If you’re looking for ways to save money on your auto insurance in North Carolina, you’ve come to the right place! In this blog post, we will discuss 10 tips that will help you reduce your rates and save money on your policy. Auto insurance can be expensive, but there are ways to keep costs down. Keep reading for more information!
Shop around and compare rates.
The first step to saving money on your auto insurance is to shop around and compare rates from different insurance companies. This will help you find the best rate for your unique situation. Insurance companies are adjusting their rates more and more often so it is always best to see what the insurance market is doing. Also, its free to check!
Now there are 2 ways of shopping for quotes from multiple insurance carriers:
- The Easy Way: Call an independent insurance agency!
An independent insurance agent has access to multiple insurance carriers so you provide your information once and can get back 10+ competitive quotes from multiple carriers saving you a ton of time and money. Also, they can price shop your insurance anytime.
With insurance companies rates fluctuating constantly, having an independent insurance agent in your back pocket can save you tons of time and money every year is an awesome perk!
- The Hard Way: Call each insurance company individually…
The big problem with this is that you have to provide your personal information for each insurance company you call. This can be very time consuming and usually ends with you getting only 2 quotes and picking the best of the 2 all to avoid calling a 3rd company.
Have a coverage review of your current policy.
Having a coverage review by a licensed insurance agent can give you peace of mind on exactly what is covered and not covered on your policy. You may find that there are coverages that are not necessary and can be removed resulting in a premium decrease.
You also may find that there are gaps in coverage that you would like to add coverage to save yourself from a loss that without coverage would cost more out of your pocket.
Check for discounts on your Auto Insurance.
Most insurance companies offer a variety of discounts that can save you money on your premium. Some ways to see what discounts are available to you is to ask your insurance agent or check on the company’s website.
Some of the most used discounts are below but some carriers have discounts specific to them, so it is always recommended to ask your agent.
- Multi-Policy (bundling)
- Good Driver
- Claims Free
- Violation Free
- Good Student
- Good Student
- Certain Occupations
- Affiliated Organizations
Raise your deductible on physical damage coverage (Comprehensive/Collision).
The deductible is what you as the insured must pay out of pocket in the event of a loss that falls under comprehensive/collision coverage. By raising your deductible, you are electing that in the event of a claim, you will pay more out of pocket. The insurance companies are willing to decrease your auto insurance premium since you are willing to take on more risk.
Improve your credit score.
Most people don’t realize that your credit score/insurance score plays a large impact on your insurance premiums. By improving your credit score, you will most likely see a decrease in your insurance rates.
This is why having an independent insurance agent is so important.
If you had a large increase to your credit, you can reach out to have them re-shop your policy to make sure you are still getting the best rate.
Buy an insurance friendly vehicle.
An insurance friendly vehicle could be a multitude of factors that play into the cost of insurance on a vehicle. Below are some of those factor to take into consideration when you are looking to purchase a vehicle.
- Replacement Cost– The higher the cost to replace, the higher the insurance.
- Safety Features- Airbags, anti-theft systems, etc
- Buy a Used Car with Cash- If you take out a loan, the bank requires you have Comprehensive/Collision on your policy but if you are looking to save as much as possible, putting liability only coverage on the car keeps you legal to drive and save money on insurance.
- Don’t Buy a Sports Car- Insurance companies have ratings for each vehicle. Sports cars like Mustang’s, Challenger’s, Charger’s, and others can increase premiums by as much as 40%. If you are looking to save on insurance, buy the most affordable 4 cylinder car you can!