Yes, everyone feels the same way. Car insurance is expensive and, sometimes, feels like a nuisance. Yet, you have to pay it because you never know the day it will be your saving grace. Paying for your car insurance is simply a necessary evil.

But what if I tell you that you may be paying too much and that there’re ways you can reduce the premium you pay on your car. Here, I’ll highlight some of the ways you can save on your car insurance.

Consider the insurance cost of the car you want to buy
Saving on your car insurance even starts before you purchase the car. Some cars are more expensive to maintain and more likely to be stolen than others. As a result, insurance firms generally consider some cars safer than others and thus, charge a lower premium on those safer cars. Before buying your next car, consider its safety ranking and what it will cost to insure. This way you start saving on your car insurance before you even buy it.

Compare multiple quotes
Just like when buying anything else, you compare prices from several vendors before settling with the one you’re comfortable with. When you want to insure your car, you should get quotes from several insurance companies and choose the one that suits you best. Just remember that cheaper doesn’t always mean better value for money. Be sure you consider the company’s business history, its default rate as well as its customers’ reviews.

Keep a clean driving record
Keeping a good driving record doesn’t only save you money from tickets and time cost, it saves you money on car insurance too. Insurance companies have access to your driving record: they know how frequently you get tickets or get involved in auto accidents. In addition, safe driving reduces the likelihood of road traffic accidents which can cost lives.

Adjust deductibles
If your deductibles — the amount you agree to contribute in the event of a claim — are much lower than you can comfortably afford, you’re unnecessarily paying for extra insurance that you don’t need. You can reduce your premium by increasing your deductibles. However, it shouldn’t be too high for comfort. You need to strike a balance and just keep it at the optimal level.

Pay yearly or half-yearly
Whenever you can, pay up front for a longer duration. When you pay a full year or half a year at once, you will end up paying less and saving money. So consider making your payment yearly or half-yearly. To cough up a full year's premium, at once, may not be easy though.

Have a good credit history
Research shows that those with good credit history make lower claims. So insurance companies use your credit history as a measure of your risk level and calculate your premium based on it. People with good credit history tend to get a lower premium. Be sure to set your credit history right if you want to reduce the premium you pay on your car.

Join group insurance
Group insurance can be an easy way to save on your car insurance. Some insurance companies offer discounts to members of certain groups that procure group insurance plan. If you’re a member of any group, check with them to know if such an arrangement is in place.

Check for the discount you qualify for and claim them
This is another great way to save money. Insurance companies offer different kinds of discounts, such as

  • Good student — teen students with good grades
  • Accident-free — not involved in any accidents within the specified period
  • New vehicle — vehicles less than five years old
  • Safe driving — not violating traffic rules
  • Low mileage — less frequent driving
  • Safe parking space — good parking lot
  • Multi-car — insuring multiple cars
  • Group membership — being a member of a group: the United States Chess Federation, for example.

You never know, you might qualify for many of them. Always check with your insurance agent to see the discounts that you qualify for and claim them.

In conclusion, car insurance may be expensive but it is very necessary. By following some or all the tips I provided here, you can reduce the amount you pay and save yourself some money. After all, we all like to save money whenever we can.

Author's Bio: 

Emmanuel Ifeanyi Ekwomadu is a medical doctor and a writer who’s got a great passion for helping people enjoy healthy lives. He's a passionate forex trader and has got a knack for spotting value in the investment world. He writes to enrich people with his compelling and educating articles on various topics.

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