Heather Halpern

5 Surprising Car Insurance Savings Opportunities We live in a very high-priced world. Each week it seems like the price of basic necessities like food, gas, and housing is on the rise. Not only is the price of basic necessities increasing, luxury items and purchases are also becoming more expensive. Many of us rely on cars to get us from point a to point b. Without cars, many of us would be unable to go to work, the stores, or visit family and friends. A legal requirement for driving a car is having car insurance. Care insurance has not been able to hide from the whirlwind of price increases. Most consumers do not realize there are many cost-saving opportunities available with car insurance. We have outlined 5 surprising car insurance-saving opportunities below. 1. Receive Every Single Discount That You Qualify For: It doesn’t matter if you’ve been driving for 40 years, 4 months, or 4 days, most car insurance companies offer a wide variety of discounts that are available to help drivers save money. While some of these discounts may be included automatically when you receive an insurance quote, most will require you to speak to an insurance agent and specifically ask for the discount. Some will be automatically included when you get an insurance quote, while others will require you to ask your insurance company or agent to find out if you qualify. a. Bundle All Insurance Coverages Together Many car insurance agencies offer a discount when drivers take out multiple types of insurance together. This is considered insurance bundling. For example, if you have your renter or homeowner insurance at the same company where you have your car insurance. Multiple cars and drivers in the same household may also offer you a discount. Some insurance companies may also offer a discount if you bundle your car insurance with a life insurance policy. b. Make Your Employment Known Another way to earn a discount is to make your employment known. Many car insurance companies offer a variety of employee discounts. Some of the more widely known careers with insurance discounts are police, fire, and safety responders. Many insurance companies all have discount options with specific corporate businesses. Always tell your insurance agent what type of job you have, and where you specifically work and ask if they have any discounts related to either. c. Parking, Parking, Parking Another way to earn a discount on your car insurance is to specify where your car will be parked. Will you be parking in a secure facility, residential driveway, carport, or garage? If so, let your insurance company know as they may offer a discount on preferred parking options. If you live in an urban area, the more secure you can keep your car, the bigger the discount may be. If your car is more secure overnight, there is a lower probability that your car will be stolen, broken into, or damaged. This may decrease the cost of your comprehensive coverage. 2. Look for Associated Rates Another way to lower your car insurance cost is to have a membership or account with an associated company. Think of this almost like buddy companies or a referral network. Many times insurance companies will partner with businesses or organizations in other industries to offer drivers more discounts. Common examples of these types of associate partnerships include AAA, credit unions, college alumni organizations, and other professional trade companies. Usually, there is a rather large list of associated companies so make sure to search your insurance companies website for the list or specifically ask your insurance company for any associated discounts that you can take advantage of 3. Get a Higher Deductible Another way to lower your car insurance cost is to have a higher deductible. Many drivers prefer to keep the lowest deductible available, however increasing your deductible to a higher amount is one of the easiest ways to lower the cost of car insurance. Pricing for car insurance is based on risk. Your insurance rates will be lower with the more of a risk you’re willing to potentially have with a higher deductible. 4. Don’t Pay For Coverage You Don’t Need Another way to lower your car insurance cost is to stop paying for car coverages that you don’t actually need. Many drivers pay costly fees for car insurance add-ons that they don’t really need. For example, many car insurances automatically include roadside assistance. If you’re already paying for roadside assistance from a different company. AAA, for instance, you don’t need to pay for it a second time through your car insurance company. 5. Don’t Over-Insure an Old Car Another way to lower your car insurance cost is by not over-insuring an older car. At some point in a car’s life, it is no longer smart to purchase collision and comprehensive insurance as it is no longer worth the expense. Once your vehicle’s value has depreciated to the point where you could replace it out-of-pocket without too a large financial burden, you should consider decreasing and/or removing the comprehensive and collision coverage from your policy altogether. In today’s day and age, it is important to save money where and when you can. As a driver, you can easily save money on your car insurance by not over-insuring an old car, not paying for coverage you don’t need, committing to a higher deductible, looking for associative rates, and getting every discount that you qualify for.