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If you have a teenage driver on your policy, you can sign up for teenSMART®, a program that includes computer–based training techniques and driving simulations and results in a discount once the program is completed by your teen. You may benefit from MAPFRE’s Good Student discount, the Student away from home discount, the Multi-Car discount, the Clean in Three discount and the Smart driver discount. There are also some specialized discounts that insurers like MAPFRE offer to policyholders. Discounts can vary greatly from one state to another, so make sure to talk to an insurance agent to find out what you are qualified for. Also, some companies will give you a lower premium if you are a long-term customer. If you bundle your home insurance and vehicle coverage together, many companies will offer you a reduced price. Most insurers offer discounts if you buy at least two kinds of policy from them, typically called “bundling”. If the numbers are close, take stock of your financial situation and make a decision based on your risk tolerance. If your car insurance policy amount exceeds your vehicle value minus the deductible, it may make financial sense to drop those coverages from your policy. If that final amount exceeds what you pay for car insurance for your policy term, keep the comprehensive and collision coverage. A good rule of thumb is to find out the current value of your vehicle and subtract the deductible amount on your car insurance policy from it. If you have an older vehicle, you could also reduce optional insurance coverage for your vehicle. This will lower the cost of your premium significantly, but it’s important to remember to keep sufficient funds set aside in case you have an accident and need to pay your deductible for your portion of the costs. You may be able to save some money on your policy by opting for a higher deductible. Always ensure that the quote is from a company that is reputable and represents a policy that meets your needs. Bear in mind, however, that the lowest possible price may not represent the best value for your money.
The price of a policy will differ between companies, so getting several quotes is key. One way to save money on your car insurance is to take the time to shop around.
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In fact, it’s possible to reduce your premiums if you know how to get started with cutting your costs. Saving Money on Car InsuranceĪlthough it may seem as if your vehicle coverage is a fixed expense, this certainly isn’t the case. If you’re wondering how you can cut your household budget, you may be thinking about how to save money on your car insurance premiums. However, times are tough, and finding ways to save money is a priority for many people. If you have a vehicle, one of the biggest expenses you’ll face every year is the renewal of your car insurance.