If you own a car, you’ve got to pay for car insurance. And while this insurance can help to offset the costs of getting into a car accident, it can also be a large monthly expense that you have to pay without ever knowing if you’ll ever actually use what you’re paying for. Because of this, it’s worth your while to figure out how to minimize your costs when it’s time for you to renew your insurance.
To show you how this can be done, here are three things to consider when renewing your car insurance.
Get Some Quotes
When the time comes for you to renew your insurance, you might be able to save yourself some money by switching to another insurance carrier. However, you can’t know if this will be a smart financial move until you get quotes for how much you’ll be paying if you get your insurance from another carrier.
According to Anna Baluch, a contributor to Bankrate.com, all you need to get a quote for different insurance carriers are your vehicle information, your driving history and information, and some personal information. By supplying these things, you should be able to solicit various quotes in order to see which carrier is going to offer you the best price.
Change Your Coverage
If you’re not wanting to get your insurance from a different insurance carrier, there are still other ways that you can reduce your costs with your current car insurance provider.
Generally, the best way to do this is to change up your coverage. Emily Delbridge, a contributor to The Balance, shares that you can change your coverage to reduce your costs by doing things like removing a vehicle or a driver, forgoing towing services or other roadside assistance, increasing your deductible, and more. These costs vary based on what car insurance provider you’re using, so make sure you price out all the different coverages that you plan to use to ensure you’re getting the absolute best price.
Seek Out Discounts
Car insurance carriers will generally offer discounts for certain things if you qualify for them. However, Lisa Green, a contributor to Nerdwallet.com, shares that you often have to ask for them rather than expecting for these discounts to automatically be applied to you.
For example, you could ask your insurance carrier if they offer discounts for things like having a teen driver with good grades, not having a car accident in a certain amount of time, sticking with the same insurance company for a certain number of years, and more.
If your car insurance will be getting renewed soon, consider using the tips mentioned above to find ways to save either with your current carrier or with a different insurance provider.