On the one hand, consumers can gain the benefit of a lot of promotional discounts. We’ve all heard of items like the “safe driver discount,” for example. There are also many other discounts that people can qualify for. These include discounts for those who are students, in the military, in a government job and more.

Sadly, many customers don’t know about or take advantage of these features, and the insurance companies rely on the consumer’s ignorance. If all customers suddenly took advantage of every applicable discount, it may put the insurance firm in a financial bind. Insurance companies only promote these benefits as much as required to prevent churn (the term for customers switching to another insurance group).

Because these discounts are so vital as marketing tools, insurance customers who are less aware are paying the price. All insured individuals are evaluated by risk, and so the starting rates for the insurance are designed to cover costs. For every discount that’s added to promote the company though, an equivalent inflation on those not receiving discounts is required.

The appropriate solution for consumers is research. Checking with one’s insurance company often yields surprising results, while switching to another insurance group that has discounts that cover you can put you on the beneficial side of the scale.

Educating yourself is the first step. If you live in New York, for instance, try searching for auto insurance New York and read some articles to learn about different types of coverage. For now, let’s look at some ways to lower your monthly car insurance payments.

1. Drive Safely

This is an obvious one, but over the long-term, a clean driving record can save you more money on your auto insurance than anything else. Even one ticket for an expired registration, an ignored stop sign or a burned out headlight can increase your premium by hundreds of dollars per year. Therefore, although this measure is proactive, it still should be high on your list. Additionally, driving more carefully will lower your stress and lower the chances of getting into an accident.

2. Lower Your Coverage

Some auto insurance covers areas that may already be covered by your existing health insurance. Personal Injury Protection, or PIP, typically covers healthcare expenses that may be incurred in an auto mishap. Medical Payments Coverage is another kind of coverage designed to cover healthcare payments in the event of an accident. Check with your health insurance provider to find out what is covered if you get into a car accident, and you may find that you’re double paying for medical coverage. If so, reducing or eliminating this coverage will lower your monthly auto insurance payment.

Insurance agent attempts to take on one of mankind’s greatest enemies – time and fate.
Created by Roy Iddan

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