P.J. Miller - Partner
Car insurance is a necessary cost for any car owner but having a good auto insurance policy doesn’t have to mean paying sky-high premiums. Partner P.J. Miller spoke with FOX Business to offer six ways you can lower your car insurance premium.
1. Review your policy frequently. Auto insurance isn’t something you should set and forget. When your situation changes — even slightly — you’ll want to let your insurance agent know to make sure you’re getting the best rate and have the right amount of coverage.
“Rates can differ by a few dollars to a few hundred,” said P.J. If you have several cars and higher-risk drivers, the difference could be in the thousands, he said.
2. Don’t pay for insurance you don’t need. “Eliminate coverage when you don’t need it,” P.J. said. “Older cars might not need collision coverage. If you haven’t already removed the physical damage coverage — comprehensive and collision — to reduce your cost, it can be a consideration.”
3. Bundle your insurance plans. Most insurers offer discounts if you have several policies with them. “Combine your coverage,” Miller explained. “Bundle your auto coverage with your home or renters' insurance policy. Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies.”
4. Increase your credit score. “Most carriers use credit as a portion of the rate-setting process, where permitted by law,” P.J. commented. “While it is supposed to be a portion of the rate calculation, most believe it plays a significant role in determining the price.”
5. Raise your deductible. An easy way to reduce any insurance premium (car, home, rental, etc.) is to increase your deductible — or the amount you pay per claim before your insurance kicks in their portion. Generally speaking, the higher your deductible — meaning the more you pay out of pocket — the lower your premium will go.
6. Be a good driver. Many insurers offer premium reductions for claim-free periods — sometimes significant ones, too. According to P.J., “being a safe driver can lower your car insurance by approximately 5%.”
Because claims and tickets send premiums rising, smart driving habits also protect the rate you already have. “Slow down,” P.J. cautioned. “Speeding tickets can dramatically impact your rates.”
Read the full article at FOX Business.
Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.