Car insurance is one of those things that everyone has to have but no one likes to really talk about. However, if you did talk about it more, you may come to find out that there are some simple yet effective ways that you could be saving money on your car insurance that you didn’t even realize. This savings could equate to quite a bit of money over the course of a year, and who couldn’t handle having a bit more money to play with? To help you find some savings with your own car insurance, here are three financial tips for saving on car insurance.
Check Rates From Various Carriers
When you first got your car insurance, you likely shopped around to find the best coverage at the lowest price. Depending on how long ago that was, you may have had your driving situation changed in a way that could give you lower rates with a carrier different than your current carrier. However, you’ll never know unless you ask. For this reason, Jon Linkov, a contributor to Consumer Reports, recommends doing an annual rate check to see if you could get a lower rate by switching insurance providers. While this might mean going through some work on your end each year, this could amount to some major savings for you on a year-to-year basis.
Group Insurance Policies Together
Like was mentioned above, you may have got your insurance a while ago. Since then, if you’ve added any other type of insurance into your life through a different insurance carrier, it may be worth your while to see if you could save some money by grouping your insurance policies together. Chris Morris, a contributor to Bankrate.com, shares that many insurance companies will let you stack discounts if you choose to have multiple lines of insurance through them. Not only could this save you money, but it could also simplify your life by only having one insurance carrier for all your insurance needs.
Only Get The Insurance You Need
If you look at the details of your car insurance, you’re likely paying for quite a few types of things. Some covers the people in your car, some covers your actual vehicle, and some covers others if you happen to get in a car accident. But if you haven’t looked at your policy in a while, you might actually be paying for things you no longer need or no longer need the amount that you’re currently paying for. Barbara Marquand, a contributor to NerdWallet.com, suggests looking at your current policy and dropping certain coverages that are no longer applicable, like collision and comprehensive insurance. While this won’t work for everyone, if you can go without it, you could save yourself some money on your premiums.
If you’re interested in saving money on your car insurance, use the tips mentioned above to do just that.