5 Simple Ways to Save Money On Your Auto Insurance
Auto insurance is sometimes referred to as a necessary evil. No one plans on being in an auto accident, but having the right coverage helps negate some of the costs if an accident occurs. But that doesn’t mean you have to overpay in premium costs, or pay less for cut rate insurance.
Here are 5 easy ways to keep more money in your pocket without sacrificing the quality of insurance coverage.
1. Contact Your Agent About the Recent Michigan Law
On July 2, 2020, Michigan’s new no-fault auto insurance reform law was passed which could potentially lower your premium. Instead being required to carry unlimited no-fault benefits, Michiganders can choose their level of coverage.
To learn more about this change, contact your insurance provider or check out our recent article that discusses the recent change in more detail.
Macomb County Collision Shop Explains How Michigan Car Insurance Will Change in 2020
2. Consider Your Deductible
If you are in an accident, you will be required to pay a deductible anywhere from $100 to $1000 in repair costs. The question to ask yourself is, how much money are you willing to part with in the event of an emergency repair?
If you feel more comfortable paying a smaller amount, then have your agent configure your contract so you only pay $100 – $500 at the time of the repair. But if you want to save money each month, set your contract for a higher deductible of $1000. Otherwise you are spending extra money each month whether or not you ever file a claim. This extra money you save can be put toward your own emergency fund.
3. Take Steps to Improve Credit
Our driving record greatly impacts our insurance premiums, but did you know that your credit rating can influence insurance costs as well? A March 2018 study from nerdwallet.com found that Michigan drivers with bad credit pay $5,571 more than drivers with good credit.
Talk to your agent to see how much your credit score is affecting your insurance costs and take steps to improve your credit rating. What’s more, having a higher credit score will only help your financial picture and potentially save you more money in the long run.
4. Inquire About Discounts
It’s possible you’re eligible for insurance discounts that you weren’t made aware of when you signed up for your policy.
These discounts may include:
- Paperless Billing
- Accident Free
- Belonging to Certain Organizations
- Good Student
- Combing Home and Auto
- Multiple Vehicles
- New Vehicle (a discount for insuring a car less than 5 years old)
Ask your insurance agent what discounts you may qualify for, or shop around for different carriers to compare their discounts and rates.
5. Your Location May Influence Rates
It’s unlikely that you will move simply to lower your insurance premium. However, if you recently moved or are planning to move in the future, your location can increase or decrease your rates, even if you’re only moving to another city in Michigan.
Can An Auto Body Shop Waive Your Deductible?
Looking for a Reputable Body Shop in Warren, MI?
Dealing with an auto accident can be frustrating, but the good news is your auto body repair is just a phone call away!
Pole Position Auto Body is located in Warren, MI and has been servicing the Macomb County area for over 30 years. Don’t take our word for it, check out our customer reviews here.
If you have been in an accident or are in need of any type of auto body repair, call Pole Position Auto Body today at: 586-775-4825.