When you first get auto insurance in New York, you might assess your needs, shop around for the best price, and check if you qualify for a discount. But have you been doing it since then?
It is valuable to re-evaluate your insurance policy as your car ages and your driver's license and habits change. Information becomes obsolete, offers and discounts change, and your coverage requirements vary. Here are a few ways you can save money on your auto insurance in New York:
Shop Around : This step is seamless. Even if you have an excellent local insurance agency, there will still be others who will offer better rates. Car insurance rates vary from company to company, even with the same coverage. Get quotes from at least 3-to four insurance providers, or better yet, use comparison sites to make it easier. And while we're at it, price shouldn't be the only factor you consider. Also, look at the local insurance agencies' reputation and customer feedback before you sign the check.
Re-evaluate Your Existing Insurance Coverage : Make sure you don't pay more for auto insurance in New York than you need to. For example, if your car is older, it may be time to give up all your accident insurance. This type of insurance is expensive and may not be worth it, so do the math: how much do you pay per year, how much do you deduct, and how much will your car cost? A Collision Damage Waiver may only be taken if the annual premium is not more than 10% of your car's current value. If your car is cheaper, you may be able to save money by switching to more affordable, government-defined coverage.
Combine Your Policies : Now is a good time if you haven't considered combining your car and home insurance with one carrier. Some insurance companies cut premiums by 25 per cent for customers consolidating their policies.
Claim Eligible Discounts : Check with your local insurance agency for a list of all the discounts they offer — for example, seniors, teachers, veterans, exemplary students, and those with clean driving licenses — and see if you are eligible.
Make Sure Your insurance Rates are Based on Accurate Information : If you rarely drive or have a recent accident, leave your records; you may be able to save money on your auto insurance. Start with a thorough review of your insurance policy to ensure your agent's information about you is updated.
Don't be Afraid to Ask for a Better Offer : Research competitors and get many offers. While you can find many elsewhere, you can at least use this information to convince your current local insurance agency to offer a better rate.
Increase Your Deductible : the higher the deductible, the lower your premium. Increasing your deductible can save you a large portion of your compensation (unless you are prone to driver accidents). However, note that you will have to pay for the deductible costs to repair your car yourself if you are involved in an accident. Make sure you have enough money in your emergency fund to cover your deductions when you need them.
Ensure You Have a Good Credit Rating : local insurance agencies increasingly check their customers' credit ratings when setting their interest rates. Check your credit report to make sure there are no errors and practice good credit habits.
If you haven't done so in a while, take the time to review your current auto insurance policy in New York and research others. You will be surprised to find new savings options.