Did you know there are some 1.446 billion cars in the world? According to one source, most are driven on roadways and highways in Asia, Europe, and North America.
If you live in a major city, you might be able to get by without a car. It might not be convenient to sell your vehicle, or you might not want to go to the extreme of getting rid of your car. But what are your options if you want to keep your vehicle but lower the related expenses?
Keep reading to learn about different ways to lower your insurance premium and save.
1. Insure Your Car On an As-Needed Basis
One way to reduce your insurance costs is by finding an insurer that offers flexible coverage options. For instance, some companies will allow you to insure your car for short-term periods. So, you could, for instance, insure your vehicle for the weekend or for a single day in the event that you have something special planned and need to drive. When you don’t need to use your car, you can park it and remove insurance coverage to save money.
Depending on how much it would cost to insure your car for an entire year, you can save a boatload of money if you insure your car on an as-needed basis.
Yet another option is to find people to carpool with. That’ll further lessen your dependence on your own vehicle and save you money over the long run.
2. Shop Around
One of the best ways to lower your insurance is to shop around. Many motorists simply accept the rates offered by their insurers rather than look around to see if they can get better deals elsewhere. That’s a mistake. You might be able to save hundreds of dollars per year simply by changing insurers. Spend time getting quotes from different brokers. You might be able to save some money.
3. Ask About Discounts
When looking for the best rates, ask about discounts. For instance, some insurance companies will reduce your monthly bill if you take a defensive driving course, install winter tires on your car during the winter, install an anti-theft device on your car, or have multiple policies. An example of the latter is a scenario where you get your home and car insurance from one insurer.
4. Ask About Low Mileage Policies
Do you drive your car less than most people you know? You might qualify for low mileage rates. If you’re not driving much, your risk profile will fall. Ask your insurer about any potential discounts that are available for people who don’t do a lot of driving.
5. Lessen Coverage on Older Vehicles
Do you drive an older vehicle? If so, you might want to take a look at your coverage. You could, for instance, drop collision coverage if the actual value of your car isn’t worth taking on extra policy costs. Another option is to get rid of comprehensive coverage. You could wind up saving a small fortune if you comb over your insurance policy and drop what you don’t really need.
As you can see, there are some things you can do to reduce what you pay in insurance. When you consider the cost of gas and diesel these days, you can appreciate the importance of saving money. Fuel prices don’t appear to be dropping to more reasonable levels for the foreseeable future. So, it’s incumbent on you to save money wherever you can. One way is by looking at your car ownership expenses and figuring out ways to cut down on monthly costs.