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Simple Tips to Save Money on Your Car Insurance

Negotiating and doing research could save you hundreds on your car insurance, study shows 6 photos
Photo: carinsurancecomparison.com
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Whether you’re an experienced driver or new to it, if you own a car, you must buy insurance – and this applies regardless of where you live on this planet. A new research comes in handy in terms of saving money on your premiums, by highlighting a few, very simple tips.
Website Car Insurance Comparison (the name says it all in terms of what’s it about, really) has conducted a survey on over 1,000 drivers currently paying an insurance premium, to determine the ways in which others could get lower premiums for the same coverage. This is not about cutting down on coverage, but about getting the same or more for less money.

According to the study, which is available in full at the link, the best way to ensure you pay less for your car insurance is to negotiate. While haggling remains the norm at car dealerships and while it’s known to actually work with insurance companies as well, only 42 percent of the Americans surveyed did it. Those who did negotiate their premiums, though, saved $220 annually, the same research shows.

Negotiating isn’t the only way to save money on your car insurance. If you also do your research beforehand and you conduct all business online, you can save more, the study shows.

For instance, the study shows that discount programs (like “good student” and “safe driver”) do save money, about $53 per year. This is small change compared to the $220 you save by negotiating – just be careful not to threaten moving to another provider, because that could backfire.

Researching and comparing quotes, and making sure you get exactly the plan you need is also good for your wallet: 31 to 60 minutes of research save drivers an average of $8.72 annually, while 1 hour or more of research saves them $20.60 a year, the study shows. If you’re wondering just how much shopping around you have to do before settling on a plan, this study has the answer: collecting 5 or 6 quotes leads to paying an average of $86.12 less each year on your premium.

Men and millennials are the most likely to negotiate their premiums, while women and those from the baby boomer generation are the least inclined to do so, the survey shows. In terms of how negotiations should be carried out, the study reveals that the best results are achieved when it’s done online, in person. Forget about calling a friend or a family member for help, because no one can handle your business as well as you can.
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About the author: Elena Gorgan
Elena Gorgan profile photo

Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends.
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