Three Ways To Lower Your Insurance Premium This Year

Posted on: 17 November 2018

If you feel like your auto insurance premium is a little too high for you to handle, there are a few specific actions that you can take to lower your insurance premium.

#1 Take Advantage of as Many Discounts as Possible

First, you should try to take advantage of as many discounts as possible. In order to get discounts, you often have to ask for them.

If you have multiple vehicles or multiple insurance needs, such as home insurance or renter's insurance, get the coverage through the same company. Bundling your coverage is a classic way to lower your insurance rates all around. Bundling your insurance generally gets you at least ten percent, and possibly more, off your insurance coverage.

If you don't drive a lot, you may qualify for a low-mileage discount for your vehicle. Low mileage discounts generally start around five percent and can go higher as well.

Finally, safety features are great ways to reduce your car insurance premium. Safety features such as anti-lock brakes, airbags, automatic seatbelts, anti-theft devices, and even racking systems can provide you with a wide range of discounts.

#2 Increase Your Deductible

Increasing your deductible can really help you reduce your overall insurance premium. You want to keep your deductible at a rate that you can reasonably pay if you were to get into an accident. Just keep in mind, the lower your deductible, the more you are likely paying for your insurance premium.

A good tip is to have at least the amount of your deductible in a savings account so that if you were to get into an accident, you could pay the deductible. As you build up your deductible savings account, increase your deductible so you can decrease your premium.

#3 Pay Your Premium All at Once

Finally, ask if your insurance company offers a discount for paying your premium in full before the start date of your new premium. If you are able to pay your entire premium up-front, instead of spreading it out across multiple monthly payments, most insurance companies will offer you a discount.

The key to lowering your insurance premium is to use multiple strategies to lower your rate. Take advantage of this and ask for as many discounts as you can. Using these multiple strategies at the same time will help you get your premium down to a rate that you can easily afford. 

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