- Go with a High Deductible Vehicle Insurance
If you save up and set aside some money to pay for a high deductible in the event of an accident, you will save money over the long term.
- Opt Out of Towing Coverage
If you get basic collision coverage, towing costs are already covered if you get in a wreck. If you have a spare tire in your car and you are good at making minor auto repairs, you probably won’t need towing for anything else– so don’t pay for it.
- Opt Out of Extra Car Rental Coverage
Some vehicle insurance packages have optional car rental insurance options that move you into zero deductible status while driving a rental. If you have a deductible on your normal insurance, why go to a zero deductible just because you are driving a rental?
- Don’t Pay Monthly
Most vehicle insurance companies will tack on an extra fee if you opt to pay by the month instead of every six months. Avoid the fee and go with six-month or annual payment plans to save money.
- If You Don’t Commute to Work, Let Your Insurance Company Know
If you don’t use your car to get to work, be sure to notify your vehicle insurance agent.
Many insurance companies will give you a discount if you only use your car for leisure purposes.
- Maintain a Good Driving Record
Slow down on the road. If you get caught speeding several times, your vehicle insurance company will begin to view you as a dangerous driver and will increase the price of your insurance.
- Ask About Discounts
Vehicle insurance companies give out all kinds of discounts, but it’s up to you to ask about them. If you work in medicine, education or engineering or if your car is equipped with the latest safety features, your insurance company may be willing to lower your insurance costs.
- Don’t Put Your Entire Family on your Insurance
If someone in your family needs to use your car, you can always call up your insurance company a few days in advance and update your policy. Just remember to call your insurance company back and tell them that you no longer need the extra coverage after your family member finishes using your car.
- Drive Less
The less mileage you rack up, the less you’ll have to pay when it comes time to renew your insurance. Find other ways to get around like bicycling, carpooling or using public transportation.
- Never Stop Shopping Around
Remember: you can switch your insurance coverage anytime you like. If you see a good deal, go for it. Before you switch, though, you should call up your insurance company and see if they are willing to match their competitor’s price. Most insurance companies are prepared to bargain a little bit in order to retain their customers.