Martin's Money Tips: Car Insurance

Are you looking for ways to save money on car insurance? If so, you’re not alone. Car insurance can be a significant expense, but there are a number of things you can do to reduce your premium.

In this article, Martin Lewis, a leading consumer expert, shares his top tips for saving money on car insurance. Martin has helped millions of people save money on their car insurance, and he’s here to help you do the same.

Before we dive into the details, it’s worth noting that the best way to save money on car insurance is to shop around and compare quotes from different insurers. This is because insurance companies compete for your business, so they’re often willing to offer discounts to new customers.

Martin’s Money Tips: Car Insurance

Here are Martin’s top 4 tips for saving money on car insurance:

• Shop around and compare quotes.
• Increase your deductible.
• Take advantage of discounts.
• Consider usage-based insurance.

By following these tips, you could save hundreds of dollars on your car insurance premium.

Shop around and compare quotes.

The best way to save money on car insurance is to shop around and compare quotes from different insurers. This is because insurance companies compete for your business, so they’re often willing to offer discounts to new customers.

• Get quotes from at least three different insurers.

  This will give you a good idea of the range of prices available.

• Compare quotes carefully.

  Pay attention to the coverage limits, deductibles, and discounts that are included in each quote.

• Consider your needs.

  Make sure you’re getting the coverage you need at a price you can afford.

• Don’t be afraid to negotiate.

  Insurance companies are often willing to lower their rates if you ask.

By following these tips, you could save hundreds of dollars on your car insurance premium.

Increase your deductible.

A deductible is the amount of money you have to pay out of pocket before your insurance company starts to cover your claim. Increasing your deductible can lower your premium, but it’s important to choose a deductible that you can afford to pay in the event of an accident.

Here are some things to consider when choosing a deductible:

• Your budget.Make sure you can afford to pay your deductible if you need to file a claim.
• Your claims history.If you have a history of filing claims, you may want to choose a higher deductible to lower your premium.
• The value of your car.If you have an older car, you may want to choose a higher deductible to save money on your premium.

As a general rule of thumb, it’s a good idea to choose a deductible that is no more than 5% of the value of your car. For example, if your car is worth $20,000, you should choose a deductible of no more than $1,000.

By increasing your deductible, you could save up to 20% on your car insurance premium.

Take advantage of discounts.

Many insurance companies offer discounts to customers who meet certain criteria. These discounts can vary depending on the insurance company, but some common discounts include:

• Multi-car discount:If you insure more than one car with the same company, you may be eligible for a discount.
• Multi-policy discount:If you bundle your car insurance with other types of insurance, such as homeowners or renters insurance, you may be eligible for a discount.
• Good driver discount:If you have a clean driving record, you may be eligible for a discount.
• Anti-theft device discount:If your car is equipped with an anti-theft device, you may be eligible for a discount.

Be sure to ask your insurance company about all the discounts that you may be eligible for. By taking advantage of discounts, you could save up to 15% on your car insurance premium.

Consider usage-based insurance.

Usage-based insurance (UBI) is a type of car insurance that tracks how you drive and then uses that information to set your premium. UBI programs typically use a device that plugs into your car’s diagnostic port and collects data on your driving habits, such as:

• Mileage:How many miles you drive each day or month.
• Speed:How fast you drive.
• Hard braking and acceleration:How often you brake or accelerate hard.
• Time of day:When you drive.

UBI programs can be a good option for drivers who want to save money on their car insurance. If you are a safe driver, you may be eligible for a lower premium under a UBI program.

FAQ

Here are some frequently asked questions about Martin’s Money Tips for Car Insurance:

Question 1: How can I get the best deal on car insurance?
Answer: The best way to get the best deal on car insurance is to shop around and compare quotes from different insurers. You should also consider increasing your deductible and taking advantage of discounts.

Question 2: What is a deductible?
Answer: A deductible is the amount of money you have to pay out of pocket before your insurance company starts to cover your claim.

Question 3: How much should my deductible be?
Answer: As a general rule of thumb, your deductible should be no more than 5% of the value of your car.

Question 4: What discounts can I get on car insurance?
Answer: Some common discounts include multi-car discounts, multi-policy discounts, good driver discounts, and anti-theft device discounts.

Question 5: What is usage-based insurance?
Answer: Usage-based insurance is a type of car insurance that tracks how you drive and then uses that information to set your premium.

Question 6: Is usage-based insurance a good option for me?
Answer: UBI can be a good option for drivers who want to save money on their car insurance. If you are a safe driver, you may be eligible for a lower premium under a UBI program.

These are just a few of the most frequently asked questions about car insurance. If you have any other questions, be sure to contact your insurance company or an independent insurance agent.

Now that you know how to save money on car insurance, here are a few additional tips to help you keep your premiums low:

Tips

Here are a few additional tips to help you save money on car insurance:

Tip 1: Maintain a good driving record.

One of the best ways to keep your car insurance premiums low is to maintain a good driving record. This means avoiding accidents, tickets, and other violations.

Tip 2: Choose a safe car.

The type of car you drive can also affect your insurance rates. Cars that are considered to be safe are typically less expensive to insure.

Tip 3: Park your car in a safe place.

Where you park your car can also affect your insurance rates. If you park your car in a garage or other secure location, you may be eligible for a discount.

Tip 4: Consider increasing your policy deductible.

Increasing your policy deductible can lower your premium. However, it’s important to choose a deductible that you can afford to pay in the event of an accident.

By following these tips, you can save money on your car insurance without sacrificing coverage.

Now that you know how to save money on car insurance, it’s time to take action. Shop around and compare quotes from different insurers, and be sure to consider all of the tips that we’ve discussed. By following these tips, you can get the best possible deal on car insurance.

Conclusion

In this article, we’ve discussed Martin Lewis’s top tips for saving money on car insurance. We’ve covered everything from shopping around and comparing quotes to taking advantage of discounts and considering usage-based insurance.

By following these tips, you can save hundreds of dollars on your car insurance premium. So what are you waiting for? Start shopping around today and see how much you can save.

Remember, the best way to get the best deal on car insurance is to be an informed consumer. Shop around, compare quotes, and ask questions. By doing your research, you can be sure that you’re getting the coverage you need at a price you can afford.