We are all fans of life hacks. These help us make life easier or make impossible things possible. Sometimes, they can help us save money. Some may think that there are no hacks to save money on car insurance since policies because they are designed so that insurers can make money off of every policyholder. Wrong! There are hacks for them, we just need to know how to do them, let’s check them out.
Many of us tend to keep the auto insurance company that our car dealership has recommended to us or the company they have partnered with. Yes, cheap auto insurance is nice, but when the discounted coverage ends, it’s time to do some window shopping. Check out what other companies have to offer and compare the value of the coverage and bonuses they give you. Don’t make decisions based on other factors; always look for the best value for money.
Bundling can help you save money by cutting down your monthly premium costs by around 30%. However, be wary and compare non-bundled pricing as this is not always the case. Also, make sure that there will be no exclusions regarding the coverage you need when you opt for the bundle. Studying what both options can offer is essential.
Opt for an annual payment scheme
Paying your premiums annually is beneficial for both you and your auto insurance company. For you, this makes things easier to manage, and you only have to remind yourself when the 12th month is up. For them, this helps them have more funds for claims and have less workload. Because of this, they may be willing to offer a lower rate should you opt for an annual payment scheme.
Increase your deductibles
This may not be the best option to save money on your monthly premiums, but it is an option that you can consider under one condition: you need to make sure that you are a defensive driver. Being a risky driver is not good if you are looking to raise your deductibles to save money on premiums. If you are less susceptible to be involved in an accident, then there is less chance that you will have to actually pay for deductibles out of your own pocket.