8 Ways to Find the Cheapest Car Insurance Possible
iStock.com/glegorly
5. Consider Insurance Costs When Buying a Car
When choosing a car to buy there are many factors to be considered like fuel efficiency, reliability, and repair costs. But something else you should consider is the cost of insurance. Many price comparison sites will allow you to compare quotes from cars you don’t yet own, so a little research will save you money in the long run. Some of the most popular cars that are the cheapest to insure include the Honda CR-V, Subaru Outback and Jeep Cherokee.
6. Skip Collision and Comprehensive Coverage If Your Car is Old
Collision and comprehensive coverage can add hundreds of dollars to your premium, if you drive an old beater this could be an area where you can save money. Collision coverage pays to repair the damage to your car if you get into a wreck with another driver or a tree, for example. And Comprehensive coverage pays to repair your car from damage caused by the weather, animal collisions, floods, fire, and theft. However, the maximum payout for this coverage depends on how much your car is worth. If it’s not much you might want to rethink your coverage.
7. Consider Raising Your Deductible
If you do choose to buy collision and comprehensive insurance you can save money on your premium by opting for a higher deductible. There is no deductible on liability insurance, however. This type of coverage pays for any damage you’ve caused during an accident.
8. Consider Usage-Based Insurance
If you drive safely and don’t rack up many miles, you might want to switch a usage-based insurance program. It’s worth checking out Allstate’s Drivewise, Progressive’s Snapshot, or State Farm’s Drive Safe & Save policies to see if you could save money. Usage-based insurance is often cheaper as you let your insurer track your driving.
There are also mileage-based schemes that can benefit those who drive less than 10,000 miles per year. Metromile is available in seven states and Esurance Pay Per Mile is available in Oregon.
