Tips for Saving on Car Insurance

If you own a car, you must have auto insurance to drive it. Driving without insurance can result in heavy penalties. Depending on where you live, you could face fines, the suspension of your license, or having your car impounded. Insurance can be expensive, but there are many ways that you can save money on your car insurance. • Look for discounts. Many people don’t know just how many companies offer discounts on insurance. Do a little research on discounts in your state. For example, members of the military can get significant discounts on their premiums. Both college and high school students who make at least a B average can save up to 15 percent with some companies. • Don’t get tickets. One of the fastest ways to drive your insurance rates up and keep them up for years is to get moving violation tickets. These include speeding, running stop signs or red lights, or improperly changing lanes. Avoiding tickets by adhering to road rules and speed limits is one way to keep your costs down. • Shop around. Insurance prices can vary greatly from company to company, so it pays to get multiple quotes from a wide range of companies and then compare them. • Don’t assume that you’ll save more with bigger companies. Even though national or large insurance companies offer big savings, smaller companies that you may never have heard of can be cheaper. Sometimes, companies with the most prominent ads pay millions of dollars in TV, print, and radio advertising costs, and then charge higher premiums to cover these costs. • Get a higher deductible. A higher deductible means paying more upfront in the event you get in an at-fault accident, but it also means lower monthly costs. Sometimes, going with a higher deductible can result in significant savings. These are just a few ways that you can save on your car insurance.