6 Lesser-Known Tactics To Lower Your Insurance Premium
You’re an average driver with a decent driving record, your car model is quite a popular one on the road, but you still think there’s room for improvement as far as your insurance premium goes.
We know you’ve already heard the conventional tips like bundling, shopping around for rates, keeping your record clean, avoiding sports cars, and taking defensive driving classes--but we’ve got a few that are a little less-known.
Spoiler alert: we’re kicking this off with an obvious RVS pick here. You may not necessarily get a discount from your insurance company for this, but it’ll definitely improve your odds of avoiding accidents, improving all-around awareness, and not incurring the costs of higher rates down the line.
- Buying Pay-As-You-Go Insurance
If you’re a low-mileage driver with a good record, you can qualify for usage-based insurance, also known as “black box insurance.” It allows you to pay less for driving less than 10,000 miles a year, as long as you’re okay with your insurance company tracking you with a telematics device.
- Improving Your Credit Rating
A somewhat controversial issue, credit ratings can and will affect your insurance rates. Whether it’s a fair practice or not, your rating can be viewed as a representative of your credibility and risk aversion, hence the higher insurance rates.
- Investing In Anti-Theft Devices
An obvious but overlooked tactic, arming your vehicle with an anti-theft device like Low-Jack can earn you an insurance discount up to 25%.
- Find Out About “Good Student” Discounts
If your insurance plan is the multi-car family-bundle type, then your child of driving age is probably eligible for the Good Student discount some insurers offer, which means they’ve been able to maintain a B average or rank high in their class. These discounts can last until they’re 25 and be quite steep, so check with your insurance company.
- Cutting Your Losses With Older Cars
This is applicable especially to those with multiple cars in the household, and simply put, means your old clunker’s collision and/or comprehensive coverage is costing more than the actual value of the vehicle itself. Do away with it.
