ifydcat You have to have auto insurance — it’s the law. If you are pulled over without it, your car can be impounded until you get it, which could completely wreck your financial scene — and your life. It’s true that car rates go up and up, but there are some ways to control your costs. Here are some discounts that you might not have known about.
If you’re in college or graduate school full time, and you have a GPA of 3.0 or higher, then you can qualify for discounts from many providers. Insurance companies like to reward people who are consistent, and studies have shown that people who do well in school are less of a risk on the road. As a result, if your grades are higher, you can get reduced insurance rates. This can really pay off if it’s time to pay tuition when you have to renew insurance as well.
Anti-lock brakes have been shown to reduce accidents, and so insurers will give you a discount if you have them on your car. Usually, the representative will ask if you have them during the initial screening process, but if she does not, be sure to mention that you have them, and you will get a discount for that. It won’t be a ton of money, but every little bit helps.
If you attend a university that is more than 100 miles from where you live, you’re spending a ton of money on fuel and upkeep for your car. Many insurers recognize that and will discount your premium as a result. Make sure to ask about this when you are signing up for new service in order to get the discount.
You can choose how you pay for your coverage: you can pay for it all at once, or you can break it down into monthly installments. Because the insurance company would rather have its money all at once, to save money on billing expenses (and just to have the cash sooner), the company will usually give you a discount for paying all at once, or it will charge a monthly billing fee, which you can avoid.
Do you carpool with some of your co-workers into the office? If so, many insurers will discount your premium because you’re taking cars off the road — reducing the risk for everyone. Be sure to talk to your representative to make sure that the discount applies for your carrier.
You can also get a discount if you have a garage where you park your car at night, because it won’t be vulnerable to hail and other forms of damage that can come while you’re sleeping.
It’s true that you won’t qualify for every discount, but knowing what all the discounts are will help you maximize your savings for car insurance. These tips just represent the tip of the iceberg; get in touch with your own insurance representative to find out all of the options that they offer.
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