Image via WikipediaInsurance is a particularly expensive part of our lives. We have life, car, boat, disability and home insurance to pay; the costs add up quick. Insurance companies have to compete with each other so there is good competition between them. One of the ways they do this is discounts.
Car insurance has it's share good discounts. But if your not aware of them you'll miss out on saving money.
Here are a few of the discounts available to you:
Vehicle Equipment
Air Bag
You could save up to 25% for driver side air bags and 40% for full front seat air bags. These discounts apply to the medical payments or pip portion of your car insurance premium.
Anti-lock Brake System
Does your car have a factory installed anti-lock brake system? You could receive a 5% discount on the collision portion of the premium.
Anti-theft System
Cars with a built in anti-theft system could earn a discount of up to 25% on the comprehensive portion of your premium.
Daytime Running Lights
Vehicles equipped with daylight running lights as standard equipment could earn you a 3% discount on certain car insurance coverage.
Driving History & Habits
Five Year Accident Free Good Driver
If your driving record is clear for five years you may save up to 26% on coverage.
Plus if your insurance company carries accident forgiveness, your rates won't go up.
Seat Belt Use
If you and your passengers always wear seat belts you could receive up to 15% off the medical or personal injury protection portion of your premium
Drivers Education
Defensive Driving Discounts
If you have completed a defensive driver education course you may be eligible for some discounts depending on the state where you live.
Driver's Education
If your a young driver and you have completed a drivers education course you may earn a discount on most coverage.
Good Student
Full time students with good grades can receive up to a 15% discount on their coverage.
Drivers Affiliation
Emergency Deployment
As a member of the armed forces fighting in wars overseas you are eligible for discounts of up to 25%.
Military
If your in the military on active duty, retired from the military, or a member of the National Guard or Reserves, you may be eligible of up to 15% of your premium.
Partnering Organizations
Some insurance companies have partnered up with various clubs and organizations to give discounts on your auto insurance premium.
Senior Level Federal Employees
If you have a senior-level job in the government, some companies give up to 8% discounts on your premium.
Customer Loyalty
Multi-Car
There is a discount if you insure more than one car on your policy and it may be up to a 25% discount.
Multi Policy/ Multi Line Discount
When you insure your car and also have your homeowners, renters, condo or mobile home policy with your car insurer you could get a discount.
Renewal Discount
For having multi year renewal with your insurer you can receive a loyalty discount.
With increasing demands on our incomes we must find ways to save some money. Make sure you have all the discounts coming to you that you qualify for. Today it's so easy to buy car insurance, there is an auto insurance store on every corner. With all the competition and discounts, the consumer wins. Why can't health insurance be bought so easily?
The customer loyalty and driver affiliation discounts are ones that people should check into; why not grab available savings? Drivers education aspects are likely also a good one for young drivers to check for. A couple of the others got me raising my eyebrows. Wearing seat belts? Everyone does - it's the law. DRLs? They have been standards equipment on cars for a couple decades now. I think a person would be hard pressed to find these.
ReplyDeleteWe've been with Geico for decades and have all of the discounts. With 2 older cars and a college student on our policy, our premiums are quite economical. It's always a good idea to ask for all the discounts, most reps are quite accomodating.
ReplyDeleteIts a general across the board list to make sure your getting all thats available. YMMV.
ReplyDelete@Barb, I believe Geico does have one of the most consumer friendly companies with a great list of discounts.
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ReplyDeleteDelores, I always check out all discounts I can get too. I wish I could shop my health insurance the same way. Thanks.
ReplyDeleteYou'll get the most competitive deals on car loans if you apply these practices before buying.
ReplyDeleteDon't look for the discount see what the service offered by the car company. Because we are paying for the car.
ReplyDeleteI agree with what state farm insurance said.
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