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Top Five Factors That You Control When Looking to Reduce Your Auto Insurance Rates
December 9, 2021
Take Control of Your Car Insurance Premiums
In previous Ask Jeff articles, I’ve written about the factors influencing car insurance rates. Those articles include:
Some of the factors that determine your auto rate are not under your control. For example, you can’t change your age or easily move to a lower-cost state.
But what factors do you have some control over? Which elements can you work on to reduce auto insurance rates? Here are a few to consider:
- Your Driving Record and Habits
- It may go without mentioning that a driving history without accidents and violations will result in a better insurance rate. But it is true. Changing habits to being a more defensive driver can result in lower rates in the long run.
- Taking a Defensive Driving Course)
- These courses provide an immediate 10% reduction on certain coverages on your auto insurance premiums. This course may also help you create better driving habits -- like we suggested above!
- The Ryan Agency has negotiated a discount with the best provider of the Defensive Driving Course. You can find more information on that Defensive Driving Course and Discount here:
- How Much You Drive
- Is your commute to work reflected in your auto insurance rate? If so, maybe car-pooling would result in cost savings.
- Proper Use of Deductibles
- The average auto policyholder has an accident every 11 years. If taking a higher deductible pays for itself in five years or fewer, this is a quick way to reduce your car insurance costs.
- (Tip: Couple this strategy with a vanishing deductible endorsement, and then you have a real winner!)
- Your Credit (Insurance Score)
- Your credit score (technically called an “insurance score”) strongly influences your auto insurance rates. There are ways to positively impact your credit score and, in time, your auto insurance rates. In a previous blog post, I wrote how to work to repair your insurance score. See Ask Jeff blog post: How can I improve my auto insurance score here.
We can’t erase things that happened in the past. But we have some control over the things that will happen in the future, right? Some of the ideas above can immediately reduce your rates, while others can make a big difference -- over time -- going forward.
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“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
Submit an insurance-related question to “Ask Jeff”.
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This article may have been originally published at Quora.com.
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
