1. Driving less lets you save more
Driving less than 7,500 in the course of the year makes you eligible for a low-mileage discount with your insurance carrier. You can save even more money with discounts if using public transportation on a regular basis during the weekdays.
2. Use your auto only for personal purposes
Most insurance carriers will increase your premium or add additional coverage (and price, respectively) for driving more due to business purposes. But if there’s no way to avoid the business use of your auto, you should inform your agent or broker about it, to make sure your vehicle is properly covered in all cases.
3. Raise the deductible
Deductibles and insurance rates are inversely related – the higher is your deductible, the lower is your annual rate. And by raising your deductible from $250 to $500 you will be able to save up to 15% on your rates. On the flip side, you will have to pay more from your pocket if an accident takes place.
4. Monitor your credit rating
Your credit rating is one of the key factors influencing the premium you will have to pay, as insurance companies use it to determine how risky you are as customer. The better your credit score, and the cleaner your record is of due credits and unpaid bills, the “safer” you are considered and the lower your rates will be. Continue reading →