Insurance. It’s one of those things that we ALL need for our cars, but it can be hard to fork over money for something that’s for “just in case”. But believe us – when something goes wrong, you’ll be glad to have that insurance policy in your back pocket.
So until you really need it, what are some ways you can lower your insurance premiums? Check out these 5 tips that can help you slash those insurance premiums while still staying covered.
Shop other providers
If you’re really over budget with your insurance policies, you don’t have to stick with your current provider. Some insurers will offer discounts for switching, or your current provider may lower your rates if you ask them. There are lots of online tools you can use to compare rates – so don’t be afraid to search and see what else is out there.
Downgrade your vehicle
The more expensive your vehicle, the more expensive your premiums. If you’re trying to cut back on your insurance costs, consider selling your vehicle or trading for a vehicle that’s anywhere from 4 to 10 years old to get a better rate.
Bundle policies together
Insurance providers love to have all your policies in one place, which is why they’ll often offer you savings – sometimes up to 15 percent – if you bundle with them. If you own multiple cars or a house, ask your agent about bundling your premiums and find out how much you could save on your current policies.
Seek out those discounts
Insurance companies offer discounts for hundreds of reasons – such as through safe driving tracking programs, good grades for students, or previous service in the military. This applies to home insurance, too – most people miss out on easy discounts like the age of roof credit! Ask your provider what discounts they offer, or search what other companies are offering and see if it’s worth it to make the switch.
At the very least, getting in a fender bender will result in a big jump in your premiums. The best way to keep your premiums low? Do your part to keep the roads safe by following the speed limit, obeying traffic laws, and allowing enough space between you and other drivers.
Struggling to afford those monthly insurance premiums?
- Tired of living paycheck to paycheck?
- Exhausted by yet another fight with your spouse about money?
- Losing sleep wondering how you’ll make ends meet this month?
Strong Tower Consulting can help you find peace of mind about your finances by helping you:
- Create a plan
- Learn to manage money
- Build Wealth
Request your free session today!