You know the importance of having full coverage insurance and how the best car insurance always includes enough protection to cover you against accident and non-accident related claims. However, it does not have to be as expensive as one would think. Peace of mind should never cost a fortune, and with a few helpful tips, it doesn’t have to. Continue reading to learn more about how you can save money on the best car insurance without sacrificing your coverage.
Skip the Monthly Payments
When you are trying to save money, spreading out the cost of your insurance premiums might seem like a good idea. However, most insurance companies charge an additional fee if you pay in monthly installments. Instead, Kiplinger recommends paying for your premiums in one lump sum upfront to avoid unnecessary extra costs.
Take the Package Deal
Bundling could save you a bundle! Also known as multi-policy discounts, bundling discounts reward you with lower premiums when you insure more than one type of property with the same insurance company. For many, this means bundling home and auto insurance, although you may also combine car insurance with coverage for your motorcycle, boat, RV, ATV, condo, or rental unit. Although discounts vary between insurers, the May 2014 Quadrant Information Services study found that the average discount for bundling home and auto insurance was 15 percent.
Work on Your Credit Score
You may be surprised to know that insurance companies use the information in your credit reports to determine your likelihood of filing a claim. If your credit is sub-par, you could pay for it with higher premiums for the same coverage as another driver with a better credit score. According to Consumer Reports, drivers with a good credit score pay an average of $214 more than those with the best scores.
Increase Your Deductible
Even the best car insurance policy includes a deductible for coverage. This is the amount of money you must pay out of your own pocket before your policy will kick in. A $250 deductible may provide less financial strain after an accident, but you will pay for it upfront. Instead, Edmunds recommends raising your deductible to $500 or $1000, resulting in instantly lower premiums. Then, take the savings and sock it away in case you ever need to file a claim.
There’s a good chance that you’ll save money by shopping around. The same full coverage policy could cost hundreds of dollars less per year with one insurer than another in the same state. However, many people avoid this process either because it is time-consuming, intimidating, or otherwise requires interaction with pushy sales agents. Fortunately, there is a fast way to compare rates without the confusion and high-pressure of a traditional insurance search.
By choosing to work with an independent agent, you get an advocate who will go to work to find you the best car insurance at an affordable rate. An independent agency like Smith Insurance and Financial Services will ask questions to get to know your particular situation and discover the types of coverage you actually need.
If you live in the Big Bend, Wisconsin area and are in search of excellent insurance coverage at an affordable rate, contact our office to request a free, no-obligation quote. We can help you compare rates from many top-rated insurance companies, and review the many ways you can find coverage that better fits your needs and budget.