If you own a car, having insurance is a necessary expense. In a time when most of the world is looking for ways to save money, it may seem like there is no room to budge on your car policy. In fact, there are several ways that you can reduce your monthly premiums and still get the coverage that you need to protect yourself and your family.
During such uncertain financial times like the past year, every family is looking for ways to cut their budgets. Cutting back on your essential expenses is a great place to start. Talking to your broker is the first step to finding ways to lower your car insurance premium.
Finding Florida auto insurance that fits your budget can be a challenge that requires patience and research. Let’s take a look at a few ways that you can lower your car insurance rates and still get the protection that you need.
Higher Deductible
Whenever you make a claim on your policy, you must pay a deductible amount. The most common deductible is approximately $500, a reasonable amount that is designed to lighten the burden to the policy owner when repairs are needed. Although this deductible amount is comfortable for most budgets, it also means that your premiums remain higher.
To bring your premiums lower, you can opt to increase your deductible to $1,000 or more. This can help you manage your monthly payments easier but, it becomes essential to have your higher deductible amount saved in case you need it.
Bundle Your Policies
If you have more than one type of insurance including a home or motorcycle policy, you can save some money by bundling all your policies together Your insurance broker may be able to give you a discount on your premiums if you choose to take out all of your policies in one place.
Reduce Your Coverage
On vehicles that are leased, you are mandated to have top coverage but, for older vehicles that you own, you may have some room to move in your policy. You can choose to reduce your coverage on older cars by removing higher ticket items like comprehensive coverage.
Shop Around
If you are tired of your insurance rates going up every year, it might be time to shop around for another carrier. Not all insurance companies are created equally, so you may have better luck going with a new broker. Take your time when shopping for new car insurance, and do your research. Get at least three formal quotes from different companies that are offering the same benefits and coverage before you make your decision.
Ask About Discounts
Most insurance companies offer various discounts but they don’t go out of their way to advertise where there may be hidden savings. It’s up to the policyholder to seek out what discounts they may qualify for. Here are just a few common discounts that you can ask your broker about:
- Senior discount
- Military discount
- Safe driver discount
- Driver training discount
- Claims-free discount
- Multi-vehicle discount
- Green vehicle discount
You can’t own and drive a car without having insurance, but there is no reason that you can’t get a break on your premiums by taking advantage of some of these smart car insurance tips.
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