How Experienced Drivers can Save on Auto Insurance

Life experience is something that pays off in different ways. It is a long journey during which you are facing a number of problems and looking for solutions. No matter what you’re dealing with, you must begin as a complete novice and become an expert gradually. The same holds true for driving skills.

The longer you are behind the wheel, the more driving experience you gain. That experience comes in handy when it comes to auto insurance, as cost go down over time. Provided, of course, maintain a good driving record all the while.

Tips to Cut Auto Insurance Costs

Get Multiple Quotes

Before doing anything else, try to get quotes from various insurance companies. Do it once a year. That will help you get the best deal.

Why get ripped off over and over again by the same carrier? Do not purchase car insurance without online comparison shopping. There are many online tools that allow you to compare auto insurance rates and get multiple quotes in a matter of minutes. You can do it for several hypothetical drivers.

Once you start shopping around, you’ll be surprised at how much car insurance rates vary. For an identical insurance policy and the same level of coverage, the quotes can range from $500 up to $1,500 a month. Shopping around makes a big difference.

Consider Using An Insurance Broker

It is always a good idea to work with an insurance broker. As an insurance expert, a broker can assist you in finding the most affordable insurance rates.

Brokers can provide expert advice, make sure a certain coverage meets all the insurance requirements, help you compare multiple quotes, and much more. They can also advocate on your behalf with an insurance company.

Combine Multiple Policies

Do you have several separate insurance policies? If so, consider combining them with a single insurance carrier. Why? First, this can make your finances simpler. It’s much easier to work with one insurance company than dealing with multiple carriers at a time. Second, you can get a multiple policy discount. It’s a good opportunity for experienced drivers to qualify for discounts and benefits.

Claim Your Discounts

Insurance companies offer a variety of discounts all year round in an effort to gain the attention of potential customers. Take advantage of as many of these discounts as you qualify for.

Here are the most popular car insurance discounts that can save you money:

  • Multipolicy Discount
  • Multicar Discount
  • Safe Driver Discount
  • Safe Vehicle Discount
  • Good Student Discount
  • Accident-Free Discount
  • Federal Employee Discount
  • Military Discount
  • New Vehicle Discount
  • Homeowner Discount
  • 25 and Older Discount
  • Retiree Discount

By getting some of these amazing discounts, you can save up to 50 percent on car insurance. Get in touch with your agent or insurance carrier - or your broker - to review all the possible savings and see if there’s any additional discount you are entitled to.

Raise Your Deductible

Use coverage to your advantage by adjusting the deductible. For instance, you’ll be able to save money on comprehensive and collision by increasing your deductible. This amount is not covered by insurance companies when they’re paying for repairs.

Let’s say you have a $200 deductible and the repair bill is $1000. The insurer will have to pay out $800. Why set it at $200 if you’re capable of handling an $800 loss though? You are just purchasing auto insurance you do not need.

Ask yourself the question: How much can I save by increasing my deductible? It’s estimated that you can save around $200 (or nearly 10%) a year by increasing your deductible from $500 to $1,000. This may vary widely, so always consult your carrier first.

Consider Investing in Driver Training

Auto insurance is more costly for young and new drivers with little or no driving experience. That is why it’s worth investing in driving training.

First-time drivers can qualify for extra car insurance savings. But it’s not only about saving money. Upon completing a traffic school course, drivers will establish good driving habits, keeping them safer out on the roads. Driver training, especially defensive driving courses, can also help experienced drivers save money by qualifying them for certain insurance discounts.

Choose Drivers and Cars Wisely

Think twice before adding someone to your policy as an occasional driver. That can dramatically affect your premiums. Including high-risk, new, or inexperienced drivers on your policy is going to raise your rates.

Buying a new car? Be sure to choose one that is not expensive to insure. Vehicles that come at lower price points – like small SUVs and minivans – are inexpensive to insure compared to flashy and pricey cars. Different models have different insurance rates. Take the time to check all the rates available for the model you intend to buy. It’s worth the time and effort.

Final Thoughts

Whether for auto, life, or health, insurance can protect you against unacceptable losses you cannot compensate for financially. It’s a necessary evil you can’t avoid, so it makes sense to take advantage of ways to save on it.

Insurance companies regard the age of the policy holder as one of the most significant factors when setting a premium and determining how much to charge them. This factor can help you get some notable discounts. Generally speaking, you will pay lower rates than your younger counterparts.

Bear in mind that experience is not always an advantageous factor to insurers. This is especially true for seniors. It will start costing you, as your rates will start climbing when you reach 65. That will make you fall into a risky class, as is the case with teenagers.

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