Think twice before you lend out your car. If you give your friend permission to borrow your car and they have an accident, you are liable. That might mean you have to cover the deductible and your premiums may go up. If you’re looking to avoid unnecessary increases to your policy, don’t lend out your car!
Shop around every three years for a new policy. Things change and if your driving record has improved, you may be eligible for a lower premium. Getting a new quote is easy and can end up saving you quite a bit.
Consider a higher deductible. If you can afford it, push that deductible up. If you are a safe driver, the chances of you needing to make a claim are lower, so it’s a good gamble. Or, look at it this way – the money you save on your premium every month could go into a separate savings account to pay for the higher deductible. Once you’ve covered that amount, the rest is gravy!
Driving an older car? Consider reducing coverage. It might be hard to admit it to yourself, but if your beloved car is almost a jalopy, you could lower the collision coverage and bring down your premiums.
Do you drive locally? If you don’t rack up that many miles every year, make sure you are getting a low mileage discount. It’s common for insurers to offer reduced rates if you are not physically on the road as many miles per year as someone else who spends hours on the road.
And last but not least, simply ask about any other discounts your insurer may offer. You’ll never know if you don’t inquire. You just might find that you saved yourself some substantial money just by speaking up!
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