You are legally required to carry insurance for your vehicle, but this doesn’t mean you should overpay for your coverage.

It is possible to purchase the kind of coverage you need, protect your vehicle, and save money if you take the time to shop around and select the right provider and policy.

In my opinion, the single most important thing you can do to manage and lower your car insurance policy is to put it out for review every 1-2 years!  I mean think about it, all companies give the better prices to their new customers (to get their business of course), but forget about their existing customers. They are taking you and your business for granted! Here is a great example…. Say for instance you get frustrated with your slow or expensive Internet service and you threaten to leave your Cable Company, “all of a sudden” they find a new cheaper (and faster) plan for you! So do the same thing with your insurance carrier every 2 years. Put it out for bid. It only takes a few hours to shop around for better rates, and this forces your Insurance Company to be more competitive in pricing your policy. They want to retain your business. As the customer, you have the buying power, so exercise it.

These additional steps will help you find a more affordable policy for your vehicle:

Consider raising your deductible. This means you’ll have to cover a higher out-of-pocket expense if you get in an accident, but your monthly premiums will be lower.

Drive less. Let your insurance provider know if you drive less than the average individual, carpool to work. Some insurance providers will grant you a discount, since driving less means you’re less likely to get in an accident.

Have some clauses removed from your policy. Go over the policy you’re interested in and ask your insurance agent to make a few changes if there is more coverage than you need.

Update your coverage regularly. The value of your vehicle will drop over time and you might find that you’re paying for coverage that exceeds the value of your vehicle if you don’t upgrade your policy regularly.

Bundle your policies. Most insurance provider will give you a discount if you insure more than one vehicle with them or buy a homeowner’s or a renter’s insurance policy when you insure your vehicle.

Be a good driver. You can usually earn a discount if you have a good driving record, but you might have to contact your insurance provider and ask for a discount. Some insurance companies will give you an additional discount if you complete a driving class.

Improve your credit score. Some insurance providers will calculate your premiums based on your credit score. Work on improving your credit and contact your insurance provider to ask for a discount once your score goes up.

Choose a vehicle you can afford. If you are in the process of buying a new car, compare the average price of an auto insurance policy for different vehicles to find one that’s a good fit for your budget.

Shop around. The premiums and discounts offered vary from one auto insurance provider to another. Take the time to request quotes and to compare your options before you purchase insurance.

Combine all these tips to find an affordable policy to insure your vehicle. Ensure the policy you purchase meets legal requirements and provides you with enough coverage to replace your vehicle if you get into an accident.

Don’t hesitate to talk to your insurance agent to find out more about the different discounts you might qualify for or to simply ask for a discount!
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