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Auto Insurance Companies are constantly updating the models used to determine your Car insurance rates. The days of rating insurance based on vehicle type and driving records are something of the past. The new models look at many different factors to determine the price you pay for your policy. Some of these rating factors you can not change with out making drastic changes in your life, such as your zip code or age of drivers in the household. However, they are a few things you can do to begin lowering your premiums. Below you will find a list of 5 things you can do to begin saving money on your auto insurance. 


1. Credit Score

Insurance companies weigh heavily on credit ratings in determining your rate. Your credit score will help determine the tier the insurance carrier places your policy in. The rating models have shown that people with a higher credit score have less accidents and perceived as being more responsible drivers. Although you may not be able to instantly raise your credit score it can be worked on over time. Another approach may be to quote the named insured on the policy with the best credit score. If your signification other has a higher score then you, have the company quote with their name first and use their social security number n the quote. Both individuals will be covered on the policy so long as each person is listed as a driver on the policy. 

2.  Shopping at least 2 weeks prior the current expiration date of your policy

Many carriers offer a discount if you shop your policy at least 2 weeks prior to the current policy expiring. The companies know that if you are shopping early they know you are checking with multiple companies. The Insurance Companies also view this as a more responsible risk when comparing a person looking to get a policy on the same as they request the quote. 

3.  Paperless Discount

Insurance companies are always looking for ways to reduce cost. Going paperless has become a popular way for the companies to reduce the cost or printing, the cost of stamps and also the cost of paper and envelopes. When requesting a quote give your email address and request that policy documents be emailed instead of traditional mailings. This will reduce your premium by approximately 5 percent with most carriers. 

4.  Automatic payments 

Automatic payments or also know as EFT payments will help the company reduce the cost of processing payments that are mailed or made of the phone. If you provide a card number or your Bank account information the company can reduce the cost by automatically transferring your monthly payments. By selecting this option the carrier passes the savings right to your policy.

5.  Purchasing Higher Liability Limits

This one may sound strange to you but it does work. If you only purchase the limits required by the state the carrier will place you in one of the lower rating tiers.  In my experiences I have seen quotes go down in price by selecting a higher liability limit.  Even if you do not see instant savings on the current policy you will be in a better tier for the following term. After carrying Higher limits for one policy term, ask your agent to rate your policy again. The insurance Companies will pull your existing limits and place you in a higher rating tier based on your new higher limits. Other companies will view you as a more desirable risk and the quotes will reflect that. I recommend increasing your liability coverage to 100,000 / 300,000 limits to see the best saving on the upcoming quotes. 

If you would like more information on ways to lower your Auto Insurance Rates give us a call at 1-800-252-6885 or visit our quote page to have your policy rated with the Nations Top Car Insurance Companies

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2 Comments

Nicholas S. said...
Great tips! I had no idea my credit score could make such a difference for Car Insurance. My wife has an exceptional credit score and it lowered our rate by about 35%. It also worked on our Boat Insurance. THX
FRIDAY, MARCH 15 2013 3:31 PM
Marcus said...
WOW! I thought car insurance was based on my driving record and type of auto. My credit took a hit during the recession because most bills were in my name and not my wifes.
WEDNESDAY, MARCH 20 2013 10:05 AM

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