If you’re trying to work within a monthly budget, you may have found that there are some areas of your spending that you’re needing to trim down. While some things like the amount you spend on food can be limited relatively easily, there are other monthly bills or utilities that are harder to manage. Luckily, one that you may be able to play with a little bit is your car insurance. While everyone is legally required to have car insurance if they’re operating a vehicle, the details of your car insurance can vary to help save you some money. To show you how, here are three ways you can pay less for car insurance each month.
Update Your Rates As Your Life Changes
Many people get their car insurance taken care of once and then just forget about it. However, if you’ve had some major life changes, you could be eligible for a better rate on your car insurance premiums. According to Chris Muller, a contributor to Money Under 30, your age, marital status, and whether you’ve had kids can all help to lower your rates. This is because people who are older, are married, and have children are generally safer drivers who have less reason to report claims on their insurance. This means that you’re less of a liability, and, therefore, cost your insurance company less money, which can then be reflected in charging you less money. So if you’ve had some of these big changes in your life but haven’t talked to your car insurance carrier about it, give them a call to see if you can get lower rates.
Get A Higher Deductible
Another way you can pay less for your car insurance on a monthly basis is to allow for a higher deductible. According to Brandon Ballenger, a contributor to MoneyTalksNews.com, your deductible is what you’re willing to pay before you insurance steps in and starts footing part of the bill. The more money you’re willing to pay for your deductible, the less money you’re required to pay monthly for your insurance coverage. While this can get a little risky, if you’re a safe driver and are willing to pay a bit more if you get into an accident, a higher deductible can save you a lot of money on a regular basis.
See If You Qualify For Discounts
With many insurance carriers, different people and life situations can qualify for various discounts on their insurance premiums. According to NerdWallet, things like bundling your insurance, having a clean driving record, paying ahead for your coverage, and more can qualify you for some extra savings. If you’re not taking advantage of these things now, talk to your insurance to see what savings you may be missing out on.
If you’re looking to save money each month, consider how making a few small tweaks to your car insurance could give you the savings you’re seeking.