One of the easiest, and most overlooked ways, of increasing your wealth is to lower your recurring monthly payments on everything possible. If at age 25 you start saving an extra $100 per month at an interest rate of 6.5%, that will leave you with nearly $225,000 extra when you retire! One of the easiest monthly costs to save on is auto insurance. Here are 5 easy ways to save on your auto insurance costs.
Get all household vehicles under one policy
Many people insure different cars under different auto insurance carriers, not realizing they are costing themselves money. If you insure all of your cars with one auto insurance company you’ll likely get a discount from your insurance carrier.
Get your car and your house under the same insurance
The same idea is true for your homeowner’s insurance. Make sure you have both your car and your home (or renter’s insurance) under the same insurance policy to realize extra savings.
Raise your deductible and save on premiums
Automobile insurance is meant to protect you from catastrophic costs you could not cover on your own. But if you can afford to repair a $1,000 fender-bender without a problem, consider raising your deductible to $1,000 and your monthly premiums will go down.
Drive the right kind of car
Some cars are more costly to insure than others. If you want to save on car insurance then you need to drive a car that generally costs less to insure.
Most expensive cars to insure in 2014
1.Subaru Impreza WRX 4WD
4.Mercedes CLS class 4dr
6.Honda Civic Si
Cheapest cars to insure in 2014
1.Buick Rendezvous 4dr
2.Pontiac Solstice convertible
5.Mazda MX-5 Miata convertible
6.Subaru Outback 4WD
7.Ford Five Hundred 4WD
8.Volvo V70 station wagon 4WD
9.Chrysler Town & Country LWB
10.Chevrolet Corvette convertible
Be a smart (safe) driver
Most people don’t realize that the best way to keep their car insurance costs down is to not get in an accident! Once you are in an automobile accident you car insurance rates could skyrocket, which will increases your costs for many months to come. And one leading causes of car accidents is mobile device usage. So be sure to keep your phone out of reach when you drive so you’re not even tempted to use it.
Compare Auto Insurance Rates In Your Area
If you want to save money every month on auto insurance then be sure to follow these guidelines and you’ll be amazed what those insurance savings will be worth over the long-run. And don’t forget, you should always compare your auto insurance rates against other providers. You can use Esurance.com to get free quotes within minutes. You could save hundreds of dollars a month.