Uncovering Auto Insurance Discounts You Didnt Know You Qualified For
Auto insurance costs can be daunting, and rising prices only make it tangier to pay for coverage. However, many savvy shoppers are surprised to learn there are hidden discounts available to them that they have not yet tapped into. Knowing about these discounts can take the sting out of the bill and be a pleasant surprise on top of an already sound financial decision.
Did you know that many insurance carriers offer reduced rates for policy upgrades? Many drivers don’t realize that increasing coverages like medical, bodily injury or property damage liability, may end up qualifying them for discounts without their even knowing. Furthermore, if you also opt for rental car reimbursement coverage, you may be eligible for a price break.
Auto insurance discounts can even apply to those that have recently celebrated a major milestone, such as getting married. Many insurers will automatically reassess your policy and your premium when they learn of changes in your lifestyle, providing added bonus.
In addition, there may be roads less traveled toward discounts that you did not consider. Have you ever checked for memberships and affiliations discounts? A number of auto insurance carriers will even offer discounts for members of automotive clubs, such as the American Automobile Association and Motor Club of America. That is to say, it pays to take a look at any membership-based organizations you may belong to and see what sort of discounts they may offer.
Of course, there are other moves you can make to help keep your rates low, such as reducing the number of miles you drive each year and taking defensive driving courses. Many insurance carriers will offer discounted rates for those that have completed at least six hours of driver safety training. Even if you have not been pulled over recently, signing-up for a defensive driving course could end up being a very savvy decision.
You should also consider shopping around for your policy. Insurance carriers compete for the best drivers, so you may be able to find a much lower rate by looking around and getting quotes from different companies. You may find that a different carrier provides you with a greater discount than what you are currently receiving.
Keep in mind your overall financial strategy when selecting an auto insurance policy. Take note of any extra costs that may be added on, such as an extra charge for towing services, and steer clear of any added expenses. It could be wise to ask to have all of these extra costs waived so as to not compromise your wallet.
Who said auto insurance discounts pale in comparison? Once you start doing your due diligence, it might be surprising what discounts become available to you. You could be buying coverage for less than you had anticipated, and who doesn’t appreciate the sound of that?
One other area you could look into are group discounts. Group discounts are available to many associations, including those belonging to the military, veteran, and teacher associations. Check to see if any associations you may be part of offer any such discounts and you could find you qualify for one.
Next, you may want to look into loyalty discounts. If youve been with one particular insurer for a while, you may be eligible for a loyalty discount. Of course, that doesn’t mean you should accept that you cant get a better rate, as it pays to shop around for the best deal.
When it comes to determining what type of coverage you should have, there are several items to factor in. Consider the age of your vehicle and whether or not it would be feasible to cover the cost of any repairs out of pocket. If needed, speaking with an insurance expert might be a great way to ensure you purchase a policy that is tailored to your personal financial situation.
Lastly, there are also discounts to consider if you are a student or young adult. Many insurers offer discounted rates for drivers between the ages of 18 and 25 who make good grades in school. As this age group presents the highest risk to insurers, such discounts could save young drivers some cash. So, if you or any other young drivers in your family fit this criteria, consider taking advantage of these discounts.
Checking credit records is one final area of discounts that should not be overlooked. Many insurers offer discounts to policy-holders that have a higher credit score. Properly maintained financial records can mean lower premiums, but if you find you have bad credit, don’t give up; some carriers are willing to work with those in this situation, as long as it won’t put them at greater risk.
In addition to the above, there are plenty of other ways to save on car insurance. Multi-line policies can often bring your premiums down. If your car is a number of years old, purchasing minimum coverage may be sufficient and can almost guarantee a lower rate. If you lack significant assets, you may elect to forego collision and comprehensive coverages and rely solely on liability coverage.
Finally, if you are a safe driver with little to no recent moving violations, you may find that many carriers will provide you with a discount. Most insurers want to encourage safe driving and will not hesitate to reward good drivers. So, while you may not have thought of it at first, being a cautious driver means more than just avoiding tickets it could also help lower your monthly premiums.
And, it is one more evidence that good behavior pays off not only on the road, but in your wallet as well. Stressing positive driving practices with your family, friends and coworkers could help spread the message. In addition to keeping us safe overall, it can often save us money each month. So, be sure to explore the full range of discounts that are available and make sure that you get the coverage you need at the best possible rate.