Saving Money on Auto Insurance - 10 Must Know Facts

Auto insurance is essential to car ownership; good coverage can be tricky. If you're looking for affordable auto insurance, make sure you know the 10 key facts that can help you get the protection you need at a price you can afford.

 

Comparison shop for the best rate

Shopping around is key to finding the best deal on auto insurance. To get the most bang for your buck, compare rates from multiple companies and look for discounts such as good student or safe driver discounts. Remember, don't factor in deductibles, coverage levels, and customer service when comparing policies.

 

Check your credit score and maintain a good rating

Your credit score is part of the equation insurance companies use to set your rate, so it's essential to make sure yours is up-to-date. Check with the three major credit reporting agencies: Equifax, Experian, and TransUnion. You can save on auto insurance premium payments if you maintain an excellent rating.

 

Bundle your home and auto policies to save money.

Insurance rates usually are cheaper when you purchase home and auto policies from the same company. Sometimes, you may get a discounted rate of up to 15% off your premium when you bundle your policies. Check with different insurers to shop around and see who offers the most savings for bundling coverage.

 

Consider the age and make of your car when shopping for coverage.

The age and model of your car will affect the cost of your auto insurance. Newer cars tend to have higher premiums due to their repair costs, while older cars can be less expensive. A lower-price model of the same make will generally cost less to insure than a more expensive version. Additionally, vehicles more prone to theft may increase premium costs.

 

Stay informed about minimum requirements in your state, as well as any discounts you may qualify for

Different states have different insurance regulations, so knowing the minimum requirements for auto insurance in your area is essential. Also, be sure to find out if you qualify for any discounts that may be available, such as good student or safe driver discounts. Comparing quotes from multiple companies can also help you save money by ensuring you get the best rate on coverage.