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Saving money on car insuranceAs your family grows, your paycheck might start to shrink quite a bit as your expenses increase. Therefore you’ll probably want to save on standard household costs. Among those that you have to pay regularly might be your car insurance premiums. Everyone needs coverage, so why should you struggle to pay for the policy? Instead, consider just a few of the ways you can save on your coverage.

Most drivers can find ways to save on their car insurance premiums. Sometimes, it means adjusting your coverage. In other cases, you can simply ask your insurer about savings options. Whatever you do, don’t walk away from insurance enrollment without guaranteeing that you get the most-affordable coverage.

To Start, Ask Your Agent to Compare Policy Rates

There are dozens of national, regional and local car insurance companies that offer policies to customers within their jurisdiction. Each company has a lot of leeway in determining the premiums they decide to charge for coverage. Therefore, once you decide on the coverage you want, you might find you’ll pay less for it at one company than another. Even if two companies offer the exact same policy parameters, they still might charge different premiums for your coverage.

When looking for car insurance company, consider working with an independent insurance agency like Peachstate Insurance. We aren’t bound to offer the auto insurance policies of just one insurance provider. Instead, we offer multiple policies from multiple companies. Therefore, we can help you find a policy that offers you enough coverage at the most-appropriate prices.

By allowing an independent insurance agent to compare your policy options, you’ll be able to zero-in on the coverage that is best for you. If you tell your agent that you have a budget in mind, they can likely help you find the policy that most-closely aligns with your needs.

Never Reduce Your Coverage

Most states, including Georgia, require all registered drivers to carry minimum amounts of car insurance. However, most people choose to buy even more coverage than just the state’s requirement. We recommend you do so on your own policy.

However, by increasing your coverage, you might have to pay more. More protection equals more risk to the insurance company. That can equal higher premiums for the policyholder. As a result, some drivers might feel tempted to carry only the lowest required coverage. Others might even drop back their coverage if their rates increase over time.

We can tell you, don’t take this step. Dropping your coverage to the bare minimum often will leave you exposed to significant financial losses. For example, in a wreck, you might get coverage for only the smallest liability costs. You might have no coverage for your personal vehicle damage, injury costs or significant liability suits. By carrying more than the minimum coverage, you’ll get more protection when you need it most. Your own wallet will thank you.

Talk to your agent about the cost of your vehicle, and your personal financial status. They can help you balance your coverage within your budgetary needs.

Balance Your Deductible

Most car insurance policies come with damage deductibles. You’ll pay the deductible cost towards your repair expenses. Then, your insurance will pay the rest of the claim up to the policy maximum.

So, if you have a $500 deductible and $2,000 claim, you will pay the $500 towards the claim. Then, your policy will pay the remainder of the claim’s $1,500.

A trick of the trade is that if you choose a higher deductible, like $1,000 instead of $500, then you might get a rate discount. That’s because by shouldering more of your own policy costs, you’ll shift a bit of financial risk away from the insurer.

However, only increase your deductible to the point you can afford. If you have a $2,000 deductible, for instance, then you will have to pay up to $2,000 for a car insurance claim. If you can’t afford $2,000, can you reasonably afford this deductible? If not, you should not carry so high a value. Your agent can help you balance the policy claims.

Ask For Policy Discounts

Many insurers like to reward their most-committed, reliable customers. As a result, they might award policy discounts for qualifying drivers. The discounts will reduce the price of your premium by a small amount. The good thing about discounts is that not everyone qualifies for them. Therefore, the best insurance customers might qualify for:

  • Safe driving discounts as long as they don’t have any wrecks or tickets on their records.
  • Driving course discounts that come into play if the driver completes a safe-driving class.
  • Bundling discounts if you buy more than one policy from the same insurer.
  • Student discounts if the policyholder is still a student with good grades.

Insurers offer discounts in different ways. You therefore should determine the best balance of standard premiums and additional discounts. That way, in case discounts do expire, you might be able to still maximize your savings in other ways.

Posted 7:42 PM

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