With so many monthly payments, bills can add up. So, keeping in mind these ideas for cutting your monthly car insurance payment is the difference between breaking the bank and living a well-budgeted life.
Depending on your current provider, you might be overpaying for the plan you need. So, before making any drastic decisions, check other insurance providers to see if there is a better option for you.
Many providers will also have discounts for new customers so that switching can save you money, even in the short term.
Switching providers can offer you cheaper costs upfront, but your monthly fees may increase down the road. Keep this in mind when changing, and ask your agent about long-term costs before signing anything.
If your car insurance provider also offers home, renters, or any other kind of monthly insurance plan you have, combining policies will typically include a bundle discount.
Bundling will also make managing your policies easier, so it might work for you even if the discount doesn’t seem worth it.
Lower Your Mileage
Providers will sometimes offer reduced rates to customers who drive a minimum number of miles. Check with your insurance to see if they offer such a deal.
If privacy is important to you, know that some providers will require installing a tracking chip in your car so that they can keep track of your mileage.
Improve Safety Features
Upgrading your car’s safety features will often qualify you for discounts. Some states are legally required to offer discounts for certain safety features like an anti-lock braking system (ABS).
Check with your provider to see what repairs and alterations you can make to your car to lower your monthly rate.
If your insurance is currently higher than you like and improving safety features doesn’t seem like an option, getting a car with a high safety rating can lower the rate. When buying a car, check its safety rating and ask your provider about your new monthly bill.
Safe Driver Discounts
Another standard discount is one rewarding you for your excellent driving. If you haven’t had any accidents or tickets, you can qualify for reduced pricing.
Even if you have a negative driving history, you could still qualify depending on how much goodwill you’ve built since then.
The riskiest option involves betting on yourself. If you agree to a higher deductible, you will lower your bill. The only problem is if you ever do need to use your insurance, you will have t\o pay more upfront.
Raising your deductible risks making your insurance less helpful, but it could be the right choice if you trust yourself.
It’s time to stop worrying about how you will pay for insurance this month. With these ideas for cutting your monthly car insurance payment, you can get ahead of your finances.