Car insurance is one of the most important financial products you will purchase during your lifetime. A good policy will help you replace a stolen vehicle, repair damage caused by an accident, and pay for injuries suffered by drivers and passengers.
But with so many insurance companies, it can take a lot of work to know which one is right for you and priced correctly. So today, we’ll outline 7 signs which may indicate you are paying too much for car insurance.
#1 Not bundling – By purchasing different types of insurance from the same insurer, you may be eligible for significant discounts.
#2 No discounts – Check your policy for discounts. Almost every driver is eligible for at least one or two. Contact your insurer to make sure you receive every discount available.
#3 Unnecessary coverage – Review your policies for coverage you may no longer require. For example, an older vehicle may not need to carry comprehensive insurance.
#4 Life events – Certain life events can help reduce your premium, such as getting married or having an adult child obtain their own coverage.
#5 Less miles – If you have significantly reduced the number of miles driven annually, your insurer should offer a premium reduction for the lessened exposure.
#6 You moved – Even if you only moved across town, make sure to update your insurer, as it could lower your premium.
#7 You haven’t shopped – Perhaps the best way to learn if you are paying too much for your auto insurance is by shopping your policy with top-rated insurance companies.
Car insurance is one of those things that we often take for granted. But, like all things in life, it’s essential to try our best to get the right solution for the right price. To find out for sure, take some time to evaluate your coverage and reach out to start comparing car insurance rates today!