We have all felt the pain of rising car insurance costs. In fact, Florida is among the most expensive states for auto insurance. And with premiums recently rising higher than inflation, it’s more important than ever to find ways to lower your bill. The good news: Consumer Reports found cost-saving tricks its experts say actually work!
First -- like we said Monday on The Morning Show about lowering your home insurance -- raise your deductible and cancel coverage you don’t need. A $1,000 deductible compared to $500 might sound like a lot, but it could reduce your premium by more than 10%.
And if your car is older, Consumer Reports says you should consider canceling collision and comprehensive altogether, because you could end up paying more than you would get back in repair or replacement costs. If your car’s current value is low, you probably don’t need to be paying for these extra coverages.
Also, consider tracking. Programs like State Farm’s Drive Safe & Save Connected Car and Progressive’s Snapshot use technology to track your driving habits.
Many drivers will get a discount right out of the gate, but Consumer Reports says there’s something to keep in mind.
“You’re looking at a privacy trade-off,” said Kaveh Waddle with Consumer Reports. “So, if you’re willing to give up some of these details about where you’re going and how you’re driving, how often you’re driving, then you might see some benefit. But if you don’t want the insurer riding shotgun with you, then you might say no to some of these programs.”
CONSUMER REPORTS: 7 Ways to Keep Your Car Insurance Costs Down
Even if you don’t want to get tracked, being a safe driver will still reap rewards. Just one driving violation or insurance claim can quickly raise your rates.
And if you don’t think you’re getting a good deal with your current auto insurer, shop around. Two auto insurers have consistently landed in the top tier of Consumer Reports’ ratings: Amica Mutual Group and USAA Group.
Consumer Reports says there are a number of factors that go in to determining the rate an auto insurer will give you including your age and yes, in both Florida and Georgia, your credit history can be a consideration.
Consumer Reports also says in general, the more expensive the car, the higher the premium because of course -- expensive cars cost more to repair and replace -- so be sure to keep that in mind when buying your next car.
MORE WAYS TO SAVE