Everyone runs into financial troubles at one point or another in their life. Sometimes it is just an unavoidable circumstance. You might feel tempted to cut costs by any means necessary, but one thing you don’t have to do is make the decision to lower auto insurance costs by decreasing your coverage plan. Forget about cancelling your policy, the following three tips can help you save time and money without losing complete coverage.
Remove Collision/Comprehensive and Rental
If you’ve purchased your vehicle and still happen to be paying for the loan on your car, this trick might be more difficult to pull off. By removing this coverage, the bank who backed your loan might decide to include it in the monthly payment. You should be able to get away with it if you are close to paying off the car completely, so call up your insurance and negotiate if needed.
Get extras lowered such as UM/UIM, Med Pay, and PIP
This might not seem like a safe option if you don’t have private health insurance. If you do happen to have private insurance feel free to lower this costs to the bear minimum. They are extras for the time being and if you don’t feel comfortable driving without them, you can always add it back later.
The Little Things
There are additional little steps you can take to lower costs. Take the time to review your policy and look for any inaccuracies. Has someone you listed as a driver moved out? Then take them off your coverage. Have you started using public transportation to get to work? You might get away with switching usage for your vehicle to pleasure. There are also affinity discounts – discounts as much as 7% because people work for a certain organization or participate in a club.
Don’t ever feel the need to cut off your insurance completely. By removing your insurance completely, you could raise costs by up to 200%. These simple tips can cut costs without increasing your risk to an unmanageable point.