Six Ways to Lower Your Car Insurance in 2022
Proven ways you can save on car insurance this year.
It’s a New Year and many people are reconsidering their TV subscription, trash collection company, food delivery service, and other monthly expenses. They may ask if they are paying too much or if there is something better in the marketplace. They want to save money but not sacrifice quality.
There are a number of ways you can save on your car insurance and yet, still get the coverage you need or are required, without sacrificing the quality of service that you expect from your insurance agent. ***
Here are six ways you can possibly lower your car insurance in 2022:
1. Look around: Even though car insurance is regulated, and all rates are approved by a state agency, not all insurance companies charge the same. Insurance companies offer a number of discounts based on policy bundling, credit reports, motor vehicle reports, and other factors. It’s possible that you are eligible for these discounts and are not getting them with your current insurer. Now is the time to look around and see what is available. Get 4-5 quotes from different insurers. Many of these quotes can be received online at the company website or contact the local insurance agency and have them do a quote for you.
2. Research discounts: While you look around, find out if these car insurers are offering discounts such as making automated payments, paying online, or paying for the entire duration of the auto insurance policy upfront. Instead of driving around the Beltway, visiting insurance agencies, you can find out most of what you need online.
3. Increase the deductible: Lower car insurance deductibles will definitely keep your premiums high. Instead, increase your $100 deductible to $250 or $500. Just this slight increase may save you 30% or more on your annual premium. If you want to save possibly 50% or more, you could raise it to $1000. (This is especially recommended if you work remotely or don’t drive daily.)
4. Keep your mileage down: The less you drive, the less you are a risk for property damage or liability claims. If you are able to take an Uber, walk or hitch a ride, instead of driving everywhere, you will reduce the total mileage on your vehicle which not only reduces the insurance premium, but also keeps your automobile gas, and maintenance bills down!
5. Watch your credit: Many people don’t know this, but your credit report is a factor in your car insurance rates. Insured individuals who have a good credit score (700-850) will have rates that may be 67% lower than insureds with no credit or poor credit scores (300-699).
6. Use discretion when buying a car: Not all cars are rated the same, of course. Sports cars, customized vehicles, new cars, pickup trucks, and other expensive models can be very expensive to insure. The coverage for collision and comprehensive could rival the car payment. So, the best advice we can give is to be careful in what you buy. You may want to buy a used vehicle or a medium-sized car instead of a newer, larger, or exotic model with all the bells and whistles.
This is a great time and smart money management to re-examine your car insurance rates and look around for a better deal. Car insurance is extremely competitive and that works for you, the insured. So, do it this month and we hope you give us an opportunity!
If you are considering auto insurance, Lindquist Insurance can provide the coverage you need to protect your home in the event of flooding. Call (301) 694-0008 to speak to our experienced and licensed insurance agents for a consultation and quote. We serve the Annapolis, MD, and Frederick, MD areas.
*** For more information on car insurance coverage, visit Wallet Hub .
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