On top of changing how much coverage you have by adding and subtracting extras on your car insurance policy, there are many other ways to bring the cost of your policy down more. These include things such as mileage agreements, payment schedule changes, improving your car’s security, and more.
The more mileage you put on your car and the more time you are on the roads, the higher the likelihood that you will be involved in an accident. Insurance providers will usually ask for an approximation of your annual mileage, so that they can include this in their considerations on your premium costs. Your renewal quotes depend on the same number of miles – if you switch jobs or your child changes to a school that is a different distance from your home, for example, it is important that you let your insurance agent know. If the distance has changed significantly to become lower, you can obtain a lower premium by putting this lower mileage on your policy.
The more secure you make your car, the more likely thieves are to leave it alone. This also makes it less likely that you will have to file a claim. Most car insurance providers have rewards and discounts for policy holders who have security features such as a car alarm, immobiliser, lockdown device, or GPS locator installed. Some of these devices can be a bit expensive, so it is worth it to talk with your insurance agent about which will get you the highest discount.
Many insurance companies offer a range of options for your premium payments, allowing you to pay annually, biannually, quarterly, or monthly. Keep in mind that you often end up paying more in the long run when you pay your premiums monthly – up to a 30% APR in some cases. While it is often easier for someone on a tight budget to pay their premiums monthly than to provide a large lump sum payment once a year, you can avoid the interest by making this large initial payment on a credit card with an interest-free period. This works well, as long as you pay the balance back before the card’s interest kicks in, typically at around a year.
Having traffic citations in your driving history, including speeding and DUI offences, can make your premiums go up quite a bit. It can also keep you from acquiring insurance coverage at all, in some cases. The better you drive and the longer you keep your driving record clean, the better off you will be when it comes to insurance prices.
Your marital status can have an effect on your car insurance, as well. Married men pay less for car insurance than men who are single because insurance companies view a married man as more responsible. If a married man has his wife listed as a named driver on his insurance policy, this can lower the premium as well. While getting married just to have cheap car insurance isn’t typically the best way to go, it is something to keep in mind when you do get around to tying the knot.
If you plan to modify your car, talk to your insurance provider first. Modifications meant to make your car more attractive or more powerful, including virtually any modification to the engine, will make your premiums go up. When looking to buy a car, also make sure that you keep an eye out for vehicles that have been modified since they came off the assembly line.
If you own a car that is equally shared between all members of your household and one of its drivers has a good deal more experience than the others, it might be worth it to you to have the more experienced person listed as the primary driver with the others who use the car listed as named drivers.