Car insurance is one of those expenses you can’t avoid. If you own a car, you need to carry insurance. Neglecting to do so puts you at risk of serious consequences, such as a hefty fine and a license suspension.
Rather than continue to overpay for car insurance in the new year, look into how you can save. You may be surprised to find that you can trim your monthly cost, thus freeing up money for other expenses.
Here are five of the easiest ways to save on car insurance in 2023. Even if you only implement one of these tips it’ll work in your favor.
Don’t just accept the first car insurance quote you receive. Take the time to shop around and compare quotes from multiple insurance companies to ensure you’re getting the best deal.
Increase your deductible
Choosing a higher deductible can lower your premium, as you’ll be responsible for paying more out of pocket in the event of a claim. Just be sure to choose a deductible that you can afford to pay in the event of an accident.
Drop unnecessary coverage
If you have an older car, for instance, you may not need certain types of coverage, such as collision or comprehensive insurance. Carefully consider the value of your car and whether the added cost of these types of coverage is worth it.
Take advantage of discounts
Many insurance companies offer discounts for things like having a good driving record, insuring multiple cars, and taking a defensive driving course. Be sure to ask about any discounts that may be available to you.
Bundle your policies
You’ve probably seen the commercials touting the benefits of bundling. This is a benefit to both you and your insurance company. If you have multiple insurance policies, such as home and car insurance, consider bundling them with the same provider. Many companies offer discounts for bundling policies.
In many ways, saving money on car insurance boils down to reviewing your current coverage and asking questions about what you want out of your policy in the future. Along with this, work closely with your agent or car insurance company to understand the best path forward.
Don’t wait another day to review your policy and determine how you can save.
When was the last time you reviewed your coverage? Were you able to make any changes that saved you money? Do you have plans to do the same in the days, weeks, or months to come?