As car insurance costs rise higher than inflation, it’s more important than ever to find ways to lower your bill.
Take a look at these cost-saving tips that work.
Dennis Osorio likes his cars.
“So, I’ve got four vehicles right now,” he said.
But with all that horsepower means more money to keep them insured. Dennis’ insurer of choice – Progressive.
“Their service is great. If you get homeowners insurance with the same company you get a discount,” Osorio said.
Consumer Reports said there are ways to help lower your bill even more.
First, raise your deductible and cancel unnecessary coverage.
A $1,000 deductible compared to five-hundred dollars might sound like a lot, but it could reduce your premium by more than 10 percent.
If your car is older, CR said to consider canceling collision and comprehensive altogether, because you could end up paying more than you would get back in repair or replacement costs.
Consider tracking – programs like State Farm’s “Drive Safe & Save Connected Car” and Progressive’s “Snapshot” use technology to track your driving habits.
Many drivers will get a discount right out of the gate, but Consumer Reports said there’s something to keep in mind.
“You’re looking at a privacy tradeoff. So if you’re willing to give up some of these details about where you’re going and how you’re driving, how often you’re driving then you might see some benefit, but if you don’t want the insurer riding shotgun with you then you might say no to some of these programs,” Kaveh Waddle with CR said.
Dennis Osorio for one says he’d be open to that tradeoff.
“We’re pretty safe drivers so anything that saves money is always A+,” Osorio said.
Even if you don’t want to get tracked, being a safe driver will still reap rewards.
CR said even one driving violation or insurance claim can quickly raise your rates.
If you don’t think you’re getting a good deal with your current auto insurer, shop around.
Two auto insurers have consistently landed in the top tier of Consumer Reports’ ratings: Amica Mutual Group and USAA Group.
Consumer Reports also reminded car owners that in general, the more expensive the car, the higher the premium because expensive cars cost more to repair and replace, so be sure to keep that in mind when buying your next car.