Rates are the number one complaint consumers have about auto insurance. They are simply too high. Many people are surprised to find their insurance companies offer a variety of discounts. Nearly everyone recognizes some, such as the one that is given for maintaining a clean driving record. Many insurance companies will reduce your rates automatically if you have a clean driving record. Some are more rare and therefore, less frequently claimed.
Below are some auto insurance discounts that you might be missing. These discounts may not be offered by your insurance company. It might be worth comparing quotes from other companies.
Are You a Good Student?
If you live away from your parents, you may be eligible for a discount. Because you have limited access to your car, it is less likely that you will get into an accident. Full-time students who do well in class may be eligible for a discount from many insurers. People who have consistently high grades are more likely to make smart decisions behind the wheel. This means that insurance companies will have a lower chance of settling claims.
What is the definition of a “good student?” Ask your insurance company. Each company has its own criteria.
Is your car equipped with an alarm system?
You may be eligible to receive a rate cut if your policy covers comprehensive coverage and your vehicle has an alarm system. Your car is less likely that it will be stolen because of the alarm. You are therefore less likely to file a theft claim.
Are you retired?
The Auto Insurance Rate Stability Act, which was introduced in November 1996, was passed. One of the provisions of the bill was that auto insurance companies were required to offer a discount for those 65 years old and older. Many retirees don’t know about this clause.
Call your insurance company and request an Automobile Insurance Declaration For Retiree Discount form. One phone call could result in a reduction of your premiums.
Are safety devices installed in your vehicle?
Your insurance may offer to lower your rates if your car has certain safety features. This is because your car’s safety features will make it less likely that you or your passengers are seriously injured in an accident. Your insurer may lower your premiums if you have winter tires, antilock brakes and airbags near the knees or on the side.
What is your occupation?
Certain fields may be eligible for a discount by insurance companies. Teachers, accountants and engineers often have lower rates than doctors. Why? They are considered safer drivers by many insurers, which reduces the likelihood of claims.
Ask your insurance company if they offer a job-based discount. Ask your insurer if they offer a job-based discount.
Are You Moving Your Property Insurance?
Many people have their property insurance underwritten differently to the one they use for their vehicle insurance. This can help you save money on your premiums. Many companies will reduce your premiums if you combine all of your coverages under one roof.
Call both the companies to ask for a discount on consolidating your property and auto insurance policies. It is possible to save hundreds of dollars in the long-term.
How much do you drive each year?
You are more likely to receive a discount on your rates the less you drive. Low-mileage discounts are offered by most insurers to policyholders who drive less. This is because you have a higher chance of filing a claim. You have a lower chance of being involved in an accident if you drive less.
Ask your insurance company to reduce your premiums if you travel less than 10,000 miles per year (approximately 16,093 km). It’s possible for them to lower your premiums.
Every insurer is unique, as we said earlier. While some offer many money-saving discounts, others are very strict about it. Compare quotes from other insurance companies if your company offers very few or no discounts.