Car insurance is a crazy world of monthly premiums, policies, and endless fine-print agreements. But finding deals on car insurance is easier than you think, as long as you’re willing to find them. Here’s just a few ways you can save a ton of money and get the best deals on your car insurance.
Shop around for the best policy before and after you get a car
People have plenty of things to consider before deciding on their next car purchase, but car insurance may not be one of the first considerations. But before taking the plunge of your next car purchase, it’s important to get insurance quotes from a few trusted brokers.
It may come as a shock for some that insurance prices and premiums can vary greatly depending on the type of car you’re buying, its age, and even its color. Even if you are comparing two cars of the same price, insurance companies may charge more for the sports car than the four-door sedan. Most often, it costs less to insure older cars than newer, costs more to insure luxury over non-luxury, etc.
There’s no reason to stick with one insurance company after you’ve bought your car either. With so many options available for car insurance, premiums can vary greatly. According to Forbes, one study found that a simple comparison of auto rates proved that the same policy could cost drivers anywhere from around $500 to $1,500/month, depending on the insurance broker. Even if you’ve had the same policy, through the same carrier, for years, regularly shopping around for better quotes could save you tons in the end.
Look for special discounts to lower your car insurance even further
Today’s car insurance industry has changed a lot in recent decades. There is no longer a one-size-fits-all policy and drivers can opt for much more personalized insurance policies. This is why it is important to consider any special discounts you could qualify for. Many insurance companies offer discounts for certain drivers, and those discounts can vary by company. Some discounts could include safe driver discounts, good student and teen driver discounts, as well as discounts for seniors, retirees, military members, and more. You may want to keep these discounts in mind as you shop for car insurance, as you may find deals with certain brokers that apply to you.
Invest in what you need in an insurance policy
While shopping for car insurance, it can pay off to consider not only what you need to be insured but also how much coverage you need. If you own multiple vehicles, are a home or boat owner, etc., you could save money by bundling your insurance policies. According to Living Well Spending Less, bundling your policies can not only help you save money but also “make life easier by giving you one reliable contact for your insurance needs and questions.” There are also investments you could make in your policy with the potential to save money in the event something goes awry, like gap insurance and uninsured motorist coverage.
Don’t leave behind money you could be saving
There are many other things you can do in addition to simply finding the best deals to save money on your insurance policy. Installing certain safety features, for example, could save you money in the long-term. According to Insurify, something as simple as installing a dashcam “can help you save on repairs and clarify fault in the event of an accident or other unexpected damage to your car.” Of course, vehicles that feature specialized safety features are considered less-risky by insurance companies.
And once you find an insurance policy that suits you well enough, there is no harm in continuously trying to lower your premium. Changes in your life can help give you bigger discounts with insurance, including in an increase in your credit score, a decrease in the hours you spend on the road, and even getting married or adding a partner to your policy.