Auto insurance can be expensive, but did you know that you could be paying too much if you’re not taking advantage of discounts? There are many ways to lower your insurance premiums, but some companies don’t always disclose them. If you’re not aware of these money-saving tips, they could save you hundreds of dollars a year. You may be able to get a discount if you’re a safe driver, a student, or have multiple policies with the same company. Being aware of these discounts can help you save more on your insurance costs, making it more affordable. This article discusses 15 auto insurance discounts that you may not be able to get but can save you money on your next renewal.
1. Safe Driving Discount
Insurance companies reward drivers for having good driving records. If you haven’t had an accident or been in trouble with the law in the past three to five years, you may be eligible for a discount on your insurance. Some companies even offer telematics programs that track your driving habits, such as how fast you drive, how hard you brake, and how quickly you accelerate, to calculate your discount. Driving safely not only increases your safety; it can also save you a lot of money on your insurance.
2. Discounts for Multiple Policies
You can get a discount if you combine your auto insurance with other types of insurance, such as homeowners insurance, renters insurance, or life insurance. Insurance companies like it when customers buy multiple policies at once because it means they’re doing business with the insurance company for a longer period of time. To get this discount, you may have to switch providers if you have different policies with each company.
3. Students can Enjoy Discounts
Students who perform well academically can get a discount on their auto insurance. Many insurance companies offer discounts to young drivers who earn at least a B. Research shows that responsible students are more likely to be safe drivers. If you or your child are going to high school, college, or a graduate program, you can ask your insurance company how you can save money this way.
4. Low Mileage Discounts
Insurance companies know that the less you drive, the less likely you are to be involved in an accident. You may be eligible for a low mileage discount if you drive fewer miles than average, which is usually between 12,000 and 16,000 miles per year. Some insurance companies track your mileage with tracking devices or apps, while others allow you to submit your mileage yourself. If you work from home or travel regularly on public transportation, this discount could save you a lot of money.
5. Defensive Driving Course Discounts
You can lower your insurance premium and improve your driving skills at the same time. Many insurance companies offer discounts to drivers who complete an accredited course. This is because it shows that the driver is committed to safe driving. During these classes, you will learn how to handle dangerous situations, stay safe on the road, and drive more carefully. The small amount you spend on your course can save you money on your premium in the long run.
6. Anti-theft Device Discounts
Alarms, GPS tracking systems, and steering locks can reduce the chance of your car being stolen. Insurance companies like security measures that reduce the chance of theft, which is why they offer discounts when policyholders install them. Make sure your insurance company knows if your car is equipped with anti-theft devices. You may already be eligible for a discount without even knowing it.
7. Military or Veteran Discounts
Active duty military, veterans, and their families can receive discounts on many insurance plans. We offer these discounts as a thank you for your service. If you have served in the military, contact your insurance company to see if you can get a lower rate. Some companies even offer these discounts to members of the National Guard and Reserves.
8. Senior Discount
People aged 55 or 60 and over can get a discount as a senior driver. Many insurance companies are aware that older drivers are more cautious on the road. Some companies require you to take courses to become a safe and experienced driver, but you can save a lot of money doing so. If you qualify, ask your insurance company about discounts based on your age.
9. Full Payment Discount
You may receive a discount if you pay your entire premium at once instead of in monthly installments. It is more cost-effective for the insurance company to pay the entire amount at once because they save money and receive the money right away. If you can pay your premium all at once, you can save a lot of money.
10. Paperless Billing Discounts
Going paperless not only saves trees but also money on your insurance. Many companies offer policyholders a small discount if they choose to receive their statements electronically and have their payments processed automatically. The money the insurance company saves by reducing shipping and processing costs is passed on to you. If you haven’t done so already, this is an easy way to lower your premiums.
11. Loyalty Discounts
If you have been insured with the same company for many years, you may be eligible for a loyalty discount. Insurance companies often give you a discount if you renew your policy annually because they know how important you are to your business. It’s still a good idea to check prices from time to time to make sure you’re getting the best deal.
12. Offer Insurance Discounts Based on Usage
Some insurance companies offer programs through a mobile app or plug-in device that track your driving behaviour based on your usage. If you drive safely and don’t speed, don’t brake hard, and don’t drive at night, you could potentially get a significant discount on your insurance. People who drive well and want to be rewarded for it should use these programs.
Conclusion
Many drivers are unaware that they can get discounts on their car insurance and that they can save a lot of money. Whether you maintain a good driving record, buy multiple policies at once, or simply switch to paper invoices, these discounts can have a big impact on your premiums. You can ask your insurance company about these discounts and make sure you’re getting the best price. This is a good time to review your policy and see if you missed any discounts that could save you money on your insurance. Save money fast and don’t let it slip away!
FAQs
1. How can I find out what benefits the insurance company offers?
For more information about discounts, you can visit your insurance company’s website, consult your policy sheet, or call customer service.
2. Are discounts the same for every insurance company?
No, discounts vary by policy type, state, and insurance company. You should consider multiple providers to find the best way to save money.
3. Can I take advantage of multiple discounts at once?
Of course, you can accumulate discounts with most insurance companies, which can significantly reduce your total premium.
4. Will the discount I receive be automatically applied to my account?
Not always. It is important to always check your policy, as some discounts require you to provide proof or request them directly.
5. How much can I save if I take advantage of these offers?
There are discounts that can save you 10% to 25% or even more. By getting multiple discounts, you can save more on your premiums.
