#CarInsurance #HighPremiums #InsuranceTips #SavingMoney
Are you feeling the sting of skyrocketing car insurance premiums? 🚗💸 You’re not alone! Many drivers are facing the same issue, but there are steps you can take to potentially lower your costs. Let’s explore some options that you may not have considered yet.
### Review Your Coverage
One of the first things you can do to lower your car insurance premiums is to review your coverage. Consider whether you truly need all the coverage options you currently have. Here are some things to consider:
– Do you really need the highest liability limits? Lowering your coverage limits may reduce your premiums.
– Could you raise your deductible? A higher deductible typically means lower premiums, but make sure you have enough saved to cover the deductible in case of a claim.
### Shop Around
You mentioned that you received quotes from 8 different insurance companies, but they were all within a $30 difference. While this may seem discouraging, it’s still worth shopping around. Here’s why:
– Different insurers have different rating criteria, so you may find more competitive rates with a different company.
– Be sure to ask about any discounts you may qualify for, such as multi-policy or safe driver discounts.
### Consider Telematics
Some insurance companies offer telematics programs that track your driving habits. By participating in these programs, you may be eligible for discounts based on safe driving behavior. This could be a way to lower your premiums, especially if you and your wife are safe drivers.
### Look into Usage-based Insurance
If you and your wife don’t drive a lot, usage-based insurance could be a way to save money. With this type of insurance, your premiums are based on how much you drive. If you’re not racking up a lot of miles, this could be a cost-effective option for you.
### Evaluate Your Vehicles
You mentioned that you looked at cheaper cars but didn’t find much savings. However, there are other factors to consider when it comes to your vehicles:
– Are you driving high-risk vehicles that are more expensive to insure?
– Do your vehicles have safety features that could potentially lower your premiums?
### Explore Other Discounts
In addition to safe driver discounts, there are other discounts you may be eligible for. Some common ones include:
– Multi-vehicle discount
– Good student discount
– Pay-in-full discount
By taking advantage of all available discounts, you may be able to chip away at those high premiums.
### Consider Usage-based Insurance
If you and your wife don’t drive a lot, usage-based insurance could be a way to save money. With this type of insurance, your premiums are based on how much you drive. If you’re not racking up a lot of miles, this could be a cost-effective option for you.
### Seek Advice from an Insurance Agent
If you feel like you’ve tried everything and still can’t find a solution, consider reaching out to an insurance agent for advice. They may be able to offer insights or options that you haven’t considered yet.
### Final Thoughts
While it can be frustrating to deal with ballooning car insurance premiums, there are steps you can take to potentially lower your costs. By reviewing your coverage, shopping around, and exploring different options, you may find a solution that works for you. Don’t give up hope – with some persistence and creativity, you may be able to find a more affordable insurance option.
Remember, every driver’s situation is unique, so what works for one person may not work for another. Keep exploring your options and don’t be afraid to ask for help when you need it. Good luck! 🚗💰
It will drop at age 25, was my experience. You’ve already shopped around and raised deductibles, other than that all you could do would be remove or lower coverages, but you might not want to do that
I’ve had good success using an app called Jerry to shop insurance for me.Â
You can take a driver’s safety course aka defensive driving class and your insurance will usually give you a break. I think the biggest break will come at 25.
Shop around or wait. You could lower your liability limits, and look at an umbrella policy. That may be cheaper than the higher limits you have.
How much are your current cars worth? Are they paid off or do you still have a loan on one or both? If they were totaled, would you be able to replace them on your own or would you be in financial trouble without help from insurance. You can save money in the short term by dropping full coverage, but it may be a penny wise pound foolish decision if you couldn’t replace them without insurance’s help.
Are your home and auto insurance with the same carrier? All I’m aware of offer multi-line discounts.
You could price out getting an umbrella liability policy, then reduce your auto limits to the minimum that qualifies for the umbrella. Can’t guarantee that will save money but worth it to investigate.
At that level of premium you might consider dropping collision coverage, particularly if a car is older and would just be totalled in any serious accident. Bank some of the reduced premium to help pay in case of an accident.
Call your carrier and ask what other discounts are available. A good agent/carrier will work with you to see if you qualify for anything you aren’t already doing.
Make sure all your demographic information is updated correctly. Things like marital status, etc
I agree with the others to just wait it out until you’re 25, it should decrease significantly then.
Edit: apparently this isn’t as straightforward as I thought. Mine did and so did everyone else I know (that I know well enough to ask about their insurance rates… so admittedly some bias there). So ymmv.
That money is insane. If you paid them off, just get liability. If not, prioritize paying them off so you can lose the outrageous insurance.
Defensive Driving course for each of you may help get a discount.
You might find an insurance broker for your market who can shop around more widely on price.
