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7 Ways to Save on Auto Insurance

If you own a vehicle that you plan on driving anytime soon, you may want to get auto insurance. There’s tons of insurance companies out there, each offering different plans and premiums. It’s easy to overlook the details and spend way too much on your monthly insurance.

CareOne understands the pain of auto insurance so we compiled 7 ways to save on auto insurance.

1. Buying Insurance from the Right Source

Don’t buy credit life or credit disability insurance through your car dealer when purchasing a new car. Some dealers do a hard sell on these coverages because they’re profitable for the dealership, but not good for you. These policies are highly overpriced, and if they’re folded into your car loan, you not only end up paying 100% to 500% more than you should for the coverage; you also pay interest on it.

2. Selecting the Best Insurance Agent

Shop around when selecting an insurance company and policy. Also read consumer guides and online insurance quote services. This will give you an idea of price ranges and tell you which companies have the lowest prices.

You should also consider consulting the National Association of Insurance Commissioners (naic.org) which supplies information to help you choose an insurer in your state. Choosing the right insurance agent could actually be the best way to save on auto insurance because the highest rated agents will most likely bend backwards to save you money.

3. Stop Paying Agent’s Commissions

You can save big by eliminating those pesky little (and not so little) advisor commissions that drive up the cost of your insurance policy. It is possible to purchase no-commission policies through “fee only” advisors. They will charge a flat rate for their work instead of a fee plus a percentage of the policy that they sell you.

4. Save on Auto Insurance by Insuring Multiple Vehicles

If your family has more than one vehicle, you can save up to 5% off collision or limited collision. This works for individuals or married couples who insure multiple vehicles with the same insurance company. The policies are for experienced drivers only and business and antique cars are generally ineligible.

5. Take Driver’s Ed Courses

Encourage new drivers to take driver’s education. It’s easy, results in better driving skills, and can save you up to 10% off premiums for bodily injury, property, and collision for the first 3 years that the new driver is behind the wheel.

6. Reduced Car Insurance for College Kids

If you have a child who is away at college and still on your car insurance policy for when they are home and need to drive, check with your insurance company to see if you qualify for a discount. If the school they attend is a minimum distance away, many insurance companies will lower the amount you pay, because they won’t be driving most months of the year.

Don’t overlook simple opportunities to save on auto insurance like this one. Each and every discount you get will add up and lower your overall premium, which means lower monthly payments.

7. Anti-Theft Devices Saves Money

Some insurance companies offer a savings of up to 35% off their comprehensive coverage policies for autos if you buy a car with anti-theft devices or signal-activated recovery systems. This is not true across the board, so be sure to check with your agent.

Save Money, Reduce Your Debt With Help From CareOne

The auto insurance industry can be tricky if you don’t know the ins and outs. There’s a ton of ways to save on auto insurance, it’s just a matter of finding them.

If you found these tips helpful, but are still having trouble with finances, give us a call. CareOne can help lower your monthly payments, reduce interest rates, and much more. See how our debt consolidation services could help you.

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