I asked this question to several agencies all over the US and here is what they told me:
You can lower the cost of auto insurance by raising the deductible on comprehensive and collision. Another strategy is to lower the coverage for public liability and property damage. That strategy is flawed because a collision could easily cost you tens of thousands of dollars if you are at fault. When your policy limits run out, you get to pay the rest. Then you will discover how truly costly that strategy is.
Adjusting your coverage can result in reduced premiums, of course. First, look to increade your deductibles for both Comprehensive and Collision. It makes sense on a newer car because the premium savings will be greater than on an older model. If you have an older model, check the book value of the car and see if the combination of the premium and the Deductible combined meet or exceed more than 10% of the car’s value. If so, it might make sense to consider removing collision coverage all together.
Another way is to talk to your insurance professional about bundling your car insurance with your Home and life insurance with the same company. Most companies offer major discounts for such things. Finally, ask to see if your company offers any “affinity” discounts for memberships in alumni associations, athletic organizations, professional organizations etc.
That is a great question! Absolutely you can. The best way is by being a safe driver, and not having claims or dings on your driving record. Then you can see about adding or combining policies – insurance companies love to have all of your business, and some will give great discounts for getting it. The other way, and I am always careful when I suggest this, is to raise your deductible. It won’t do you any good to save $10 a month if you can’t raise the deductible if you need it. Yes, you will save money, but if you are spending what you’ve saved, and can’t afford to get your car fixed, what did you really manage to do? Another option is to shop around, and see if there is someone who will beat what you are paying now. Good luck, and thanks for asking!
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