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There’s no denying that auto insurance is expensive. Keep reading to learn how to snag the deals and discounts that will bring your policy cost down. [[{“value”:”
An estimated 12% of drivers in the U.S. lack auto insurance, and in some states, the number is even higher. For example, 29.4% of Mississippi drivers are without coverage. While driving uninsured is a dangerous financial practice, it’s easy to understand why so many drivers cross their fingers and hope for the best. Auto insurance is expensive, with rates increasing dramatically since the onset of the pandemic in 2020. Still, there are deals to be had — as long as you know where to look.
Take full advantage of auto discounts
The goal is to find the cheapest auto insurance with the highest level of coverage. However, prices can vary dramatically. For example, you could ask three companies about a specific discount and find out that each offers a very different percentage off. As you shop for auto insurance, it pays to keep a list of which discounts you qualify for and how big a break each company gives.
Once you know which discounts a particular insurer offers, make sure the company knows that you qualify. If you have a teen driver in the family or a driver with a speeding ticket, it’s especially important to snag every discount available to your household.
You have other options
Discounts may be one of the easiest ways to lower your premiums, but they’re not the only way. Here are other options to remember:
Check out rates before purchasing your next vehicle
Some vehicles are simply more (or less) expensive to insure than others. Sometimes it’s due to safety ratings, although that’s not always the case. For example, the Honda Accord is one of the most stolen vehicles in the U.S., making it more expensive to insure than rarely stolen cars. Before you buy your next vehicle, shop around to learn how much it will cost to insure it.
Look into usage-based insurance
With usage-based coverage, an insurance company monitors your driving habits to determine how much you drive and how safely you drive. If you’re a safe driver who isn’t on the road much, you could save up to 40%.
Shop around
Loyalty is a good thing, but you’re not married to your insurance company. At least once a year, take a look at different insurers to learn how much you could save by switching.
Bottom line
Few people would describe shopping for auto insurance as “fun,” but it’s an important way to protect yourself financially. The main thing to keep in mind is that good deals do exist if you’re willing to dig for them.
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