Most of us drive a car. It’s simply necessary for the majority of us not living in the heart of a city with subways and regular bus routes. Walking everywhere, or biking for that matter, simply isn’t feasible for a large percentage of people.
So cars are a good thing! Of course, as we all know, we can’t get something for nothing – or at least in the vast majority of situations. With all of the benefits of a car come a variety of costs: the car itself, gas, repairs, maintenance, and other expenses. One of those “other” expenses can actually be quite significant: car insurance.
Given that we need car insurance, and it’s a necessary expenditure, it’s smart to shop for a good deal and get good rates. Along those lines, it’s time to revisit a topic most have us thought about, to make sure we’re really doing what we can to get a good deal when it comes to car insurance. Here are 5 ways we can spend less on car insurance:
- Actually look for the best rates. Prices can vary, based on who you’re asking, and when you’re asking. It’s best to make the basic effort to do some comparison shop. Over time, just a little bit of money saved on each payment could add up to a more substantial amount of money.
- Increase deductibles. This is the amount of money that you are on the hook for out-of-pocket, before the insurance company starts paying. If you raise the deductible, your premium payments can decrease at the same time. Of course, the key here is to avoid accidents very carefull, as this is where the strategy could potentially backfire.
- Consider multi-car discounts. If you have more than one car in your household, you could save money by insuring them with same company and getting a multi-car discount – thus lowering the average cost per car. You and your spouse could be teaming to save each other money!
- Be safe. Obviously, being safe is important for much more than monetary reasons. This being said, driving safely can keep your rates lower. Plus, if you get in an accident, paying that deductible won’t be fun!
- Bundle policies. It’s not like auto insurance is going to be the only kind of insurance you get. What about homeowner’s insurance? Or, renter’s insurance, if you don’t own your own place? This is where multi-line discounts can potentially save some money.
The big thing is, instead of putting this on auto-pilot and forgetting about it, it’s good to periodically revisit and at least think about it. You never know, you just might be able to save money by making a change!
When is the last time you looked for lower car insurance rates? What has been your approach to saving money on auto insurance?
Richard Plews is the CEO and founder of the UK’s leading life insurance quotation provider www.lifequotes4u.co.uk. He is very passionate about the Lifequotes4u Blog which has a growing number of regular readers. In his spare time he enjoys cricket, golf and white collar boxing.