Summary
Bundling coverage, using your broker to make informed purchases, telematics, and protectors all rank among the best ways to get a cheaper auto insurance premium.
It’s no secret that car insurance prices are soaring. The increasing cost of new vehicles combined with the record spike in auto theft has led to a perfect storm for heightening premiums. But don’t give up hope just yet – there are still ways in 2024 to save money on your auto insurance! Here are a few of them that the Insurance Store experts suggest:
1. Bundle your auto insurance with your home insurance.
One of the simplest and most effective ways to reduce your insurance premium is to bundle multiple policies. Many insurers offer discounts when you combine your home and auto insurance under the same provider.
Not only does bundling streamline your coverage and make managing your insurance easier, but it can also save you hundreds of dollars annually. If you’re not bundling yet, reach out to your broker to explore the savings available through this option.
2. Get a quote while you’re still shopping.
Shopping for a new car? Make sure you call your broker before you sign on the dotted line. The year, make and model can make a big difference on the premium. For example, in some markets, small SUVs can be up to 17% cheaper to insure than standard-sized SUVs, but this can vary by brand, price point and historical data.
Call your broker with your top 3-5 new vehicle models and they can get you’re a rough idea of the difference in cost, helping you make a more informed decision about your next car purchase.
3. Consider using telematics.
In recent years, telematics has become a popular tool for drivers looking to save on their car insurance. Most major insurers have telematics options that can generate discounts for good driving habits. This can be as simple as just an app on your phone, or a small device installed into your vehicle.
Safe drivers can earn significant discounts based on their driving behavior, such as smooth acceleration, consistent speed, and safe braking. Not only does telematics reward you for good driving, but it also helps create safer roads for everyone. If you’re confident in your driving skills, ask your broker about enrolling in a telematics program to potentially reduce your premiums.
4. Contact your broker to ask about protectors.
Traffic tickets and at-fault accidents can have a long-lasting impact on your insurance rates. Minor tickets can have an impact your premium for up to 3 years and at fault accidents can affect the premium for up to 10 years. Review options for minor conviction protector and at fault accident protectors with your broker to determine what is available with your insurance carrier to keep your record safe and your premium low.
Bonus Tip: Review Your Policy Regularly
Your life circumstances and driving habits can change over time, and so can your insurance needs. Make it a habit to review your auto insurance policy annually with your broker to ensure you’re getting the best deal. By staying proactive, you can adjust your coverage to fit your current situation and avoid paying more than necessary.
