Most people recognize that auto insurance is an essential and valuable means of protection. However, increased repair costs, medical expenses, theft claims, and injury lawsuits are all adding to the cost of auto insurance. We’ll do everything we can to keep your auto insurance affordable, and there are ways you can control it, as well. Here are a few suggestions for lowering your auto insurance costs:
- Raise your deductibles. One easy way to reduce insurance premiums is to increase your deductibles. Higher deductibles mean you assume more of the risk for small claims. It is important, therefore, to set deductibles at limits you can comfortably afford, since you will have to pay for them out-of-pocket if an accident occurs.
- Drive defensively. To keep costs down, keep your car in good working order, always drive with care, and remember to buckle up. Traffic violations and accidents can raise your premiums.
- Buy a low-profile car. Driving a low-profile vehicle can reward you with lower rates. It costs less to insure autos that have a smaller chance of being stolen and are less expensive to repair. A higher safety rating may also reduce your premiums.
- Reduce insurance on older cars. As your car ages, it may not be cost-effective to continue carrying the same amount of insurance as you did when it was new.
- Inquire about discounts. Many insurers offer policy discounts for a variety of reasons. For instance, some companies offer a multi-policy discount if they insure both your house and your car. Others may offer discounts for seniors, student drivers with good grades, or long-time customers.
- Update your policy, as necessary. Changing circumstances may make you eligible for lower rates. If you move, get married, or no longer insure a young driver, be sure to update your insurance.
As rising costs for auto repairs, medical expenses, theft claims, and injury lawsuits drive up insurance premiums, it may sometimes seem as though the cost of insuring your vehicle is out of your control. However, by following the above tips, you can keep your costs to a minimum and ensure a "smooth ride” with the proper insurance coverage. Be sure to contact your insurance professional for further information about your individual circumstances.