5 Quickest ways to lower your Auto Insurance Premium
Are you looking for ways to lower your Auto Insurance
Premium? Auto insurance rates can spiral depending upon factors that include
your age, past driving record, and other factors such as credit history.
However, the trick is to find ways to lower the annual pay-off. We have pulled
up for you the 5 quickest ways to lower your Auto Insurance Premium.
Tip 1: Hike up your deductible
Stop trying to get the ‘lowest deductible’, instead go in
for a comfortably higher out of pocket payment plan. ‘Deductible’ is the amount
that you would pay before your insurance policy kicks in. This is an easy way
to reduce your periodic premium amount, however, be warned, in such a case, if
something happens to your vehicle - you need to shell out more to cover the
initial expenses, prior to going in for a claim.
Tip 2: Park your vehicle in a garage
One of the simplest ways to cut down on insurance premium is
to park your vehicle in a garage, personal or commercial establishments. This
helps in knocking off, in some cases, close to 20% of the premium. In a garage,
the chances of your vehicle getting stolen or sideswiped are considerably
lower. From a transaction perspective, parking in a garage could mean a
difference between a preferred rate and a standard rate.
Tip 3: Shop around and bargain
Nothing beats the traditional ‘shop around to bargain’. Make
sure you at least have three to four price quotes with you, prior to fixing on
the service provider. Ensure that you are not shopping for price alone, but the
whole deal.
Tip 4: Take a Defensive Driving Course
Not many people are aware of this. By volunteering for a
state-approved defensive driving course, you can avail discounts in premium of
up to 10%. However, do cross check with your insurer on this.
Tip 5: Downsizing Coverage
Well, downsizing coverage is perhaps the easiest way to
lower your auto insurance premium. However, we suggest you to be careful and
prudent, while taking this decision. This might save money, but, would also
limit coverage.
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