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Can You Really Save 15 Percent on Auto Insurance


Can You Really Save 15 Percent on Auto Insurance

The Potential Costs of Saving Money

Remember, while it’s important to compare prices because you can often save money by making changes, you might rethink cheap car insurance if it comes at the cost of losing coverage. Downgrading coverage to lower premiums often comes in the following forms:
  • Raising your deductible.
  • Lowering your coverage limits for injuries and property damage.
  • Electing to discontinue optional insurance coverage, such as comprehensive coverage, rental car insurance, or towing coverage.
If you decide you don’t need the same amount of coverage because you’ve had life changes, downgrading your policy might make sense. However, saving money may not be worth sacrificing your current level of protection. Make sure you speak at length to any prospective new car insurance companies, or if you shop online, be sure to compare your existing policy’s rates and coverage to the online quote you receive. Doing so ensures you will keep the level of coverage you need upon switching; minimally, you should be comparing apples to apples.

Are You Paying Too Much?

If you’ve been with the same insurance company for several years, it can be good to check other rates in the market. You may be paying more than you need to for car insurance simply because you haven’t checked rates from other auto insurance providers. It’s especially important to compare rates if you’ve recently had a major life change. The following milestones can lower your rates.
  • Reaching age 25.
  • Getting married or getting divorced.
  • Buying a home and/or moving.
  • Getting a job closer to home (shortening your commute).
  • Purchasing a new car with more safety features.

Compare Auto Insurance Rates

When attempting to find cheap car insurance rates, it helps to comparison-shop. You can check rates across the market by:
  • Using online car insurance calculators.
    • These tools give you ranges of premiums in your area and don’t require much personal information.
  • Getting free car insurance quotes online.
    • Online quote forms will give you more accurate estimates but will require that you input more personal data.
  • Calling specific companies to get quotes.
    • You can call dedicated licensed car insurance agents who represent only one company, or a broker who can help you get quotes from multiple insurance companies.
Remember when you are shopping around that all insurance companies rate differently. Getting at least three quotes before making a decision helps you get a feel for what your options are and what the going rates are in your area.

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