Get Better Car Insurance Rates (Right Now!)

If you’re looking for ways to cut money from your monthly bills, look no further than your car.

Even though there are some factors, like your age, that influence what rate you pay for car insurance, you can get lower rates if you know where to look for savings. Here are some tips and tricks to get the best rates on car insurance.

Model Behavior

In the market for a new ride? Savings can start even before you purchase your new vehicle. Some cars cost more to insure than others. Why? That Benz may make for a sweet drive, but more expensive cars can be pricier to repair or more tempting for thieves—more risks for the insurer mean more costs for the insure.

In general, luxury cars and sports cars are more expensive to insure than older, family cars. Car industry site recommends checking with your insurance carrier for rates when shopping for a car so that you know what you’ll be paying before making a commitment.

Speak Up or Pay Up!

No surprise here—not all insurance rates are created equal. Unfortunately, many drivers don’t take the time to comparison shop. Worse? Even when they do, they don’t always push to get the best rates. Many carriers offer discounts for drivers with excellent records, low commuting miles, and even good grades (for teens, of course). The key is to ask! It never hurts and you might be surprised what discounts you can get.

Double Down on Your Deductible

The deductible is the amount you pay before the insurance kicks in. Select an insurance plan with a larger deductible and you’ll see a lot of savings on your monthly premium—in some cases, as much as 30 percent. Be warned: you may keep more cash in your pocket for now, but if you’re in an accident, you’ll need to pony-up the cash up front. The downside, of course, is that if you’re in an accident, you’ll need to pony up the cash up front. For example, if you raise the deductible from $500 to $1,000, you’ll see a decent monthly rate savings and still have coverage, but if you need to use the insurance, you’ll have to pay out a grand before it kicks in.

Cut Collision Coverage On Your Car

Most states require you to carry collision coverage for other cars, but you can control whether or not to have collision coverage on your vehicle. If you own an older car, you can save money on car insurance by dropping collision coverage on the car.

The average age of cars on U.S. roads is now at 10.8 years, as people hang on to their vehicles longer in the weak economy, according to car industry market researchers R.L. Polk & Co. If your car is older and not worth much, you may want to consider foregoing collision coverage. Older cars can often cost more to repair than they are worth.

Play it Safe

Sure, saving some cash on your car insurance may not be worth a major life change, but if you’re considering one anyway, consider: Many insurance carriers give lower rates to more staid professions like librarians and accountants.

Optimize Your Credit

More and more, states are allowing auto insurance companies to consider your credit score when determining your rates. If you’re suffering from poor credit, it’s time to buckle down and button up your personal finances. Check out some of Credit Sesame’s quick tips and tricks for raising your credit score.