Go beyond the “safe driver” ask and find out all the other possible discounts your auto insurer offers.
Does your car have an alarm system? Great, then you may qualify for a safety feature discount.
Driving a hybrid around town? Check to see if your company offers an eco-friendly credit.
Got a stellar student in your household? You could save up to 20 % more on auto insurance with a good student discount.
And the credits keep coming…
Some insurers offer discounts based the college or university you attend, various professional associations, and annual mileage counts.
Another easy but often missed opportunity is bundling multiple policies like homeowners and car, with one insurer for big savings. Companies call this a multiline discount.
A car insurance agent is a great resource when it comes to getting the right amount of coverage to fit your needs. Each state has its own set of auto insurance requirements and most, like Florida, mandate auto liability insurance coverage.
Other types of auto coverage to discuss with your agent include:
It’s a good idea to keep up-to-date on your car’s value and periodically check in with your agent to reevaluate your coverage needs.
You want the most for your money, so make sure you shop around. Most online insurance providers have a free quote tool where you can input your information and get an idea of rates to compare.
If you want to save yourself some hassle, find an insurance brokerage firm. These firms offer policies from several insurance providers to ensure their customers get the best possible rates for coverage.
It’s easy to assume one car means one policy, after all the math adds up. But as your car insurance agent will tell you, when it comes to sharing your car with family members you’ll need additional coverage.
Just how much and what type is something your agent can figure out with you. Factors such as a first-time driver can increase your premiums.
There is an important distinction you need your car insurance agent to make when discussing loss: Will you receive actual cash value or agreed upon value?
Actual cash value is the amount your car is worth given depreciated value at the time of the crash. Whereas agreed upon value is the full insured amount agreed upon with no depreciation.
See the difference? The last thing you want after a wreck is to end up with a claim check worth thousands less than you expected. So, make sure you know the numbers.
Take the time to ask these questions because the answers you get can help you overcome the pitfall of paying too much for car insurance.
