How To Save Money on Car Insurance in 9 Ways 2024 (2024)
The simplest way to save on car insurance premiums is to compare quotes from multiple providers. You can also ask your current provider about discounts you might be eligible for, and bundle policies if possible. Raising your deductible is another good way to bring your premiums down, but you need to make sure you can pay higher out-of-pocket costs before doing so.
The type of vehicle you drive, your location, your age and your driving record all significantly impact the price you pay for car insurance. The coverage options and deductible you choose also play major roles in determining car insurance costs. In many states, your credit history can affect how much you pay for coverage as well.
Our cost estimates show that 35-year-old married drivers with good credit and clean driving records pay an average of $144 per month for car insurance. Paying around $100 per month for quality auto coverage is a good deal.
Bundle your insurance and/or stick with the same company
Many insurers will give you a discount if you purchase two or more types of insurance from them—such as homeowners and auto—or have more than one vehicle insured. Some companies offer a price break to longtime customers.
Bundle your insurance and/or stick with the same company
Many insurers will give you a discount if you purchase two or more types of insurance from them—such as homeowners and auto—or have more than one vehicle insured. Some companies offer a price break to longtime customers.
Car insurance premiums increased 20.6% in the 12 months ending February 2024, according to the March 2024 Consumer Price Index. The reasons are many — from lingering inflation and the rising cost of repairs to an uptick in severe weather and the number and severity of accidents.
When you're choosing a deductible, keep in mind that you may be more or less comfortable with higher out-of-pocket costs vs monthly costs. A high deductible will lower your overall insurance rate, however it will increase your out-of-pocket costs if you file a claim.
The cost of car insurance is affected by factors including your age, gender, location and marital status; the vehicle you drive; your annual mileage; your driving record; your claims history and even your credit score.
By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you 40 percent or more.
Yes, you can lower your car insurance deductible at any time by contacting your car insurance company and telling them what you would like your new deductible to be. Lowering your deductible will make your out-of-pocket costs cheaper if you need to file a claim, but it will also result in higher premiums.
Luxury vehicles are typically the most expensive cars to insure. We at the MarketWatch Guides Team will explain why luxury car insurance rates tend to be much higher than average and what factors affect those costs.
Generally, you'll pay less for your policy if you can pay in full. But if paying a large lump sum upfront would put you in a tight financial spot — say, leave you unable to pay your car insurance deductible — making car insurance monthly payments may be a better option for you.
You can increase the coverage limits but you will also increase the premium if you do. You can also ask your company for a quote on a STATED VALUE basis. This is not common, but if you drive a unique of classic car, it might be a good idea.
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