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9 tips for saving on auto insurance

It’s normal to want to save where you can on your car insurance. Nobody wants to feel that they have overpaid.  However, when looking for savings be sure that you don’t cut important coverage that you’re found responsible for causing an accident with catastrophic damage or injuries. Here are a few tips that will help keep your premium down without sacrificing coverage.

auto and home package discount

Often you can save up to 20% on your auto insurance when your auto and home (home, condo or renters) policies are with the same insurance company.  Most companies provide an additional discount on your home policy, so the savings can be substantial.

If you rent your home, it’s smart to have renters insurance to cover your possessions and personal liability, and if you have a high auto insurance premium, we’ve even seen situations where the auto policy discount for having renters has exceeded the renters premium for a net savings. This doesn’t always happen, but given that having renters provides additional coverage you should have,  it’s worth it even if only a portion of the additional renters cost.

multi-car discounts

If you and/or your spouse/partner  insure two or more cars and meet certain requirements, you can qualify for a multi-car discount. If you have maintained separate accounts out of habit, it can be worth putting two or more vehicles under one policy and benefit from the savings.

car insurancee-billing/paperless discounts

Many companies provide a discount to customers who go paperless and have all their billing and documents sent electronically. Not only does it help save environmental resources, it can save you money, too.

pay in full or use EFT monthly bill pay

If you can afford to pay your premium in full, you will save money by eliminating installment fees. If you pay your premium in installments, using EFT often will reduce the installment fees.  Also, using EFT can help avoid missed payments that can result in late fees as well as policy cancellation. Avoiding unnecessary fees is always a smart way to save money.

increase your deductible 

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The higher your deductible, the lower your premium, so evaluate what you can afford to pay if you have to file a claim. Over time, the premium savings can offset the deductible amount you’d have to pay. Be sure not to set the deductible to an amount you can’t afford easily because claims can happen at any time.

good student discount

Some insurance carriers provide a discount on qualifying policies for a high school or college student, who maintains a grade average of "B" or 3.0 or better. It’s an added incentive to study hard and do well because insurance premiums typically higher for new drivers and every bit helps.

student away discount

In qualifying situations where there is a student residing in your home that is currently living away at school, some insurance companies may provide a discount because the student is driving a vehicle less. Be sure to keep us informed.

AAA member or other motor club

Some insurance companies provide a discount if you are a member of a qualifying motor club such as AAA, Cross-Country, GM Motor Club, Onstar and others. If you are a member of one of these or another be sure to inform us.

loyalty discounts

Some companies reward customers with reduced rates or discounts depending on how long you have had your insurance with their company. It’s understandable to want to shop and compare rates to be sure that you’re getting the best value; however, moving your insurance regularly can result in you missing out on loyalty credits. It’s good to build up loyalty credits which you might otherwise lose if you move, so keep this factor in mind.

NOTE:  This information is only a general description of the available coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. Some coverage may be subject to individual insureds meeting underwriting qualifications and to availability within a state.   For further information contact a Murphy Insurance Agency Associate.