Auto Insurance Premiums Too High? Know How To Lower Your Payments

The cost of auto insurance is unavoidable since it required if you are to drive a vehicle. However, you do not have to pay the high premiums that many people associated with auto insurance. Here are some tips to get a cheaper rate on this form of insurance. 

Combine Multiple Policies

One discount that you are likely to receive is known as a multi-line discount. This is given to customers that more than one insurance product with the same provider.  Many people find it easy to combine auto insurance with either home or renters insurance. However, consider having both your vehicle and your spouse's vehicle insured by the same provider to maximize savings.  

Monitor Your Driving

Many insurance providers give you the opportunity to track your driving, which involves placing a small Bluetooth beacon in your vehicle that tracks your driving behavior. This beacon has an accelerometer in it that is able to identify how fast you accelerate, how hard you brake, and how sharp you turn your vehicle. It even relays time information to verify if you are driving at night. Having your driving monitors can not only make you a better driver but help save you hundreds of dollars per year on those auto insurance premiums. Good behavior while driving will also result in fewer moving violations, which prevents your insurance from going up in price. 

Eliminate Unnecessary Coverage

The coverage that you started with is likely not the same type of coverage you need several years later. Cars become older and decrease in value, and you suddenly may not find it worth it to have things like collision coverage to help repair cosmetic damage that you cause to your vehicle. 

Increase Your Deductible

Your deductible is how much you pay before the insurance starts paying for the remaining damages. For example, if you have a $500 deductible and $2,000 worth of damage, your maximum out of pocket cost is only $500 to repair your car. Requesting a higher deductible increases your financial risk, but lowers how much you pay per month. Your insurance company charges less because you'll be less likely to use your insurance for damage that is less than or equal to your deductible. 

Looking for additional ways to save money on insurance? Reach out to local auto insurance professionals for assistance. They can evaluate your policy and let you know which areas can be cut back to save you cash.