Photo courtesy of Kyle Szegedi via Unsplash.com.
No, this isn’t a plug for a specific insurance company. It’s more of a plug on how you can put more money into your pocket by following a few simple steps to lower your auto insurance premium without sacrificing the importance of liability coverage.
- Consider raising your deductibles. If you’ve never been in an accident or it’s been quite a long time since your last accident then chances are you’re paying too much if your deductibles are low – anywhere from $0 to $250. Raising your deductibles can lower your premiums and generally the higher the deductible the lower your premium.
- Consider dropping full coverage. If you’ve got an older vehicle – roughly 10 years old or older – you may consider dropping comprehensive and collision coverage and save some money. Generally, as the age of your vehicle increases its value decreases. This may also be a good option for those folks with teen drivers. Get them a reliable, but inexpensive vehicle and only carry high liability limits.
- Bundle your coverage. Many insurance companies will give pretty significant discounts if you insure your auto, home (or renters) and other insurance policies with them such as life or business. Not only will you save money buy having a multi-policy discount, it may be easier to keep track of your coverage and policies with the ease of dealing with one carrier.
- Shop around. I’m not condoning that you switch carriers every 6 months or every year, but there may be an advantage to finding the best coverage at the best price. Although low price may be important, consider the value you’re getting for the price. Some carriers beat the competition on price but when it comes to claims handling or customer service, you may be wishing you paid a few more bucks for the additional value of those services.
Start by asking your current carrier how you can save money. You may also find it beneficial to ask other carriers. Be careful of bait and switch tactics that come in with a very low price to start, but drastically increase your premiums at the first 6 month or annual renewal.
Sterling Raskie, MSFS, CFP®, ChFC®
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And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.
ps what I want to know is: “where did you get a picture of my auto ?” lol @@
I saved money by “not having certain vandalism and other deductibles”; if the deductible is $500 that might be more money than the actual cost of repair ! I use the “AutoClub”; if you use “The Club” correctly you have a good protection !!! thanx!