While most of us dread dealing with insurance matters, I think it’s safe to bet we all love saving money. And chances are, you’re paying more than necessary for your car insurance. So why not invest an hour or two to make sure you’re paying as little as possible? Especially during the summer, when you may be logging extra miles for a vacation. Here’s how.
SHOP AROUND Calling insurance companies and requesting quotes is not our favorite thing to do either, but insurance companies know this and strategize accordingly. If you haven’t compared rates within the past two years, or if you’ve recently changed vehicles or drivers, it is likely worth your time make some calls.
INCREASE YOUR DEDUCTIBLE By increasing your deductible, you’ll decrease the chance, or amount, of a potential payout by the insurance company in the event of a claim. In response, they should lower your premium. So if you’re the type of driver who rarely makes a claim, your savings could really add up. If you have a sufficient emergency fund, think about raising your deductible to $500 or $1,000. Of course, you’ll have to pay that much more out of your own pocket in the event of a claim, but the savings, especially on newer vehicles, could be substantial.
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REQUEST AVAILABLE DISCOUNTS Most auto insurance companies offer a variety of discounts. Some of the more popular discounts are available for: