5 Strategies to Lower your Auto Insurance Rates
All drivers want to save money on their auto insurance. The good news is there are multiple ways you can lower your insurance rates. You just need to know how to do it.
Lowering your insurance rates starts with assessing your current situation. You need to understand the factors that are in play and how they impact your auto insurance rates. Things like the car your drive, your driving history, and even where you live will all factor into how much you will pay for auto insurance.
Every situation is different, so don’t worry about your neighbour’s rates. Their insurance situation is different than yours and their rates will be determined based on the factors applicable to their situation. Focus on you and you alone.
5 ways to lower insurance rates
1. Increase your deductible
One of the simplest ways to lower insurance rates is to increase your deductible. The more you are willing to pay out of pocket for an insurance claim, the less your insurance rates will be.
2. Consider insurance when shopping for vehicles
The vehicle you drive has a huge impact on your rates. To lower your rates from day one, make sure you consider auto insurance rates when shopping for a vehicle. In general, high priced sports cars, cars that are expensive to repair, and vehicles more likely to be stolen will all cost more to insure.
3. Bundle your insurance coverage
Bundling your auto insurance with your home insurance policy will save you about 10% instantly. Talk with your broker about your options if you are not currently bundling your policies.
4. Get a quote annually
Getting an insurance quote once doesn’t cut it if you want to continually lower insurance rates. Get a quote each year when your policy comes up for renewal in order to maximize cost savings.
5. Talk with your insurance broker
Sometimes all it takes is a phone call. Contact your insurance broker and ask them to assess your current policy and help you explore your options for lowering your car insurance rates.
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