Did you know that the average driver spends just over $1,000 a year for auto insurance coverage?
Of course, your premiums depend on many different factors, from your city to your age to your driving record. Still, there are plenty of ways to reduce the amount you spend on car sr22 insurance ohio.
In this post, we’ll give you 10 tips to help you save money on your auto insurance while keeping everyone in your family safe on the road. Keep reading to learn more!
1. Know How Much Coverage You Need
There will be minimum insurance coverage requirements based on where you live. And while we all like to save money, remember that minimal coverage only provides minimal protection.
Make sure you have enough coverage, not only to satisfy the law, but also to protect your family and your assets. Do you have teenagers who just started driving? Do you commute to work on a windy mountain road? Is there a lot of crime or theft in your area?
You don’t want to pay for coverage you don’t need, but be sure you do have adequate coverage for your circumstances.
2. Do Some Comparison Shopping
How long have you been with your current auto insurance company? They might offer a nice loyalty discount, but it doesn’t hurt to shop around.
In fact, experts recommend doing a comparison check at least once a year. There are new companies popping up every year—locally, nationally, and online—and they’re all competing to get your business.
Set aside an hour or two to request online quotes or make a few phone calls about auto insurance. Ask about annual or monthly rates, different types of coverage, and payment policies. You might pleasantly surprised at the low quotes you receive!
With that said…
3. Research Insurance Companies
Just because an insurer offers you the lowest price doesn’t mean you should automatically take it. You can find the best auto insurance companies online by doing some homework and find out how reputable the company is.
- How long has the company been in business?
- Are they financially stable?
- Do they have a track record for fairness?
- How quickly do they handle insurance claims?
- Do they have positive reviews from past and current customers?
Use the Department of Insurance page for your state to make sure any company you’re considering has a good reputation.
4. Review Your Driving Record
If it’s been a while since you reviewed your or your family’s driving records, now’s a good time to see exactly what’s on there.
Do you have tickets or points that are getting ready to come off your record? Did someone get convicted of a DUI and they need to renew their FR44 insurance?
You can’t do anything to expedite blemishes on your record, but it might be worth waiting for something to disappear before you start shopping. On the flip side, if your driving record is squeaky clean, don’t be afraid to ask for safe driver discounts (as not every insurance agent will mention it).
5. Explore Available Discounts
Speaking of discounts, are you aware of all the options out there?
Different companies offer different discounts, but some of the most common ones include:
- Safe driver (clean driving record)
- Vehicle’s security system or safety equipment
- Student drivers with high GPAs
- Drivers belonging to certain professional affiliations
- Military discounts
- Retirement discounts
Even a change in your age or marital status can result in big savings on your auto insurance policy. Married drivers between the ages of 25 and 55 typically enjoy the lowest rates.
6. Improve Your Credit Score
Like other areas of your life, your credit score makes or breaks how much you’ll pay for insurance coverage. Poor credit could result in you paying hundreds (or even thousands) of dollars more on your annual insurance premiums.
If your credit is less than stellar, take steps to improve it. Pay your bills on time and make any loan repayments on schedule. Try to avoid maxing out your credit cards, and create a budget to whittle away at any debt you’re carrying.
7. Improve Your Car’s Security
If you’re driving an older vehicle that doesn’t have a security system, it might be worth installing one for the insurance discount. It’s a good idea anyway, especially if you live in an area prone to vandalism and car theft.
Parking off-street or in a garage could also lead to insurance savings. If your car doesn’t have certain safety features (such as rear airbags), get them installed or consider buying a newer car.
8. Increase Your Deductible
The higher your deductible, the less you’ll pay for insurance coverage. If you need to reduce your monthly expenses, this is one of the quickest and easiest steps to take.
Take this advice with a grain of salt though. If you do have the misfortune of an accident, you’ll need to fork out more money to meet that deductible before the insurance kicks in.
9. Consolidate Insurance Coverage Policies
If you’re using several different insurance companies, it’s worth asking about umbrella policies that cover all your needs.
For example, you might be able to save on your auto insurance, home insurance, and life insurance by lumping them together under one policy. You might even be able to include your boat or recreational vehicle for additional savings.
10. Consider Storage Insurance
Do you have a show car or a vehicle you only use for part of the year? Rather than paying for year-round coverage, ask about storage insurance for those months when it’s safely tucked away.
Keep in mind that storage coverage isn’t legal to drive on, so make sure to switch over before you take that vehicle on the road again.
Time to Shop for Insurance Coverage
Looking for insurance coverage is about as fun as getting a root canal.
But when you find that policy that saves you a lot of cash, your efforts will be worth it. With the money you’ll save, you and your family can hop in the (fully insured) car and do something fun together!
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