The auto insurance market is still highly competitive and that’s good news for drivers. The economic downturn which affected large and small businesses worldwide may have reduced the number of auto insurers competing for your custom but there are still more than enough to ensure you can get a good quote for a feature-rich policy.
That being said, there are still things you can do, as a driver and car owner, which can dramatically influence and lower your auto insurance quotes. Some of these may seem obvious and nearly all are common sense but you’d be surprised how many drivers still overlook the simple things.
So let’s get on with lowering those auto insurance quotes…
Slash Your Quotes with Ease
Beginning with your vehicle itself:
1. Looking At That High-Powered Car?
If you are about to buy your high-powered dream car always search for insurance first. It may not be fun but it’s crucial. You may find no insurer will cover you and it’s better to learn this before you’ve spent a fortune on a car you can’t legally drive. Check before you buy.
2. Does Your Car Deserve That Insurance?
The age and value of a car are major factors when an insurance quote is calculated. But they are not the only factors and quite often drivers end up paying a high-cost premium due to where they live and the job they do. Is the car you’re driving truly worth that $1000 policy?
It doesn’t take a genius to work out paying $1000 a year for comprehensive cover on a car worth less than $2000 makes no sense. Do you really need comprehensive cover? If the insurance is almost as expensive as your vehicle you need to reassess the type of cover and add-ons you really require.
With so many insurers to choose from, you would be a fool not to take advantage of the benefits of free-market economy. Still unsure? Look at these reasons:
3. Look Before You Buy
Perusing the field is a must when your insurance renewal is due or if you’re a first- time vehicle owner. The easiest method by far is to use one of the many insurance comparison websites available to today. You add your details in once, modify the options, and let the website search hundreds or thousands of potential insurers.
The cheapest one may not always be the best one for you. Don’t just choose blindly. Make sure you take a closer look at each insurer you consider a possibility to see what exactly they do and don’t cover. If you need to add some options remember to take the additional cost into account when summing up premium costs.
Most insurers offer a discount to new customers. If your current insurer insists on upping your policy at renewal (or if it stays the same) you will undoubtedly find a cheaper quote if you search around.
4. Multiple Policies
If you have more than more vehicle in your household consider insuring them all through one insurance provider. You will receive big discounts for additional vehicles on one policy and this can make the additional insurance cheaper than any independent quotes offered by other insurers.
Most insurance companies don’t just cover cars. They will try to offer you house, pet, travel, and health insurance on top of your auto cover. Again, this can sometimes work out cheaper as your insurer is likely to offer you premium deals to take out multiple policies (plus it makes life easier if all your insurance requirements are with one insurer).
The same principal occurs if you already have house insurance. Check to see if your insurer also provides auto insurance. They may offer you a good deal. The same goes for your bank. Many banks provide auto insurance as well and you can use your value as a long-term customer to strike a deal. Banks can sometimes be more accommodating than specialized auto insurers and more flexible when it comes to discounts.
Don’t Just Accept the First Quote
Insurance companies make billions of dollars every year from customers who don’t search out better deals or modify their own value to an insurer. They find reasons to inflate premiums and renewals and people simply let this slide without trying to improve their situation or search for a more competitive quote.
Finding cheaper auto-insurance has never been easier. Study, compare, pit one insurer against another, or challenge your existing insurer to match or beat the cheapest deal you found.
You will save money every year if you keep insurers on their toes.