We all love the freedom and convenience that comes with owning a car, or in some case, using a vehicle as part of a job. However, there are certain responsibilities that come with owning and operating a vehicle. Whether you’re looking at personal or commercial vehicle insurance, you need to make sure that you have proper coverage in the event of an automobile accident.
Naturally, you want to get the best insurance coverage at the lowest price. You’ll be happy to hear that you have a lot of control over the situation. Still, you might not know all the tricks that could save you on car insurance. Here are a few helpful hacks to get you on track for savings.
1. Buy a Less Valuable Vehicle
You can definitely drive a luxury vehicle without paying major ducats for insurance, but you’re going to have to find a way to reduce the relative value. This can be accomplished by purchasing a used or certified preowned vehicle, just for example.
Car values depreciate over time, and insurance rates are based partially on the value of the vehicle you drive (ostensibly due to the cost of repair or replacement). If you want to slash your insurance rates significantly, skip the brand new Porsche and opt for an older model instead.
2. Add Security Features
Car insurance rates are based on risk. Therefore, the more security features you add, the lower your risk and associated insurance costs. You could earn lower rates with extra features like airbags and anti-theft devices.
3. Make Annual Payments
Did you know that opting for monthly payments could end up costing you more over time? Instead, put your monthly payments into savings in preparation for paying annually. You could end up saving hundreds of dollars each year on insurance coverage.
4. Shop Around
Leverage is a valuable asset when it comes to getting the price you want on the auto insurance policy you prefer. When you compare car insurance rates, you may be able to talk one vendor down by pointing out that competitors offer better options. Any carrier that wants your business should be willing to work with you.
5. Shop Around Again
Did you think purchasing your policy was the end of your consumer duty? If you want to continue receiving the best rates for coverage, it behooves you to keep an eye out for better coverage at lower rates.
This isn’t to say you have to give up your current policy for something better. However, you should definitely look at other policies at least annually so that you can continue negotiating with your current carrier to ensure the rates remain competitive.