If you are over the age of 18 and living in US you most likely own a car. In fact according to recent statistics by Michael Sivak from the University of Michigan Transportation Research Institute, the average number of cars per household in America at the end of 2012 was 1.98 (http://greatergreaterwashington.org/)
While car insurance premium is not the biggest expense on your balance sheet, it is definitely there to stay. Why not try and save some money on this bill?
As experienced insurance professionals we wanted to give few ideas on what to look for when reviewing your insurance coverage so you can take advantage of every way possible to save on your premium.
- Don’t just let it renew – Whenever you get your renewal policy, take a few moments and review the coverages. Mistakes and typos happen! Even though your agent will do their due diligence and review the policy as well, always take a quick look. Make sure your vehicles are listed correctly, the coverages are as you requested them and pay special attention to discounts you are getting compared to last policy.
- Pay premium in full – If you can afford it, pay the premium in full. Often insurance companies will add on fees if you select monthly pay and these fees do add up.
- Take a driver safety course. Some carriers will lower your discount if you take a quick online course on driver safety. For example, in some state, including Florida, Metlife will lower your premium upon completion of the course.
- Consider removing collision / comprehensive coverage from older cars – if you drive. If your cars value is only $2,000 and you have $1000 deductible, ask yourself is it worth paying for the $1,000 worth of risk.
- Shop around (As an independent agent we can do this for you as we have multiple auto carriers) – It always pays off to shop around. Insurance companies’ rates can differ dramatically especially the way those rates increase for certain driver “risk groups”. One insurance carrier may use much higher rates for a teenage driver rather than another. Yet, it would be more expensive for a “standard” driver to be insured with that same carrier than anywhere else. A lot of insurance companies cater to certain groups of drivers. Ask your insurance agent which carriers give the best rates to drivers with your particular attributes and needs.
Are you ready to take advantage of these tips and start saving on your auto premium? We’ll be happy to review your policy and make sure you are getting all the discounts you can. Call us at 813-681-1832, or request a quote.