The best ways to lower your car insurance premiums are to work with an independent agency, take advantage of all the discounts you can, and adjust your coverage to fit your budget. Drivers can save an average of 64% by switching from full coverage to minimum coverage, for example.
With the average cost of full coverage car insurance at $1,144 per year, it’s important to look for savings opportunities wherever they can be found. And while some factors that affect insurance rates can’t be easily changed – like age, gender, location, and career – others can be.
1. Use an Independent Agent
This may be a little of a self serving plug, but an independent agent, like our Advisors at Safe Harbor Insurance Advisors represent YOU. Our Advisors shop across 30 carriers to find you the best coverage and premium at EVERY renewal.
Insurance companies charge different rates for the same coverage. They also treat the factors that go into your rate (driving history, age, credit history, etc.) differently. Finding the company that is best for the kind of driver you are can save you a lot of money.
I grew up in South Carolina, I love South Carolina. However we have a bunch of bad drivers. Lexington and Columbia SC. Also Lexington and Columbia, SC, see higher rates of lawsuits from driving accidents. Just watch tv and every other commercial is a law firm wanting to participate in a lawsuit.
So carriers having to pay out more for bad drivers and constant law suits is driving up auto premiums in Lexington and Columbia, SC.
Working with an independent agency, like Safe Harbor Insurance Advisors, gives you more options on finding the best auto insurance.
2. Search for discounts
Every major insurer gives discounts based on your driving history, vehicle features, and policy choices. For example, many insurers offer discounts that allow drivers to save up to 25% by going paperless, paying online, agreeing to automated payments, and paying for their entire policy up front.
BUNDLING your home, auto and other assets is one of the biggest ways to save money on insurance.
Many of our carriers offer discounts for being and employee here in Lexington and Columbia, SC. Working for Michelin offers a discount for many of our auto carriers. Working as a teacher in Columbia can get you additional discounts on some of our carriers.
3. Increase your deductible
The higher your deductible is, the less that you’ll pay for your premium. For example, going from $250 to $500 could reduce the cost of your collision and comprehensive coverage by up to 30%. And if you go from $500 to $1,000, you could save an additional 31%.
But be careful not to make your deductible too high. There are very few scenarios in which you can avoid paying a car insurance deductible, and if you get into an accident, you don’t want to be faced with paying more out of pocket than you can afford.
5. Reduce your mileage
Insurers take your annual mileage into account when they calculate your premium, so think about carpooling to work, riding your bike locally, or using public transportation. Alternatively, some insurance carriers offer electronically monitored, usage-based insurance that bases your rate on your driving habits. With some programs, you can earn deep discounts.
Bottom Line: How to Lower Car Insurance
If you are serious about lowering the cost of car insurance, your first step should be reach out to a local independent agency. Do a google search in your town for local insurance. Ask your friends. Check out the google reviews.
We would love to review your current coverage. Give us a call today (803) 386-1885 or fill out our form and start saving today!