Ten Super Easy Ways to Cut Your Car Insurance Bill

1. Increase your Collision Deductible. The Collision policy covers your vehicle in the event of a collision with another vehicle. A Collision Deductible of $250 could save you between 20-30 percent on your collision premiums. Raising it to $500 could help you save as much as 20%-30%. Ask about price breaks, as sometimes the savings may not be worth the extra risk. If you have an accident, you might save $10 if your deductible is $500.

2. Combine your car insurance with two or more policies. Multi-policy discounts are the most popular discount almost all direct car insurers offer. Many companies offer multi-policy discounts. This means that you can get auto insurance with a Homeowners and Renters policy. The discount will vary from 5 to 25% depending on which insurance company you choose.

3. Insure more than one vehicle. Multi-vehicle discounts are often available for multiple vehicles that you have insured under the same policy. Multi-vehicle discounts are often offered by many insurance companies to help you save 10-20% on your car insurance rates.

4. Consider removing your physical damage coverage if your car is older than 10 years. Your Collision and Comp coverage will cover physical damage. You may pay more for your insurance premiums depending on how valuable the car is. Find out the value of your car and then compare it with what you are paying for your Comprehensive (comp), or Collision coverages.

5. Call your agent to inquire about any discounts that might be available.

6. Ask your company to stop charging for tickets or accidents that have “fallen off” your insurance records. Most insurance companies will charge you for tickets or accidents for three years to five years, depending on how severe the incident was.

7. Compare your policy with three other carriers to get an apples-to-apples quote. Ask your company to honor the quote. It would surprise you to see what an agent or company will do if they fear losing a customer. While this is less common these days, it’s still true in certain cases. Remember that the more policies you have for an agent or company, the greater your leverage.

8. This is a more complex strategy, but you might be able to adjust the medical payment coverage to reduce your out-of-pocket maximum and deductible. You should be cautious before you decide to reduce your medical payments coverage. You will still be covered for your family members if you have this coverage.

9. Get rid of the Towing Coverage. This coverage can be purchased from many companies for anywhere between $5 and $10 per 6 months. How many times have your car been tow in the past 10 years? Towing costs in most areas range from $60 to $100. If you don’t have this coverage, you can save quite a bit.

10. Do not just put your insurance policy into a drawer and forget it for five years. To ensure your needs are being met, make sure you have an annual insurance checkup. To make sure that you make the right decisions when changing your insurance coverage, consult a professional.