9 Ideas for Saving on Your Auto Insurance

Driving carefully and choosing a safe vehicle are the best ways to keep your insurance premium down over the long run.  Here are some other ideas for cutting your auto insurance costs:

  1. Higher deductibles – take as high a deductible as you can reasonably afford to cover.  You will save on your premium, and you will be less tempted to turn in little claims that can count against your driving record.
  2. Defensive driver courses – In New York, you can save 10% on liability and collision premiums by taking an approved accident prevention course. Courses are available in a classroom setting or online.
  3. Multi-car discount – Most companies expect you to insure all your vehicles with them, but the reward is a discount of as much as 20% on each vehicle.
  4. Multi-policy discount – You can also save by insuring both your auto and home with the same company (if you are a renter, the savings on your auto policy can offset half or more of the renters policy cost). This is usually a 5% savings, but can be significantly more in some circumstances.
  5. Pay-in-full discount – With some companies, paying your premium in full earns you a substantial discount.
  6. Are all your rating factors correct? Check to make sure your vehicle use, distance to work, and other rating factors are listed correctly. If you aren’t sure, contact your agent.
  7. Are you getting all the discounts you deserve? Make sure your policy lists all your personal and vehicle discounts (most rating systems pick these up automatically, but not if they are optional on your vehicle). Ask your agent to run through the applicable discounts with you to make sure nothing was missed.
  8. First accident forgiveness – Look for a company that offers first accident forgiveness. Companies have varying plans.  Our main company, Erie Insurance, does not surcharge for your first accident, as long as you have been with them for at least three years.
  9. Lower your insurance score – This one takes time, but can save you hundreds of dollars. The basic idea is to simplify your financial life: fewer credit cards, lower balances, fewer applications for new credit. For a more detailed explanation, see our Steps to Improving Your Insurance Score.
  10. Bonus – get a quote from Erie Insurance! Just drop me an email (chris@albionagencies.net) to get started on a no-obligation quote. (If you live outside our area, we would be happy to refer you to a local Erie agent.)

Next steps:

For more information, drop by our website at www.albionagencies.com, or get in touch with Chris at 589-4477.

The information in this post is general in nature, and geared toward insurance conditions in Western New York.  As always, you should speak with an insurance adviser to determine your specific insurance needs.

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