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Safe driving and fewer points on your license will always go a long way toward reducing the amount of money you pay for Elkton auto insurance, but these aren't the only ways to keep your premiums low. Check out these surprising ways to keep more money in your pocket at the end of the month. Reduce Coverage on Older Vehicles Did you know that collision coverage makes up the largest portion of insurance costs? If you're driving an older vehicle that is paid for, you may want to consider eliminating this coverage. Car owners with vehicles that are older than 10 years should can benefit the most from dropping collision coverage. Increase Your Deductible The lower the deductible you have on your vehicle, the higher your insurance premium will be. You may have chosen a lower deductible because you financed your vehicle, but if the vehicle is paid off and you're a safe driver with no accidents on your record, you may want to consider raising your deductible. Yes, you'll pay more if you do have an accident, but why pay more for driving your car around safely every day? Are you still financing your vehicle? You have wiggle room when it comes to your deductible. Most lenders require their customers to have a $500 deductible or less. If you're feeling the pinch in your budget with a $250 deductible, consider raising it to $500 to lower your monthly payments. