It’s that time of year when we reflect on the year’s expenditures and analyze just where we’re able to “trim off the fat” for the new year. It’s amazing how saving a little here and there, can make such a difference in the long term. If you are seeking where to save, a good place to start is to have a look at your car insurance policies!
If you are unaware of the numerous auto insurance discounts there are in the marketplace, it is very likely that you are paying too much on your car insurance. There at least 5 driver discounts you should ask your agent or carrier about when shopping for car insurance. Please note: Some discounts may not be available in all states and from all insurance carriers, however; inquiring never hurts. What’s the worse that could happen? The discount doesn’t apply to your situation. Best case scenario-if the discounts apply, they may significantly reduce your automobile insurance premium!
Here are the main driver discounts to inquire about:
- Accident-Free Discount
Many insurance carriers offer discounts for “good drivers” who remain accident free for a period of 3 to 5 years. These are sometimes called “good driver” discounts. Savings on your auto insurance can be upwards of 10 percent, which can be significant this time of year.
- Auto Safety Features Discount
If your vehicle is equipped with auto safety features such as antilock brakes or daytime running lights or even an alarm system; double check with your carrier for a discount. Most insurers recognize that owners with cars containing safety features may have fewer accidents and reduced injuries therefore, they will give a small discount on the insurance premium.
- Defensive Driving Discount
Defensive driving courses are one of the main ways to save on auto insurance. Courses can cost as little as $20 and last as few as 5 or 6 hours, and the discount normally applies for 3 years. Defensive driving discount can save you up to 10 percent on most of the major coverages under your auto policy: ie. such as liability, collision, and medical payments. This small investment in the course will make a significant difference.
- Good Student Discount
Because statistics show that good students tend to be more reliable and mature than students with marginal grades, they also have a tendency to make better drivers. Please note: This is a generalized statement. Many states allow between 5 to 10 percent off your insurance premium if your student driver makes good grades, typically an overall “A” or “B” average in high school or college. A report card or college transcript is all that is needed for proof. If your child has to pay his or her own automobile insurance, this can be another motivator for him or her to make good grades.
- Home/Car Bundling Discount
Many insurers offer discounts of 10 percent or more if they provide both your homeowners and personal automobile insurance. This can lower your costs on both policies! If you have multiple policies, bundle them together to save on your insurance.
We hope this information was helpful in getting started on saving! Feel free to ask your agent or carrier if you have any questions. We’re here to help.