Four Ways You Can Save Money On Your Auto Insurance

23 November 2017
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If you are unhappy with the cost of your auto insurance, now is the time to take action. By making a few changes, you can significantly cut your insurance expenses. Check out a few ways you can start saving money today.

1. Bundle All of Your Insurance Products with One Company

Holding all of your insurance policies with a single company is an easy way to reduce your insurance expenses. Insurance companies frequently give discounts to customers who purchase both their auto and home insurance policies with that company. Some may also offer extra discounts to those who purchase other types of insurance, such as motorcycle insurance and umbrella insurance.

If you don't own a home, you can still procure a discount by holding a renter's insurance policy with the company that holds your auto policy. An extra benefit is that your possessions will be protected if your apartment is burglarized or incurs the wrath of a natural disaster.

2. Update the Details of Your Policy

To ensure that your insurance company can offer you the best possible rates, it is essential to keep the information used for your policy updated.

For example, assume that when you initially purchased your policy that you had a lengthy commute that required you to drive 60 miles round trip to work 5 to 6 days of the week. Since that time, your position has become a work-from-home position. You need to tell your insurance provider that you are no longer driving so much for work; thanks to your lower mileage, you should receive a decrease in the cost of your auto insurance policy.

3. Take Advantage of Any Discounts Offered for Select Members

Some insurance companies offer additional discounts to individuals who are members of certain organizations or work for a stated employer. Call your insurance agent to get the most recent information regarding partnerships that your insurance provider has with other businesses.

4. Pay Your Insurance Premium in Full

One of the easiest ways to drastically cut your insurance expenses is to pay your entire insurance bill at one time, instead of opting to pay it monthly or quarterly. Even though insurance companies permit you to split your premium into payments, this ultimately costs you more money in the long run, as they usually charge a fee for each installment payment.

Assume that your 6-month premium is $400, and your insurance company charges a $4 fee per month for the ability to make monthly payments. This adds $24 to the overall cost of your 6-month premium.

Contact an agency, like McHugh Insurance, for more help.