posted by on Jul 21
One of the things that many insurance brokers would fail to inform you is that there are actually a number of different ways on how you can actually save money by cutting back on your premium payments without having to lower the amount of your insurance coverage. Here are just some tips that you can do to cut back your current premium payments and save money.
Avail of Discounts
Car insurance companies offer a variety of discounts to their policy owners which would greatly help you lower your current premium rate and help you save money. For example, if your car comes with a number of safety features such as anti-lock brakes, anti-theft devices, airbags, and automatic seatbelts, you can request your insurance company to apply a safety discount on your premium payments. The types of discounts offered by insurance companies and their rates differ from one company to another so make sure to contact your insurance company to check which discounts would be applicable to your situation.
Raise Your Deductibles
Another way of lowering the amount of premiums you currently pay for your car insurance policy is to increase the amount of deductibles you are willing to pay to your car insurance company. Deductibles refer to the amount that you have to first pay your insurance company before you can file for a claim or request for a reimbursement. The higher you increase your deductibles, the higher the amount of discount that can be applied to your policy’s premium payments.
Combine Insurance Policies
Instead of getting a separate insurance policy for your home and your car, check with your insurance company if they offer combination insurance policies that would allow you to cover both your home and your car by making just one premium payment. Some car insurance companies also provide what they call a multi-vehicle insurance policy where you can cover all of the cars and other types of vehicles (i.e. motorcycles and boats) in one insurance policy.
Maintain a Good Credit Record
Your current credit score or standing can have an effect on the amount of premiums that you pay for your car insurance. Most car insurance companies use your current credit score and standing can help them determine your ability to make payments on your car insurance policies. The better your credit score is, the lower the rate of your premium payments will be on your car insurance policy.