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7 Ways You Can Save When Switching Car Insurance

Jul 30, 2014 | Car Insurance

Written by Tim Marsh

Are you thinking of switching your car insurance to another company? Then you are like many people who believe that their current auto insurance policy is too expensive, or doesn’t give them the coverage that they need. But before you make the switch, you should know that changing insurance companies for your car is a big decision to make. Here are a few tips that will allow you to save both time and money if you’re thinking of changing insurers.

Try to Work it Out With Your Existing Insurance Company

Before you decide to look elsewhere, you may want to talk to your current insurer to see if it is possible to get a better rate, or a policy that would be more suited to your needs. If you’ve been with a particular insurance company for a while and have a good record with them, you may receive discounts if you simply renew your policy as opposed to going somewhere else. After all, if you’ve been their client for years and have never filed a claim, you are profitable for them and the insurer will definitely want to keep you as a policyholder.

Consider Modifying Your Existing Insurance to Drop Some Options

Having comprehensive and collision coverage may have been a good idea for you a couple of years ago when you bought a new car, but now that the car’s value has sunk down to just under $1,000, keeping these options may mean that you would pay more for your insurance than the car is actually worth. Check the resale value of your vehicle to see whether keeping comprehensive and collision coverage still makes sense.

Switch to An Insurer That You Already Do Business With

If there’s another company with which you have insurance products, like property insurance or life insurance, see if they offer auto insurance too. In many cases, you will be able to get a discount with an insurer if you already have certain products with them.

Thinking of Moving? Think Carefully About Your New Location

Big cities have more traffic and higher crime rates, which means that car insurance companies will consider those living in a city to be a bigger risk for them. If you’re thinking of moving but don’t really know where you want to go, you may want to remember that if you live in a smaller town, or a more rural area, you could save hundreds on your car insurance and even your property insurance.

Compare Your Options Carefully

When you switch car insurance, the price isn’t the only thing that should matter. Look at the amount of coverage provided and be sure to research the insurance company online to see how they handle claims. A cheap insurance policy can quickly become a big problem if the company is known for its poor service.

Do An Annual Check-Up of Your Auto Insurance Needs

Each year, you should review your auto insurance policy to see if it is still suitable for you. You may be driving less, or your car may have depreciated in value, making comprehensive and collision coverage unnecessary. You may thus want to make some changes to your coverage.

Buying a New Car Soon? Make Your Choice Carefully

If you want to buy another car in the near future, remember that the more expensive your car is, the more it will cost to insure. Those who want to save money on their insurance may consider buying a used car that is in great mechanical condition, but is less expensive than a new one.


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