1. Study up. If you’re a brand new driver, discuss with your broker the benefits of completing a certified drivers’ education class.
2. Embrace your age. Insurance companies want to insure good, experienced drivers who have a lower risk of getting into a collision. Most insurance companies will offer discounts or reduced premiums to drivers above a certain age.
3. Pick the right make and model. When you’re trying to choose a vehicle that will cost less to insure, it’s about more than just the vehicle’s price. In fact, a more expensive vehicle with higher safety ratings and more security features may cost less to insure than a less expensive vehicle that tends to experience more insurance claims, even though the more expensive vehicle would cost more to repair or replace. Learn more about how your vehicle’s make and model can affect the price of your insurance.
4. Think about security. After-market security devices (like steering-wheel locks and alarm systems) are just one of many ways to prevent car theft. Installing an after-market anti-theft device could get you a discount on car insurance, too.
5. Get winter ready. Depending on where you live, your insurer might give you a discount for using approved winter tires.
6. (Don’t) go the distance. The more you drive, the greater your risk of having an accident — so the distance that you drive your car on an annual basis could affect your premium. Consider leaving your car behind and riding your bike, taking public transit, or working from home to help reduce your mileage and possibly lower your premium. Just don’t forget to tell your broker that you’ve made a change to your driving habits!
7. Be a better driver. This might be a no-brainer, but tickets and convictions can have a negative effect on your insurance rates. Tickets and convictions tend to stay on your record for at least three years, so you may be paying a higher premium for a while. The solution? Slow down, obey traffic laws, and stay on the right side of the law.
8. Ask if you can exclude high-risk drivers from your policy. If you have high-risk drivers in your household, sometimes it’s a good idea to exclude them from your policy so you won’t be penalized with a higher premium. If they won’t be driving your vehicle, ask your broker if it’s possible to exclude them from your policy coverages.
9. Go for a higher deductible. Generally speaking, when you buy your car insurance policy, the higher you set your deductible, the lower your insurance premium will be. The key, of course, is to choose a deductible that you can afford to pay in the event of a claim, so check out your budget and find the balance that works for you.
10. Bundle up. Whether you have more than one vehicle to insure or some other opportunity to combine policies (like car plus home or tenant insurance, for instance), you’ll likely see some savings. Just like your TV, Internet, and home phone provider, insurance companies reward customers with multi-policy discounts.