Owning a car is expensive. You not only have to pay for the car itself, but you also have to pay for gasoline, car maintenance and repairs, and auto insurance. All those things can take a hefty tole on your budget.
While you can’t do anything about the cost of gasoline or car repairs, you can do something about your auto insurance policy. There are several ways to save money on it. They include:
- Reducing coverage. If you own your car, and it is several years old, you may want to consider eliminating your collision coverage. Collision coverage pays for any damage you cause to your own vehicle, such as accidentally rear-ending the brick wall that surrounds your property.
- Consolidating coverage. If your insurance policies – auto, home, life, et cetera – are issued by different insurance companies, you should consolidate those policies under one company. Many insurance companies offer multi-line discounts, which can cut up to ten percent off your total premium.
- Increasing deductibles. You can cut your premium substantially by raising your deductible, the amount of money you pay when you make a claim.
- Improving driving. Many insurance companies reward safe drivers with better insurance premiums. Driving less frequently also can result in lower premiums.
- Scheduling payments. Paying monthly on your auto insurance may seem like a good idea, but it usually involves extra fees. To cut costs, it’s best to pay your premium in fewer payments or to set up your own monthly bill pay.
How do you save money on your auto insurance policy? Let us know in the comments. If you have questions about your existing policy, call Flor and Associates Insurance Agency to discuss it.