Discounts Are a Great Way to Save Money on Your Car Insurance
Sometimes, it pays to shake the car insurance apple tree to see which discounts fall out. After all, many aren’t even advertised. Here are four auto insurance discounts that just may surprise you.
1. Bundling Saves a Bundle
When it comes to discounts, company loyalty can really pay off. Most service-providing companies offer bundles, usually known as “multi-policy discountsâ€, designed to save the customer money and encourage company loyalty. With auto insurance, the savings is often substantial.
More than insuring all vehicles in the household with the same company, this discount encourages customers to also put their homes, personal property and life insurance in the hands of the same company.
Multi-policy discounts put big-name insurance companies on a more competitive plane with cheap insurers, which make this an attractive option.
2. A Paying Customer Is a Good Customer
Paying your bills on time is doubly important with car insurance, and it can lead to savings. Pay late, and you could lose more than affordable coverage; you might become uninsurable without a special high-risk and high-rate policy. Some insurance companies reward automatic withdrawal payments with lower rates.
Many insurance companies are also going green, which equals paperless billing. With this option, your monthly statement is emailed or downloadable at the company website.
Discounts for automatic payments and paperless billing might be small, but they add up over time. Combined with other discounts, they make a difference.
3. Stable Isn’t Boring; It’s Smart
You don’t have to insure your home and car with the same company to receive some discounts. Homeowners are viewed as lower risk customers.
Owning a home means the car insurance company knows you pay your bills and probably have a steady job. Married homeowners often get more savings, as marriage can mean two household incomes and even more stability.
Stable customers are low-risk customers, and insurance companies appreciate that.
4. Be Smart. It’s All It’s Cracked Up to Be
Being smart will get you far, even to the point of car insurance discounts. Some companies reward customers with advanced degrees, and some provide teen driver discounts when kids do well in school.
You don’t have to be a super-genius to earn this type of discount. Some are offered to sorority and fraternity members, employees of certain companies and other group memberships.
As with other signs of stability, membership in noteworthy organizations and good grades show that you have your ducks in a row.
While discounts always seem like a good thing, remember that percentage discounts at another company might not save you any money in the long run. If the company’s rates are 10% higher to begin with, a 10% discount puts you right back where you started.
When in doubt, ask your insurance company if there are other ways to save. Asking can’t hurt, and could add up to a better auto insurance quote and lower premiums. Auto Insurance Specialists shops multiple carriers for you and can help you find discounts you may not know about. AIS can help you find the best combination of rates, coverage and discounts so you get the best deal on your insurance.
This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverage’s in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.
