Our focus here at Lending Rate Marketplace has always been, and will continue to be, to provide consumers with the most effective methods for saving money on the financial products they so desperately need.
Auto insurance is in the crosshairs today as we take a look at the top low cost auto insurance hacks for 2017. Make sure you take advantage of these simple tips before purchasing your next auto insurance policy.
Top Low Cost Auto Insurance Hack #1: Strategic Location Selection
Auto insurance companies consider location as one of its highest factors in determining the overall price of auto insurance premiums. This makes sense in that the risk of an auto incident occurring in a highly populated area is most likely to be higher than one in a rural low populated area. This is great news for drivers in rural areas but what about city-dwelling folks?
One low cost auto insurance hack would be to check the rates by neighborhood and consider moving to take advantage of the lower rates. I understand moving may not be possible for some so this may not be applicable. But for those that live in big cities, especially ones where the major means of transportation is public transit (e.g. New York, Chicago, etc.), consider alternative locations to store and operate your vehicle from.
Top Low Cost Auto Insurance Hack #2: Infrequent Driver Designation
Surprise, surprise, there’s a greater chance of an auto accident happening the more often you drive. Therefore if for some reason you only intend to drive on certain days (e.g only the weekends because you take public transportation to work) then you may be eligible for a discount on your auto insurance premiums. The low cost auto insurance hack here is to shop for the lowest auto insurance using a comparison tool and contact that auto insurer to get a further discount.
Editor’s Note: Click here to see a list of low cost current auto insurance rates available in your area today.
Top Low Cost Auto Insurance Hack #3: Take The Defensive Driving Course
This may be the simplest (and most overlooked) of all the low cost auto insurance hacks. Did you know you can take a defensive driving course to lower the cost of your auto insurance? Don’t be embarrassed if you didn’t, prior to doing research for this article I had no clue. And best of all, many states offer the course online for a super low cost (e.g. $20).
Well what’s the benefit of taking a defensive driving course you may ask? Well how does a 10% discount on your annual auto insurance premiums sound, pretty good huh. In addition you may be eligible to get points removed from your record if you have any, so all in all this seems like a no brainer!
Top Low Cost Auto Insurance Hack #4: Increase Your Credit Score
We mentioned in a previous mortgage refinance hack article about the importance of repairing your credit and increasing your credit score before purchasing a home or refinancing a mortgage. The same should be considered when looking to hack your auto insurance. Auto insurance companies definitely look into your credit history when determining what rate to offer you for your auto insurance needs. Just another great reason (amongst many) to increase your credit score ASAP. You can check out our article discussing the most essential credit score hacks for 2017 here.
Top Low Cost Auto Insurance Hack #5: Good Driving Discounts Really Do Exist
If you are a good driver and haven’t had any reported incidents in a long time you probably are eligible for a good driving discount with many auto insurance companies. This is another single way to secure up to a 10% discount on your auto insurance. It seems like over the past few years auto insurance companies have started to automatically apply discounts for customers without reported incidents or moving violations. But we recommend checking in with your auto insurance company every 6 months to see if a discount is available for your stellar driving record.
Bonus Top Low Cost Auto Insurance Hack #6: It’s All About Who You Know
We’ve all heard the phrase, it’s not what you know, it’s who you know. Well the same can be said when it comes to auto insurance in some respects. One low cost auto insurance hack to check is employer discounts. So often we don’t take advantage of discounts available to us on purchases simply because we don’t know that they exist. And many times the companies that do offer employer discounts are not exactly forthcoming in letting you know that you can save a few dollars in these situations. As such we suggest asking your auto insurance provider if there are any available discounts for employer or other affiliations (such as AAA, BJ’s, Alumni, etc..). You can see just how much of a discount you can receive from affiliations and other factors by checking out our 60-second auto insurance savings wizard here.
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