CHAPTER 8
WAYSTOLOWERYOURPREMIUM The simplest way to lower your premium is to choose a higher deductible, which I mentioned in the previous chapter. However, you need to make sure you can afford to pay it all at once if something happens. The same thing applies to choosing a plan with lower coverage. If you can afford to pay anything your plan doesn’t cover, this can be an option. Next, get multiple policies through the same insurance company, which often leads to a multi-policy discount. This includes coverage for more than one car as well as other kinds of insurance, such as homeowner, renters, boat, etc. You also want to look at the kind of car (or cars) you have. If your vehicle is older — roughly 10 years old or so — you may be able to skip the collision and comprehensive coverage depending on your state’s insurance laws. And if you’re in the market for a new car, whether
it’s brand new or used but new-to- you, keep in mind that the type of car will have an effect on your insurance, too.
For example, sports cars cost more to insure than SUVs, and cars with more safety
features are cheaper to insure. I also suggest doing a little research into the most commonly stolen cars, as those are also higher to insure.
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