Originally published on techtradersystem.com
If you drive a car you need to have automobile insurance in place. Having coverage is the law, but there is much more to car insurance than the legal requirement.
Having sufficient car insurance will give you peace of mind every time you drive – and cover you if you have an accident. You simply cannot afford to be without the protection of car insurance, but what happens when you cannot afford the coverage you need?
If you are struggling to pay your car insurance bills, it is time to take some money-saving steps.
Underground Elephant is a company dedicated to taking the mystery out of car insurance. From tips and tricks for lowering your car insurance payment to a personal quote comparison tool from the nation’s top providers. The company also founded the Underground Elephant Scholarship, which was created to acknowledge safe drivers making a difference in their community and provides $1,000 to be used toward tuition.
Here, Underground Elephant shares are some things you can do to lower your car insurance premiums without sacrificing the protection you need.
Raise Your Deductible
If you are looking for a sure way to reduce your auto insurance premiums, start by revisiting your deductible. If you reflexively took the lowest possible deductible when you applied for your policy, ask your agent how changing that deductible could lower your premiums.
If you want to maximize your premium savings, look for the sweet spot – where you can comfortably afford the deductible while still reducing your car insurance bill. Once you are enjoying those premium savings, you can use the money you save to self-finance the higher deductible. Hopefully, you will never need the money, but if you do, it will be there waiting for you.
Have Your Driving Monitored
You know you are a great driver, but does your car insurance company? If you are confident about your driving habits, installing a monitoring system in your car could help you lower your premiums and save more money.
A number of auto insurance companies now offer this in-car monitoring and agreeing to have your driving habits tracked is one of the best ways to save money. Once you install that small box in your car, the monitor will keep tabs on things like driving speed, braking techniques, stopping distances and the like. If you are doing everything right, you will be rewarded with lower premiums. If not, you will receive helpful suggestions that could enhance your driving abilities and reduce your risk of having an accident.
Pay Your Annual Bill in Full
If you can afford to do so, paying your annual car insurance bill in full could save you a lot of money. Many automobile insurance companies provide substantial discounts for these up-front payments, so ask your agent about it.
If you cannot afford to pay your full year bill in full, you may still be able to save by automating your monthly or semi-annual payments. Charging your premiums to your credit card or deducting them from your bank account could save you some money, so ask about these discounts today.
Combine Your Coverage
Last but certainly not least, combining different kinds of coverage could further reduce the premiums on each policy. If you own a home and a car, ask about combining coverage and consolidating your policies.
Many insurance companies provide substantial discounts for combining coverage, and the savings typically apply to each of the policies. That means saving money on your car insurance premiums – and your homeowner’s coverage as well.
You cannot afford to drive without car insurance, and when you know how to save money on your premiums, you will not have to. If you have been worried about the high cost of car insurance, it is time to do something about it. The tips listed above can help you reduce your premiums, so you can drive away with confidence.