Low Mileage Discounts
- Nonsmoking Driver
- Mature Drivers
- Defensive Driving Courses
- Good Students
1. Anti-theft Devices – Alarms and other anti-theft devices like ignition cut-off features can not only help protect your car against theft or damage, but may also ward off those wallet-gouging insurance premiums – specifically comprehensive coverage.
2. Accident Safety Equipment – Although air bags and seat belts come as standard features for all new cars, make sure the insurance company is applying that reduction to your insurance premium.
3. Multiple Vehicle Insurance – Almost all car insurance companies will provide discounts for insuring multiple vehicles. Consider combining insurance coverage with other family members. If you are living with someone, find out if you can receive the multiple vehicle discount by purchasing car insurance from the same agent. (remember, if they want your business, everything and anything is negotiable)
4. Insurance Packages for Car, Home, Liability, etc. – Many insurance companies offer different types of insurance and will protect everything from your car to your great, great grandmother's priceless family brooch. If you have the need for other types of insurance like property, liability and even health, find out what type of discounts you can receive if you bring all your business to one carrier.
5. Low Mileage Discounts – If you car pool or live near work, your annual mileage may be very low. Inquire about any premium reductions for low annual mileage limitations – typically under 10,000 miles a year.
6. Nonsmoking Driver – Statistically, smokers have more accidents. Who knows exactly why, but if you don't smoke see if your insurance company will offer a nonsmoker's discount.
7. Mature Drivers – Even if you are "young at heart" as long as you reach certain age criteria, you may receive up to 10% off your insurance premiums. Ask what type of Mature Drivers insurance discounts are available through your insurance coverage and mark those dates on your birthday calendar…and don't forget to buy yourself something extra special with the savings.
8. Defensive Driving Courses – If you have been fortunate enough to have taken a driver's safety course, you may receive a 5% to 10% discount.
9. Good Student – See your Mom was right! Good grades do payoff! If you have a "B" average or above find out what discounts maybe available to you.
Yes, in some states the law does require car insurance, but there is no reason coverage should cost a bundle. Take this extra bit of "know how" and maximize your inflow by minimizing your outflow with discounts.
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