P.J. Miller - Vice President
Insurance rates in the U.S. are forecasted to rise by 8.4% in 2023 and that will leave many looking for ways to cut back on their monthly bill. Vice President P.J. Miller spoke with Yahoo! to discuss how drivers can save money on their car insurance.
P.J. told Yahoo! many insurance companies offer discounts — often between 5% and 25% — for bundling policies. “This can involve insuring multiple cars or adding a policy for home, renters, boat, motorcycle or life insurance with the same company. You may also find bundling your insurance more convenient since you’ll get only one monthly bill instead of multiple.”
He added that another way to save is to increase your deductible — the amount you pay out of pocket per claim. “This may help lower your monthly premium, but bear in mind that if you have a loss, you’ll end up paying more out of pocket.”
Another option is eliminating coverage you don’t need. “For example, you might not need collision coverage if your car is old,” commented P.J. “Vehicles that are 10 or more years old tend to drop significantly in value. Before making a decision, though, make sure you would feel comfortable paying out of pocket if your car were totaled.”
Read the full Yahoo article here.