No one wants to pay high premiums for car insurance, yet many people do. With a bit of time and effort, you can likely lower your monthly payment.
Here are three tips for decreasing that expense and making your income go a bit further.
1. Inquire about discounts
Most insurance companies provide discounts to drivers based on their driving record, policy selection and vehicle safety features. Additionally, some insurers lower premiums if you opt to go paperless, pay semiannually and enroll in autopay. Speak with your insurance provider to see what they can do to retain your business at a price that works for you.
2. Raise your deductible
In many cases, when you increase your insurance deductible you pay less for your monthly premium. However, be sure that you can afford to pay the deductible should you get into a car accident. Try to create a balance that works for you on a monthly basis but will also not break the bank in the event of a collision.
3. Shop around
If you cannot come to an agreement that works for you with your current insurance provider, you can always shop around to find a lower rate. Different companies simply charge different rates because of the way they factor in your driving record, credit history, age and education level. Obtain at least three quotes before deciding which policy meets your needs.
Car insurance is important to protect you financially if you get into a major motor vehicle accident. Remember to seek adequate coverage as you shop for a premium you can afford.