Make sure insurance has correct avg driving distance for both cars – if you just moved recently, may be possible that didn’t get updated.
Multi-policy: Home, car, etc.
And finally – call your insurance and ask them – are there any other discounts we are not taking advantage of, that could help?
1. Go to an independent insurance agent, they can get better rates. 2. What brand is it? Hyundai and Kia are extremely expensive to insure.
Age and number of years driving is a factor.. How’s yours and hers credit? Many people do not know this but your credit score effects your car insurance premium.. I always paid extremely high premiums until I started fixing my credit. The higher my score got, the lower my ins premium got.
Can you lower you PIP coverage with qualifying medical coverage from your health insurance? I can do that in Michigan.
This happened to me both when I just renewed now and in my previous renewal 6 months ago. 6 months ago they upped it almost $300 for the next 6 months. When I called them because nothing had changed on my end they told me it was my zip code. Then this time it was up I think $134. They told me this was due to inflation and business costs. Since I was saving up to pay the full 6 months I didn’t really have time to look at other options. But you certainly could get quotes from other companies. As well as if there’s Brokers around where you live they usually can get you a better deal. Make sure that you guys have every available discount that you can. Such as if you have homeowners insurance that is not through your car insurance perhaps you can do that. I have my dogs insurance that go through my car insurance it does give me a little discount. Usually multi-car policies will also give you a small discount which I’m assuming you guys have the same company with the same policy. You can also call them to make sure you’re getting every discount possible. If it makes you feel any better for 6 months I pay $1,200.
It will get cheaper in the next few years. Don’t get any tickets or any accidents
If you don’t drive a lot look at pay-per-mile products if they’re on offer in your locale.
Have tried an independent insurance broker?
Can you downsize to 1 car by trying creative things like 1. One person does WFH while the other takes the car. Alternate between you (plus carpool with coworkers)
2. One person drives the other to a location where public transport is viable for the other.
3. Pay a coworker to take you to work. Make it easier on them by being dropped off at their house in the morning. Pay generously for the cost of gas and maintenance. In short, make it a no hassle, good deal for them.
Shop around. Understand that your vehicles are expensive to insure.
Doesn’t hurt to get a quote through Costco, but like others have said you may just have to wait it out.
I was 28 when I first went to get my ’06 Jetta insured. $156 Canadian a month with full benefits and discounts.
I’m in Florida and when my insurance doubled I went online and found out that I can self-insure, which is what I did. This year I haven’t paid for car insurance. I’m responsible for any accident I cause, but I’m willing to take the risk. The minimum insurance requirements most people have, really don’t cover much. You will need to own the car, not the bank.
How is your credit score? Any claims? Poor credit significantly increases your rates.
Insurance nearly doubled for almost everyone I know at their renewal this year so far…
Your age is working against you as well as, according to your post, your location.Â
I’m gonna give a wild guess and say you’re in FL? Rates are up for everything there.Â
$500/month for 2 cars doesn’t sound insane. Seems pretty normal for certain states + your ages.
No I don’t. But neither would the insurance that I would have bought. Which only would cover 20,000 property damage, 20,000 liability and 10,000 PIP I believe. I just have to drive defensively and be careful not to cause an accident. The last time I caused an accident was 45 years ago when I fell asleep at the wheel. I actually made it home, but my mother insisted I go pick up my sister after I pleaded to her that I was too tired to do so. I did not make it a block before I fell asleep. Is there a risk to driving without insurance? Of course there is. I also don’t have health or homeowners insurance, but it’s a risk I’m personally willing to take. Will I regret it? History says no, but that isn’t’ always true.But I’m tired of throwing money away at insurance companies that love collecting my money, but when it’s time to pay a claim, will fight tooth and nail to avoid doing so. Again that’s me, I don’t suggest it for everyone.
Here in Florida, $250/person is a reasonable rate…
NOT GOOD ADVICE (but this is the alternative millions are taking) Illegal too :: Drive without. Just don’t get into any accident and don’t get pulled over.
You’re probably paying for things you already pay for through work like health insurance.
Check other companies.
500$ for two drivers and two cars isn’t bad depending on miles driven and type of vehicles.
Our insurance increased almost $300/month when our son started driving. Look up large verdicts in your state if you want to know why (cost of repairs, especially to EV’s, is another reason).
Sell a car.
Take transit. No transit? Get a bike.
Jesus $500/month. I just got my renewal quote, and usually it goes up and I have to shop around. But it stayed the same at $315/ 6 months.
Is your auto insurance bundled with your homeowners? That can save money.
You have two expensive to insure cars.
Echoing others: go to a broker. Each insurance company seems to have a target market. As you age, get different vehicles, move to a new area, get married, etc… you may move into a different demographic that is better served by a different insurance company. We have probably changed companies 3 or 4 times over the past 20 years.