Find out How to Shop for Car Insurance: 10 Tips to Help Save You Money!
Let’s be honest: there’s nothing “fun” about shopping for car insurance. Getting coverage for your pride and joy means considering all manner of different unsavory scenarios, from cracked windshields to fender benders, and worse. And even after all of that, the moment you first lay eyes on your quote, you’re still left wondering whether you’re getting the best possible deal, or you’re leaving money on the table unnecessarily.
We’ve been there, and we’re here to tell you that shopping around for the best deal on car insurance doesn’t have to be such a stressful experience – so long as you keep a few money-saving tips in mind. We’ve partnered with TD Insurance to compile a list of ten tips to help keep your insurance premiums lower and ensuring you have the right coverages to fit your needs, leaving more money left over for the things that are a little more fun, like vanity license plate frames and fuzzy rearview mirror dice.
1. Choose Your Deductibles Wisely
Your deductible – the amount you would pay out-of-pocket for repairs after making a valid claim with your insurer – is one of the most important figures to consider when obtaining car insurance. It’s meant to limit your share of the repair bill to only what you can comfortably cover yourself, at which point your insurer steps in and pays the rest of the tab, so opting for a $1,000 deductible on your collision coverage is akin to saying: “If I’m unexpectedly in an accident, I could pay as much as $1,000 out-of-pocket toward repairs, but no more.”
If you ever need to file a claim, a low deductible is nice in the moment. But, the deductible is also a factor in determining your premiums. That nice, super-low $250 deductible might not be worth it in the long run if it means paying more each month for your insurance premium. If you’re comfortable with a higher deductible and you lease or finance your vehicle, keep in mind that the lender may have a maximum allowable deductible for certain coverage.
When you set your deductibles, be honest with yourself: how much can you really afford to pay for a claim, in the unfortunate event that you actually have to file one? We recommend comparing prices with a couple of different deductibles selected, and considering the trade-offs between paying a lower premium, or paying less out-of-pocket after an accident.
Learn More: How to Shop for Car Insurance: 10 Tips to Help Save You Money!