Last updated on December 19th, 2022 at 02:29 pm
If you have a car, insurance is a necessary expense. But, there are ways you can save money when it comes to your family car insurance rates. Here are some helpful tips you’ll want to consider.
How to Save Money on Your Family Car Insurance
Get Coverage for Multiple Cars
When your family has more than one car, you can save money on insurance by covering all of your vehicles with the same insurer.
Be sure to ask your insurance company if your family qualifies for a multi-car discount.
Typically, to qualify for multiple car coverage, each driver must live at the same address and be related either by blood or by marriage.
Make sure to check with your insurance company to see if they offer a discount for bundling your home or renter’s insurance with your family car insurance too.
If your insurer doesn’t provide coverage for multiple cars or offer discounts for bundling your different types of insurance, you should look at companies that do offer the option. You might want to consider switching your insurer.
Get Cheaper Insurance for Teens
When your teenagers start driving, car insurance rates typically go up, but your child could qualify for a discount.
Ask your insurer about student discounts. If your child is in high school, their good grades could qualify you for a lower rate.
Discounts can range significantly, from as little as 1% to as high as 39%, so spend some time comparing different insurers to find the best rate.
This coverage typically lasts until your child turns twenty-five.
Get started by searching for quotes with an online car insurance comparison site.
Include Your Kids on Your Insurance Policy
If your young adult children have their own car insurance policies, they may save money if you are able to add them to your family car insurance policy.
There’s no age limit for kids to stay on their parents’ insurance policies, as long as you’re all living under one roof. However, those under the age of twenty-five typically get more affordable insurance under their parents’ plan versus buying it on their own.
Compare Different Insurers
As mentioned above, you can use an online comparison site to compare different insurers to find ones that offer student discounts. But, of course, everyone can use comparison platforms to save money on auto insurance.
So, make sure you shop around in order to find the best deal for your family.
Increase Your Deductible
As you probably know, the deductible is the amount of money you have to pay before your insurance kicks in, in the event of an accident, theft, or damage to your vehicles.
The lower your deductible is, the higher your annual premium will be. But that works the other around way too. The higher your deductible is, the lower your premium will be.
It could be worth paying a higher deductible in order to get a lower premium. Ask your existing insurer or a potential insurance company how your premium would be affected if you raise your deductible.
Get Discounts for Installing Anti-Theft Devices
You and your family may be able to save money on car insurance when you install anti-theft devices on your cars.
By installing devices like car alarms, you could lower your premiums. And, the anti-theft measures installed in newer cars may save you money on your insurance premium as well. Some insurance companies enable you to save as much as 25% when you have anti-theft systems in your cars.
Get Rid of the Coverage You Don’t Need
Family car insurance coverage includes lots of different things. You may not need all of those coverages, so carefully look through what the policy includes to determine whether you need each element of coverage.
For instance, can you do without roadside assistance or car rental coverage? If you’re already covered by AAA, you don’t need to pay for roadside assistance through your insurance company. And, if you’re a multi-vehicle household, you may not need rental coverage if one of your cars is out of commission for a short while.
It should go without saying that you’ll want each member of your family to drive safely at all times.
By driving safely, you not only help to avoid accidents. You can also get significant savings on your car insurance.
When drivers avoid tickets, violations, and accidents, insurance rates can be lowered by as much as 23%.
Which of these tips have you used to save on your family car insurance rates? And, which will you try? Leave a comment below.