Money is always tight, especially during the holiday season. The last thing you want is to spend any more than you have to on your car insurance. Aside from the obvious thing—maintaining a clean driving record—is there anything else you can do to lower your car insurance bill without skimping on coverage?
Yes, there is! Here are five things you can do to make sure your car insurance bill is the lowest it can be:
1. Keep your credit record spotless. Why does your insurance company care about your credit rating? Because according the Insurance Information Institute (III), research shows that people who effectively manage their credit have fewer claims—something insurance companies love!
If your credit rating could use some improvement, make it better by paying all your bills on time, and reducing the overall amount you owe. (Click here for more tips on improving your credit score.)
2. Choose your vehicle wisely. If you’re in the market for a new car—or even just one that’s new to you—check with your insurance agent before you sign on the dotted line. Some of our clients have been unpleasantly surprised at how much insurance for their new ride cost them. Car insurance premiums are calculated by using a number of factors, including how safe a vehicle is, how much it costs to repair it, and how likely it is to be stolen.
3. Ask about discounts. Be sure to ask your Lakewood Financial agent about all applicable discounts. In addition to discounts for safety features like anti-lock brakes and air bags, some companies offer discounts if you’ve taken a defensive driving course, if you drive a lower number of miles than average per year, or if your teen driver is a good student or has taken a driver’s education course. Every little bit helps.
4. Consider raising your deductibles. If you have a claim, your deductible is what you pay before your insurance policy does. Raising your deductibles can reduce the cost of your comprehensive and collision coverage, but you’ll want to be sure you have enough money saved to pay that higher deductible if you have a claim.
5. Shop around. This is where an independent agency like Lakewood Financial really shines. We represent more than 40 car insurance companies, we’ve served the Bradenton, Lakewood Ranch, and Sarasota communities for 14 years, and we’re committed to finding the best deal for your situation. Give us a call at (941) 747-4600, or email us for a free, no obligation quote.
P.S. Click here for even more tips on lowering your car insurance bills.