4 Ways to Reduce Your Car Insurance Premiums

Photo by Grahame Jenkins on Unsplash

Don’t pay a fortune!

Most drivers spend $100 a month on car insurance premiums for each car they own. That’s not a considerable amount. But if you’re on a budget, or want to spend your money elsewhere, being able to save on car insurance adds up quickly.

Increase Deductibles

The deductible is the amount you have to pay upfront before your insurance kicks in. If you’re confident in your driving skills and live in a safe community, increasing your deductible may be beneficial. Before you increase the deductible, be sure you can pay the amount you increase it to if anything were to happen to your car.

Improve Your Credit Rating

Here’s another reason to improve your credit rating. Drivers with lower credit ratings pay more for car insurance because insurance companies view them as riskier.

Install an Anti-Theft System

Installing an anti-theft system could save you 25% on car insurance. The caveat: it has to be a specific device and brand. So, before you install an anti-theft system in your vehicle, ask your insurance agent which devices provide the most savings and what those savings would be. From there, you can budget to have those devices installed. 

Use a Pay-As-You-Go Option

If you drive less than 10,000 miles a year, pay-as-you-go insurance will be cheaper. On this plan, your insurer will install a device on your vehicle that tracks your driving and mileage and helps them determine what your premiums will be based on those stats.

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