Auto Insurance Discounts

Get all the auto insurance discounts available to you by thinking about how you drive, how you store your vehicle and how you shop for insurance.

Just as your car insurance is made up of different coverages (liability, collision, comprehensive, etc.), you have different ways to save. How protected is your car from theft and damage while parked? How much do you drive? What kind of accident and traffic incident history do you have? How diligent are you in shopping your insurance? All these questions will play into your discounts.

Summary
  • There is a car insurance for most reasons you could have a loss. You can take advantage of multiple discounts if you pay attention.
  • One of the easiest ways to save on auto insurance is your own consumer behavior. To save, you will want to shop your insurance and bundle your standard auto with your home, condo or rental.
  • Being a good driver can save you from accidents, but insurance discounts are a nice perk!
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Good driver discounts

No surprise here. The fewer traffic incidents and insurance claims you have had in the past, the better. Insurance companies’ pricing formulas reflect that they care if someone has a history of claims and traffic incidents.

Low mileage

Another genius idea! Driving less does mean crashing less. Part of each insurance company’s formula for preparing your price is different mileage tiers, each with a discount (or upcharge) for the mileage tier you’re in. Think carefully about how many miles you are driving as you fill out your insurance submission.

Classic/collector vehicle insurance is less expensive than standard auto insurance, despite the fact that it has the superior “agreed value” for the car itself because classic/collector vehicles typically see far fewer miles than standard vehicles.

Telematics

At this point, many insurance companies offer the ability to get an app on your phone that tracks your driving habits (acceleration, braking, mileage, following the speed limit, etc.). In fact, just having a telematics app with your auto insurer installed on your phone tends to make many of us drive just a little slower, which is naturally good for insurance. The question is: is it worth it? There’s no guarantee that you will see a discount after months of painstakingly careful acceleration and braking. And if you do, how much is it going to be? Nonetheless, some people do get a discount on their car insurance with telematics.

Bundling

If you’ve seen an insurance commercial—and you’ve probably seen thousands by now—you know that you can save by bundling your auto with your home, condo or rental. The reason companies want you to bundle is because it makes you less likely toswitch to other companies over time. Assuming you don’t have any issues with your auto insurance that could spike your rate (like needing to file an SR-22 or FR-44 form to your state’s department of motor vehicles), you are almost certain to save 10%–20% if you bundle. In most cases, you will only bundle your home/condo/rental with your daily driver because your classic/collector vehicle will be insured with a different company.

Anti-theft systems

A big chunk of one of your car coverages, called “comprehensive” coverage, relates to vehicle theft. Having deterrents like those below will help you save on insurance:

 

  • Alarms
  • Active devices (e.g., steering wheel locks, brake locks, after market alarms and kill switches
  • Passive devices (e.g., PASS Lock system or automatic locking doors when the key fob has moved a predetermined distance from the vehicle)
  • Vehicle Tracking/Recovery
  • VIN Etching (your VIN is etched into all the major parts on your vehicle

Where you park

A car in a garage is less likely to be stolen, damaged by weather, hit by another car, etc., than a car parked on the street. Where you park your car also has an impact on your auto insurance.

Shopping your policy

The bargain hunter gets the bargain! After you max out all your other auto discounts, you’ll still be able to save just by making sure you have the insurance company that offers the best coverages and price. Getting car insurance can be a pain, but INSURANCE-MOD’s system will allow you to enter all your info once and get comparative rates from some of the biggest insurance companies around.

Renewing your policy

It’s a good idea to shop your policy periodically to make sure you’re getting the best deal, but your insurance company will want to keep you from switching companies. Part of the pricing formula for your renewal policy will be a “renewal” credit. This is usually biggest at the beginning of your second year with them because the longer people are with a certain insurance company, the less likely they are to switch. When you shop your policy, be sure you get your current insurance company’s renewal quote as well.

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