6 Discounts on Car Insurance You Should Be Getting

Car Insurance Save money

Follow these tips if you want to save money on your car insurance. (photo credit: BigStockPhoto)

Few people would turn down “free” money if someone handed it to them.  That is exactly what we do when we ignore advice on how to save money on the services we are already paying for. When it comes to our car insurance, we could potentially pay less for the same coverage we currently have! So, in essence, if we continue overpaying for car insurance, you are turning down the chance to keep more money in your pocket each month.

We know you want to get the best price on your car insurance policy, so that’s why we wanted to let you know about six car insurance discounts you could be getting. If you take advantage of these available discounts, you will keep more money in your pocket each month.

1.   Anti-Theft

Anti-theft device can save you money on car insurance. Though many cars today come equipped with an alarm system, many cars do not. You can have an after market car alarm system installed and make up the price of the install in just a few months’ savings on your car insurance. You can also purchase anti-theft devices such as “The Club” and use it in your car. Often times, your insurance company will offer discounts for using these devices, so ask your insurance agent today how much you can save. Or, let your insurance agent know that you use anti-theft devices if you have not let them know already.

2.   Multiple Car Discount

If you have more than one vehicle in your family, you should have all of your cars on one insurance policy so you can receive a multi-car discount. In many cases, adding a second car on your car insurance policy can save you several hundred dollars. Though the insurance specialists at TAG Insurance and Financial Services will ask you about any additional vehicles when writing a policy for you, your situation may change after the policy is in place, so please let your agent know to ensure you are receiving the multiple car discount on your car insurance policy.

3.   Payments

Most people don’t realize that you can possibly save money on your car insurance simply by changing the method and how often you pay your car insurance premiums. Some insurance companies offer discounts if you pay more months at one time versus paying month to month. Insurance companies may also offer discounts if you opt to allow the company to autodraft or if you make electronic payments online.

4.   Adjust your Coverage

Adjusting your insurance coverage is not the best option for everyone, but if you are able to save up and have money on hand to cover a higher deductible in the event you’re in a car accident, you can adjust your insurance coverage to have a higher deductible. Typically, the higher your deductible, the lower your car insurance premiums will be.  One thing to note for those who owe on a loan on your car, you will want to make sure that your car insurance coverage meets the loan requirements that your bank may have set as part of the loan.

5.   Improve Your Credit Score

Though it’s not really a car insurance direct discount per se, in many states, insurance carriers are able to assess risk associated with individuals based partly on their credit score. So, it is perfectly legal for them to quote a better rate to people with higher credit scores… and quote higher premiums to individuals with poor credit. So, if you want to improve your insurance rates, paying less in insurance premiums, you can work to improve your credit score. This is, in part, why insurance agents ask for your social security number.  If you have a great credit score and do not give the social security number, you may not be getting the best rate.  You are more than likely getting a rate based on the current “average” score” instead of the best rate you deserve.

6.   Multi-Line Discount

Many times, people do not realize that if you choose the same insurance company for your homeowners insurance as you have for your car insurance, you will be eligible for a multi-line discount.  In fact, it can be as simple as signing up for life insurance, health insurance, or business insurance to be eligible for a multi-line discount.  Your independent insurance agent is always comparing the cheapest option for you, but to make sure, you can check with them to make sure you’re receiving the cheapest insurance option.

Your independent insurance agent is able to help walk you through each of these car insurance discount opportunities and measure your current coverage against these available discounts. We work for you, not the insurance companies, so we aim to find you the best coverage for your individual needs at the best possible price.

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December 12th, 2014 by TAG Insurance and Financial Services, Inc