40% of Drivers Are Stressed About Affording Car Insurance. Here’s How to Keep Your Costs Down

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Auto insurance has gotten expensive. Read on for ways to save. 

Owning a car isn’t really a choice for a lot of people — it’s a necessity. But there are costs involved in owning a car that you really can’t avoid.

If you don’t maintain your car, for example, it might stop running. Or, you might end up having to spend a lot of money on repairs.

Similarly, if you don’t insure your car, you could run into trouble. Getting caught driving without auto insurance could mean facing expensive fines or even, in some cases, having your license suspended.

Plus, not having auto insurance could leave you in a dire financial spot if your car is damaged and you don’t have a policy to pick up the tab. You also risk being sued for damages if you drive without auto insurance, cause an accident, and wreck another car or injure the person in it.

As such, if you’re going to own a car, having auto insurance is a must. But a 2023 Policygenius survey reveals that 40% of insured drivers say they’re stressed about being able to afford car insurance.

When we break that down further, we learn that 55% of drivers aged 18 to 34 are stressed about the cost of auto insurance, and 24% say they’re “very stressed.” The good news, though, is that there are steps you can take to keep your car insurance costs down. Here are a few to look at.

1. Bundle your insurance policies

Own a home? If you’re getting homeowners insurance through one company and auto insurance through another, you may be making a costly mistake. Often, insurers offer discounts for having multiple policies, so it pays to see if that applies to you.

2. Do some rate shopping

You may have been offered a great rate on your auto insurance premiums when you first signed up. But that doesn’t mean your auto insurance company has the best rate to offer now. Do some digging to see what other companies are charging. A switch could save you a lot of money.

3. Drive safely

The more moving violations you have on your driving record, the more your auto insurer is likely to charge you. That’s because a less-than-stellar driving history indicates that you’re more of a risky person to insure. On the other hand, if you’re able to go for a year or more without a moving violation, your insurer might agree to lower your rate.

You might also manage to score a more affordable premium rate if you take a defensive driving course. Before you do, though, find out which types of courses count for this purpose. You don’t want to sit through a class that won’t result in any savings. Ask your insurer for program recommendations.

Auto insurance is an expense you can’t get out of when you own a car — but that doesn’t mean it needs to be a source of stress in your life. Take these steps to keep your insurance costs down so you can free up more money for the other expenses of car ownership, whether it’s auto loan payments, oil changes, or gas for your tank.

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