What Steps Can Drivers Take to Lower Their Car Insurance Costs?

There are a number of things a driver can do to lower their insurance costs. One of the biggest discounts in today’s market is a “pay-in-full” discount. If a driver chooses to pay their entire premium upfront versus spreading the cost out through the life of a policy they will see significant savings. A clean driving record always helps keep costs low along with minimizing the amount of driving a person does. Auto insurance is heavily rated on the drivers record and the amount of driving done (aka their exposure) so these tips, where applicable, can help significantly. Furthermore, a good credit score (believe it or not) also helps in your insurance costs. And lastly, increasing your deductibles can also help in reducing cost. The flip side of this is that the driver now has more “skin in the game” in the event of a claim so a cost benefit analysis is always helpful in choosing the right deductible. Saving a few dollars today versus having to pay thousands more at claim time might not be the best-case scenario for all drivers.

 What is the best way for drivers to fit auto insurance expenses into their budget?

 This question is probably best for a financial advisor to consider. With that being said, making a monthly budget to include the cost of your auto insurance and sticking to it are never a bad idea.

Please contact our insurance consultants at Park & Associates at (561) 994-0880 to discuss your options.

 Robbie Korth, CIC

President/Park & Associates, Inc

This article was featured at MoneyGeek website.