Auto Insurance Isn't Free! But Here's How to Cut Costs
Wouldn't it be great if we could all protect ourselves from financial loss whilst driving – without having to pay a cent? Sure, it would be awesome, but it would also be highly unrealistic. Auto insurance companies pay out hundreds of millions of dollars in claims every year, and of course they expect to be reimbursed for this!
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Given that you'll never get free auto insurance, here are a few ways to minimize what you pay, whilst maximizing your own personal coverage:
Raise your deductible
This is possibly the simplest way to cut your insurance costs. Raising your deductible amount by even $200 can save you massive amounts on policy costs each year. This is especially the case if you have a new (less than two years old) car.
Eliminate "added extras"
Every auto insurance policy has "add-on packages," which are often thrown into the mix along with your base coverage – without you even knowing. Here are some examples:
- Towing Coverage
- Rental Car Coverage
- Downtime Coverage
- Accommodation Supplement
All of these things look wonderful, and appear to be very handy. However, at the end of the day, it's often more economical and efficient to remove these from your auto insurance policy, and just pay the full cost should such an event occur.
Review your payment frequency
Did you know that paying auto insurance monthly is actually more expensive than paying it twice a year? Yes, this seems to defy logic but in actual fact you could save anywhere from $1 to $6 per month simply by switching your payment frequency!
Low-mileage discount
If you don't do much driving, then ask your insurer if there is a low mileage discount. They might reduce your premiums by about 10% if you can prove that you drive less than a certain number of miles each year.