Ways to get the cheapest car insurance rates possible

Published Thursday, Apr. 28, 2022, 11:28 am

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Cars are a necessity, and with this necessity comes mandatory and necessary insurance. Car insurance is an expensive affair, costing upwards of thousands of dollars, plus the annual premium. But you can’t skip them too. It’s like having a very powerful uncle who can get you out of trouble when needed, but you need to bear his unfunny jokes and advice. While insurance does cost a pretty penny, there are ways to get the cheapest car insurance rates possible. How? Let’s look at some helpful tips.

It takes a little bit of planning and patience, which many people tend to skip. But if you are looking to save some money, follow these tips and we are confident you will be a happy, insured car owner, paying a lot less in premiums than others who chose to skip it.

We’ll look at ways to get cheaper car insurance rates in two different sections. The first set of practices will be used before buying insurance and the second set will be used after you have bought one. Let’s get started.

Before buying insurance

Follow these tips when you are about to buy the insurance. This will help you save the most on the upfront cost of the insurance.

Get a cheaper policy

The most effective way of saving money while buying insurance is the simplest and most logical one; compare different policy prices and choose the one that has the most value for money. Don’t buy a policy in a hurry. There is always a cheaper policy than what your dealership or agent can offer. Do your research and save your hard-earned dollars,

Increase deductibles

A deductible is a cost that you need to pay while making an insurance claim. It is usually some percentage of the total cost of repair of the vehicle. So for example, if you make a claim for repairs and the cost is around $800, and the deductible is $200, then the insurance company will pay $600.

The more the deductible (you agree to pay more in case of a claim), the lesser will be the premium the company takes from you each year. So if you are confident in your driving skills, increase the deductible and save on premium.

Get the right car

Before you buy the insurance, know that different types of cars have different coverage rates. So before you buy a car, make sure what the purpose of the car would be. If it is a daily commute car, then choose the car that also comes with cheaper coverage. An expensive foreign or a large SUV will have higher coverage than a small commuting vehicle.

Get a defensive driving license

Getting a defensive driving course can reduce the premium and the cost of the insurance only if the insurance company has the option for it. So check the insurance company that you want to get your insurance from and if they have discount packages for such courses, then go for it!

Save with features

Many insurance companies offer great discounts when your car either comes with great security features that are meant to minimize the damage in case of an accident, or you install safety features such as an anti-theft system, anti-lock brakes, etc. Other than these features, companies also offer students discounts or even pay the entire premium upfront.

Have a good credit score

Not many people know this but a good credit score can help you in saving a lot in insurance. Many insurance companies will offer you great discounts if you have a great credit score.

These were all the practices to maximize your savings before you buy any insurance. But the savings don’t stop there. Here are all the practices to follow after you have bought the insurance to keep your costs low and savings high.

After buying insurance

Drive carefully and improve driving records

No insurance company wants to jeopardize their money, and that is why they charge a lot of premiums and costs to people who don’t drive carefully. Having a great driving record with rare to no records of accidents and other damages will reduce the cost of your insurance. So even if you have gotten the insurance for a low price, drive carefully and you’ll continue to save more.

Get no claims bonus to reduce premium

This is one of the best and most common ways to save money on premiums is a no-claims bonus, which is partially related to the first tip. When you drive carefully and don’t make any claims for the entire year (and subsequent years), you get a no-claim bonus which reduces the premium amount. This is the insurance company’s way of saying that you showed that you drive well and hence we can trust you. This is a win-win situation as you save money and your car stays safe.

Keep looking for other insurance

Now, this is a tip that might sound a little unorthodox but trust us, you can save a lot of money with this tip. So you’ve got a great insurance plan and everything is going well. But what if there is another insurance plan that costs less than your current one and it has better coverage? It is better to make a switch and choose the one that suits you best.

So these were the best tips and practices that will help you save a lot of money while buying insurance. Saving a few hundred dollars in both the upfront cost and premium compounds a lot of savings. So make sure you make a smart purchase, not an expensive one.

Story by William Woodard