There are many ways to save money on your automobile insurance or prevent your premiums from increasing.
Lower your premium with discounts
Insurance companies offer a wide range of discounts that can reduce the premium on your automobile insurance.
Multi Vehicle Discounts. When you insure 2 or more vehicles on the same policy, you may receive a 10% discount on each vehicle.
Multi Line Discounts. If you insure your home, condominium, or tenants insurance with the same company that insures your automobile, you may receive a 5% or 10% discount on your automobile insurance.
Claims Free or Loyalty Discounts. Some insurance companies offer a 5% or 10% claims free and/or loyalty discount if you have been insured with the company for a number of years and have been claims free during that period.
Save money with a higher deductible
The deductible is the amount you will pay out-of-pocket for a claim. The higher your deductible, the lower your premium will be.
Keep your premiums low with defensive driving
Speeding tickets and other convictions, at fault accidents, or claims frequency can add surcharges to your premium. They can also result in the cancellation or non-renewing of your policy. Should that happen, your only choice may be a high risk insurance market and your premiums may double or triple. Drive defensively and your premiums should stay low.
Purchase the accident waiver/claims forgiveness endorsement
Even the best driver can have an at-fault account and their perfect ‘6’ star driving record could be reduced to ‘0’ resulting in an increase in premium. The endorsement “forgives” your first at-fault accident leaving your driving record intact. There is a fee for the endorsement ($35 to $40) but it could save you money should you ever have an at-fault accident.
Install a approved anti-theft device in your vehicle
Some insurance companies will offer a discount if you have a approved anti-theft device installed in your vehicle. It may also prevent the theft of your vehicle or aid in the recovery should it be stolen.
Enroll your teenager in a driver education program
When your teenager (or young driver) passes a approved driver education course, they may qualify for a lower premium.
Be careful who you lend your vehicle to
When you lend your vehicle to someone, you are also lending them your insurance. Should that person have an accident, you will be held responsible as the owner of the vehicle and your premium will likely increase.