Auto insurance is a vital bill all drivers should have. Not only is it legally mandatory in most states, but it will provide financial protection. Allstate insurance costs might not be as competitive as we want, but they offer a solid financial stability rating.
Often life insurance will be overlooked, but it can benefit you and your loved ones significantly. Besides providing financial protection for your children, it can support your spouse in a worst-case scenario. Did you know that life insurance can cost only half of your car insurance?
With all the rising costs these days, it is no wonder you are looking for ways to cut costs. We have found five ways for you to lower your insurance premium.
Increase Your Excess
What is excess? It refers to the amount you agree to pay upfront before your insurance company covers most of the costs related to car repairs.
Your insurance provider will lower your monthly premium when you pay more voluntary excess fees. Ideally, the lower your excess, the better it is for you in case of a claim, but a low excess can raise your monthly insurance premium.
Combine Your Insurance Policies
You will generally qualify for a discount using the same car insurance provider and household insurance. Bundling can be rewarded with discounts of up to 25%, possibly saving you hundreds of dollars!
Bundling your policies will not only save on your car insurance but also save on your home insurance. With a single account, management will become seamless. You will only receive one bill, making payments more accessible and uncomplicated.
Increase Your Security
Your insurance premium costs are directly linked to your risk profile. Your risk profile comprises your car type, security measures, and where you live.
Additional safety features like trackers or alarms could drastically reduce your premiums. Where your car is parked will also play a role in your premium costs; when you use a lock-up garage, your risk is decreased, so your costs will be too.
Fix Minor Damages Yourself
You will lessen the frequency of claims made by fixing minor damages yourself. Your risk profile will increase when you claim for every little ding in your car.
If the damage is small enough that it can easily be fixed by yourself, it may make more sense not to claim from your insurer.
Drop Any Unnecessary Coverage
Some insurance products are necessary and should not be dropped to save costs, but the same can’t be said for every service offered. If, for instance, you are already paying for roadside service, you can opt out of the service provided by your insurance.
You don’t necessarily need comprehensive cover on your vehicle unless you own a high-value car. An example would be protecting a collectible car better than a ten-year-old, less expensive model that’s more standard.
No one should be driving in an uninsured car; the risks are not worth the savings.
Do not be afraid to ask for a discount!