Auto insurance companies offer different rates as well as discounts and reductions. By taking advantage of discounts or premium reductions, or special insurance rates, you can save even more on your auto insurance. Here are some examples.
a. Low mileage discounts
The shorter the distance you drive, the lesser your premiums will be. The average distance you drive annually is the basis for the calculation of your premium. How far you commute from and to work or school, whether for personal or business use, determines your vehicle use and your daily exposure to risks.
b. Good student discounts
Students who are currently enrolled and have good grades receive a discount on auto insurance. Many insurance companies offer “Good Student” discounts for young drivers who maintain a “B” (or 3.0) or above “B” average. Discounts are also offered to those family members who are attending school away from home.
c. Multi-car discounts
You can reduce your premium by insuring two or more vehicles in one policy.
d. Other policies
You can also reduce your premium by availing of other policies with the same company. Other policies may include homeowners insurance policy or life insurance policy. Various insurance companies offer discounts if you have your home insured with the same company that insures your vehicle.
e. The safe vehicle discount
Installing safety devices and anti-theft devices can earn you discounts. Many companies offer discounts for various safety devices, such as air bags and factory-installed mechanical seatbelts, as well as anti-theft devices installed on your vehicle, such as alarms and antilock brakes.
f. Age – Being at least 25 years old
25 years old and above are believed to be more responsible, so the risk of at-fault accident decreases, and auto insurance premiums tend to be lower. Risk assessors have determined that those under 25, due to their immaturity and inexperience in driving, are more prone to accidents. Driver’s rate is calculated in a different driver class.
g. The good driver discount
Avoiding traffic tickets and accidents can greatly decrease your premiums. Discounts are offered to drivers who have not had accidents or received tickets in the last 3-5 years. Drivers who have completed a driver’s training course can also avail of discounts offered by many insurance companies.
h. Avoiding installment fees
Most insurance companies charge service fees for installment payments. So instead of monthly, you can save on premium if you pay 6 months of your auto insurance premium in advance. Buying a 12-month policy can save you even more.
i. Prior insurance
Some insurance companies give discounts to those insured for the last 6 months or more continuously.
j. Good credit score
Usually, insurance companies adjust rates by judging your risk. Meaning, if you have a good credit score your rate can be lowered.
k. Car pooling and use of public transportation
Some insurance companies offer public transportation, as well as carpooling discounts. Because the more you use public transportation and carpooling, the less you use your car. And it’s unlikely for you to have car accident, because you drive less.
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