While you’re doing your taxes this month, you can be assessing your finances and looking for ways to save. Here are some tips that might save you money on your car insurance:
- Most insurance companies will offer a discount for multiple policies, so try to have all your insurance policies with one company.
- Consider a higher deductible. Remember, the deductible is the amount of money you might have to come up with if you have an accident.
- Pay your premium in one yearly payment instead of monthly. Companies will sometimes add installment fees for multiple payments. There will also be late fees if your payment is not received by the due date.
- You may be able to lower your car insurance premium by taking a defensive driving class.
- Talk to your agent or insurance company to make sure that you’re taking advantage of all available discounts. Do you commute to work by bus instead of using your car? Do you have students on your policy who are away at school and only drive a limited amount of time. Does your car have certain safety features? Any of these scenarios could mean a lower premium.
In addition, you may want to check with other companies to see what they charge. It never hurts to comparison shop.
A bad credit score can also increase your car insurance. Join me on February 20 for our call Could Your Credit be Costing You Money?