Regardless of the time of year, it goes without saying that you don’t want to overspend on car insurance (and other similar expenses). However, many consumers continue to pay more than they should, which puts an unnecessary burden on their finances.
Fortunately, there are many ways to save on car insurance in the new year. And best yet, you don’t have to jump through hoops to make it happen. With just a few minutes of spare time, you can make decisions that save you big money in the months to come. Try the following:
Shop Around for Auto Insurance
Don’t assume that you’re getting the best deal on car insurance. Don’t assume that your company offers the lowest premiums around. This may not be the case.
With the help of the internet, you can quickly obtain quotes from other providers. And when you do that, it’ll become clear as to whether or not you’re getting a good deal.
Review Your Current Coverage
Do you have too much coverage for the type of vehicle that you drive? You may be surprised at what you find as you review your current coverage with an eye toward making a change.
For example, if you bought your car new 10 years ago, it’s only worth a fraction today. So, you don’t need to be carrying the same level of coverage. You can adjust it with the goal of decreasing your premium.
Increase Your Deductible
Your deductible is the money you pay out of pocket if you need to make a claim. However, if you need to make a claim, you’re wasting a lot of money every month on your premium.
As a general rule of thumb, the higher your deductible the lower your premium. Just make sure you balance this against how much you’re willing and able to pay out of pocket if you file a claim.
Bundle Your Insurance Coverage
Do you purchase your car insurance from the same company as your home insurance? What about your life insurance?
It’s not always possible, but if you’re able to bundle your insurance coverage, it can save you money across the board. Ask your current insurance providers about any multi-policy discounts that they offer.
Ask About Discounts
Speaking of discounts, there is no shortage to inquire about. In addition to a multi-policy discount, ask about those for good driving, academic performance, and safety features. You may come to find that you’re not receiving all the discounts you qualify for.
Final Thoughts
While these are among the best ways to save on car insurance in the new year, it’s only the tip of the iceberg. Consider anything and everything that could keep money in your pocket over the months to come. You’re likely to find a way to save!
