Business Store and Financial Management

Taking care of car insurance is one of those necessary chores involved with being an adult car owner. Most states require insurance, and even if yours doesn’t you’d be a fool not to have liability insurance at least. When comparing insurers, supplement online research with word-of-mouth stories from family or friends. Beyond that, here are 4 ways to keep the cost insuring your car at a minimum.

1. Bundle coverage. Whether it’s having multiple cars under one policy, or insuring both your car and house with the same insurer, many companies offer discounts to people who insure multiple things with them.

2. Improve your credit score. This gives you leverage when you get insurance quotes. If you’ve been insured with Company A since you had less stellar credit, get a quote with Company B, and it could be significantly lower now that your credit is awesome. If you still want to go with Company A, tell them about your new, improved credit score and the sweet deal that Company B offered you.

3. Ask for discounts. It sounds too simple, but many insurers offer discounts that they don’t advertise. Some offer discounts for those who don’t drive many miles in a year, and others offer discounts for those who have completed certain education levels. You probably won’t know about them unless you ask: “Hey, I was wondering if you have any discounts I might be eligible for. I just got my Master’s degree.”

4. Drive a more boring car. Trade that bright red pocket-rocket for a blue or tan car that your grandmother might drive, and you’d be amazed how much you can save. Face it: some cars are cop magnets and are more prone to be driven by testosterone-infused 18-year-olds. Those are the cars with the crippling insurance premiums. Find a used 4-door Camry and watch those premiums plummet.

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