Budget Concerns: How Much Insurance is Enough?

Budget Concerns: How Much Insurance is Enough?

3 Easy Ways To Save Money On Your Next Auto Insurance Policy

Dustin Duncan

While you may not be able to eliminate the need to maintain a valid auto insurance policy, you can take steps to help minimize how much you pay for this policy. In fact, with the help of the three simple tips below, saving money on your next auto insurance policy can be easier than you may imagine. 

Tip #1: Agree To Download Safe Driver App To Your Phone

It is quite common nowadays for insurance providers to offer a safe driver app that can be downloaded to your phone. Insurance companies use these apps to collect data regarding your driving habits so that they can more accurately assess the risk that comes along with insuring you. When you agree to download this app to your phone you will automatically qualify for a discount on your car insurance policy. This base discount is yours to keep regardless of what data the app collects. However, it is possible to qualify for an even larger discount if you display safe driving habits during the time the app is monitoring you. 

Tip #2: Take Advantage Of Bundle Discounts

Nearly all insurance companies will offer discounts to individuals who purchase more than one type of insurance from them. This discount is typically referred to as either a bundle discount or a multi-policy discount. The great thing about this type of discount is that the discount will apply to both your car insurance policy and any other policies that you have with the company. This means that if you purchase both your car insurance and home insurance policies from the same company, you will be able to enjoy a discount on both policies simply for buying the coverage you already need. 

Tip #3: Eliminate Any Duplicate Coverage You May Have

While you are not likely to have liability or collision coverage through any other source, there are smaller coverage options that are often included in a car insurance policy that ultimately provide the same coverage that you may already have through a different venue. For instance, many people have roadside assistance coverage either through their car warranty or as a standalone policy. If you are paying for roadside assistance coverage as part of your car insurance policy as well, you are inevitably paying more than you need to each month. Taking a few moments to review all of your coverage options and eliminate any duplicate or unnecessary coverage can be a very simple yet effective way to save money on your car insurance. 

For more information about auto insurance policies, contact a local company. 


Share

2022© Budget Concerns: How Much Insurance is Enough?
About Me
Budget Concerns: How Much Insurance is Enough?

Insurance is something that I carry in the hopes that it never has to be used. Along with life coverage, I also have low cost auto insurance and a health plan through my employer. I'm toying with the idea of adding some additional coverage, just in case something happens and I'm no longer around to take care of my family. The question that is on my mind is how much insurance is enough? Do I really need more, or would it be better to cultivate other assets that my loved ones can draw on if needed? If you are in the same boat, let's journey together for a while. Read on and I'll explain what I'm trying and why. Together, we can figure out when it is time to add more coverage and when enough really is enough.

Tags