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Mike Reilly

2 months ago

4 Tips to Help You Save a Fortune on Car Insurance in 2021

Your car serves multiple purposes, like getting you to work or school and running daily errands. But the coronavirus pandemic has decreased our daily commutes dramatically, leaving us with inflated car insurance bills. Here’s a complete guide for reducing your auto insurance cost and saving money during 2021.

We are all struggling to pay the bills right now. Finding inventive ways to save money is crucial, and cutting down on commute costs while your car sits idle in the garage is the first place to start.

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You probably thought about canceling your car insurance, right? Well, don’t do it! Not yet. Scrapping your auto insurance will cost you more money in the long run.

Why?

Because when you finally decide to reinstate the policy, you will have to endure higher car insurance rates due to coverage lapse. These higher rates will quickly outweigh the savings your earned on one month of canceled coverage. Plus, you might need to use your car for a quick ride to the doctor’s office or a job interview.

So, how to save money on car insurance in 2021 without selling your car? We’ve collected four creative tips you can try today and see results tomorrow:

Tip #1: Switch Car Insurance Providers
They say that if you want to get a discount – go to the competitors.

This is especially true when dealing with car insurance in 2021. You can undoubtedly save money by switching from any car insurer to any other.

When you browse for new auto insurance providers, make sure you discuss your current situation: How many miles you’re driving per month, how many people use your car, etc. Any changes in your conduct can save you a lot of money in your new car insurance policy.

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Most people forget to update their information and don’t encounter the savings until shopping for a new insurer.
Shopping for new car insurance once every 4-5 years is a good practice even outside of a pandemic. Your auto insurance premiums usually go up every year, while you drive the same car that’s losing value. Why should you pay more to insure a car that is decreasing in value?

Do the research, ask for quotes from several car insurers, and consider a pay-per-mile car insurance plan, at least for the time being.

Tip #2: Contact Your Car Insurance Agency
Now that you browsed around and understood your options, it’s time to have a heart to heart with your car insurance provider.

Your insurer is aware you are driving less during this pandemic. In fact, more than 82% of insurers are issuing partial refunds and credits to drivers because of reduced driving during stay-at-home orders. Asking for a price reduction is legitimate.

Call your agent, let them know you have been affected by the economic fallout from the coronavirus, and discuss options. Use the competitor research you conducted for leverage.

Many auto insurance carriers offer payment plans such as waiving late fees, extending payment periods, or extending credits on premium payments to insureds.

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Many auto insurance carriers offer payment plans such as waiving late fees, extending payment periods, or extending credits on premium payments to insureds.

Call your agent and discuss options. Use the competitor research you conducted for leverage.

Also, you can seek a discount on other coverages. Focus on reducing premiums on collision insurance (car repairs) and comprehensive insurance (damage or theft). If the annual premiums on these two coverages equal or exceed 10% of your car’s book value, consider dropping them altogether.

If you own two cars, it means you can use one of them in a case where the other is being repaired. This means you don’t need a rental-reimbursement coverage.

You can also suspend your roadside assistance coverage. This luxury belongs to a time when we drove a lot and stacked up the miles. Less relevant today.

Those are just some options to reduce your car insurance cost with your existing carrier. You must conduct a transparent and open conversation with your agent and explore more discounts you can enjoy. These are challenging times, and people regroup and recruit to help one another. Your auto insurance agent is no different.

Tip #3: Work With an Independent Insurance Agent
Now that’s a real money-saver.

Independent insurance agents can get you the lowest car insurance rates, hands-down.

Why?

Because a) they’re not limited to one auto insurance single provider and b) they have your best interest in mind.

With access to a whole network of car insurers and a deep understanding of your needs and the options this market enfolds, an independent agent can help you find the best coverage for your individual needs – for a price that fits your budget.

Independent car insurance agents have your best interest in mind and can get you the lowest rates.

Another perk for working with an independent agent is the fact that, if the time comes, they will often file your claim with the insurance company. Apart from saving money on premiums, you don’t have to deal with the automated 800 numbers quite often. You can also use the independent agent as a consultant when you need to file a claim.

Tip #4: Buy Your Homeowners and Auto Coverage from the Same Insurer
A smart way to save money is to consolidate. So it’s safe to say you’ll benefit from bundling home, auto, and umbrella policies with the same carrier.

Most insurers will offer you a bundle of two or more insurance types that will drive the quote lower. You can also enjoy reduced premiums if you have more than one vehicle insured with the same company.

In addition to saving money, bundling can simplify paying premiums and any other interactions you may have with the insurer.

Affordable Insurance Is Possible
These four strategies will quickly lower your auto insurance premium by several hundred dollars per year – guaranteed. Consider your personal needs and situation and choose which tip works best for you.

Remember: Car insurance is a godsend if catastrophe strikes. Instead of focusing on the financial toll, view it as an opportunity to obtain a level of protection. Anything that can help you rest easy at night is a blessing these days. With the proper research and open discussions, you will find the coverage that is both dependable and affordable. Good luck!

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