You can protect yourself financially by carrying auto liability, collision, or comprehensive insurance as a driver. However, consider that many factors that impact your car insurance premiums are within your control. Read on to learn more!
How Much Does Car Insurance Cost?
On average, car insurance costs about $1,200 annually or $100 per month. However, each driver pays a specific premium based on their location (state) factors. The price can also vary by the type of car you drive and your driving habits. The variations in costs mean that it’s possible to lower or increase your auto coverage premiums. Here are some strategies worth exploring.
1. Ensure Multiple Cars with the Same Insurer
Your insurer makes more money from you when you have multiple drivers or cars insured with them. In turn, the carrier might give you a multi-car coverage discount. Be sure to inquire about this discount before buying your policy.
2. Learn Defensive Driving
Completing an accredited defensive driving course makes you a better driver. As a result, you may qualify for lower premiums because your training helps you minimize your risk of causing auto accidents.
3. Compare Car Insurance Rates
Compare rates and coverages when purchasing a new policy or renewing an existing one. Your car insurance agency in New York can help you shop around for cost-effective coverage options.
4. Drive Less
The more miles you drive per week, the higher your insurance cost. Ask your insurer about the mileage threshold you need to satisfy to qualify for a discount. Whenever possible, use mass transport to commute to work every day, instead of using your car.
5. Increase Your Deductibles
Increasing your deductibles can reduce your annual premium. Therefore, this option is worth considering if the total savings are significant. However, keep in mind that higher deductibles reduce the amount of money your insurer may pay you for a covered event.
6. Keep Your Credit Score High
Most insurers will include your credit score among factors determining your insurance premiums. Therefore, keeping your high rating works in your favor when you seek to reduce the cost of your auto insurance policy.
7. Review Your Comprehensive or Collision Coverage
It doesn’t make sense to buy collision or comprehensive coverage at $500 per year for an old car whose value is only $1,000. Depending on the condition and age of your vehicle, it may be more economical to cover repairs out of pocket.
8. Save More Money with Insurance Discounts
Discounts can reduce your auto insurance costs significantly. However, they’re only worth it if they come with the coverage you need. Some carriers may offer a discount if you:
● Pay your entire premium once or twice per year
● Sign up for e-bills and digital paperwork
● Are a member of an organization that provides insurance discounts to drivers
9. Drop Unnecessary Coverage
Your personal experience over the past few years should tell whether you still need roadside assistance or car rental coverage. Then, review your policy every few years and drop any coverage that’s no longer needed.
10. Research Group Insurance Discounts
You may qualify for a preferential auto insurance rate if you belong to a certain group or association. Such groups may include:
● Companies or employers offering special plans
● Professional or business associations
● Student/alumni organizations
If you’re a member of any such organization, you may inquire about the insurance benefits available.
At Singh Agency, we can help you find affordable coverage based on your unique needs and budget. To compare some of the most competitive rates on the market today, call us today at (516) 605-1010. We are happy to help you personalize your car insurance policy.