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If you own a car, you need insurance, but because it’s a “what if” expense you hope never to use, lowering your premiums is a win. As a personal finance expert, I look for ways to cut costs without changing my lifestyle. Here are some basics to help reduce what you pay.
If your car is older, you may be able to drop some coverages. Many experts recommend reconsidering collision or comprehensive on a clunker. Collision pays to fix your own car after an accident, while comprehensive covers theft, fire, falling objects, vandalism and other non-collision losses.
Insurers declare a car “totaled” when repair costs exceed a set percentage of the vehicle’s value. For example, if your car is worth $10,000 and repairs would cost $8,000, and the insurer’s threshold is 70% ($7,000), they’ll treat it as totaled even though it could be repaired. If your premium plus deductible approaches or exceeds the car’s value, dropping certain coverages may make sense.
One of the simplest ways to cut your premium is raising your deductible. If you have a solid emergency fund and drive safely, increasing your deductible to $500 or $1,000 can substantially lower what you pay each year.
What are your cost-cutting insurance strategies?
