The rising cost of car insurance has coincided with more people getting back to work – and the roads – in the wake of the COVID-19 pandemic. With the high prices of cars, their maintenance and their fuel, many drivers are looking for ways to reduce their vehicle costs, starting with insurance.
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According to research by The Ascent, the overall average annual auto insurance premiums have jumped to $3,017. Some Americans have seen their auto insurance rates increase by nearly 30 percent, even for those who own older models with no accident or ticket history, according to Newsweek.
Not everyone can use public transportation, carpool, or walk to work, but financially it’s getting to the point where many have to. Fortunately, there are ways you can save on car insurance without reducing or canceling your insurance altogether.
Here are four dos and don’ts to save money on auto insurance, according to CNBC Make It.
Do: Switch to another insurance provider
Once purchased, many drivers stick with their car insurer even if they overpay. As Forbes reported, the Insurance Information Institute (III) recommends getting quotes from at least three insurers when deciding on a new provider. Those looking to buy car insurance or switch providers should treat it like shopping for a car.
Sites like EverQuote or any of the major national and regional auto insurance company apps will provide you with a wide range of insurance options and can potentially save you hundreds of dollars a year. It might also be wise to look into comprehensive insurance.
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Do: Improve your credit score
According to Experian, only eight states—California, Hawaii, Maryland, Massachusetts, Michigan, Nevada, Oregon and Utah—restrict the use of credit-based insurance scores in deciding auto insurance rates and who to insure in the first place.
If you live in any other state, a low credit score can cost you hundreds a year in car insurance. In fact, improving your credit score from “poor” (below 580) to “excellent” (above 800) can get you more attractive interest rates — and can save you an average of $2,198 a year in premiums, according to The Ascent .
Do: Increase your deductible
If you can afford to pay a higher deductible and out-of-pocket costs in the event of a claim, you’ll save on auto insurance premiums. However, this involves taking a risk because you must honestly assess your driving history and the likelihood of making a claim.
Speaking to CBNC, Loretta Worters, vice president, media relations at III, recommended it if cost-cutting is a priority. “You will have higher costs [in the case of an accident], so you want to keep that in mind,” says Worters. “But you can save money that way.”
Do: Look for insurance discounts
You usually can’t negotiate your car insurance rate, but you’re not contractually obligated to stay with your insurance company either. That’s why it’s more important than ever to get every possible discount an insurer offers. You can often get a discount on your price by doing some research.
Auto insurance discounts can help you save hundreds of dollars. Being a protected driver, the first owner of a new car, getting an anti-theft device, using alternative energy, or being a member of the federal government, the military, or a certain school or club may mean a discount depending on the underwriter’s discount rules.
Don’t: Cancel or reduce your insurance
As more workers return to the workplace, many are rethinking their vehicle usage and trying to figure out how they can reduce or completely reduce insurance premiums. If you rarely drive, have an old car with high mileage—or a vehicle that’s worth less than your insurance policy—you might think it’s a smart idea to drop your insurance policy.
Walters does not recommend this option. Simply put, you don’t want to be caught underinsured. “There are always ways to save money, but one way not to is to lower your coverage,” she said. “The worst thing you can do is reduce your liability limits.”
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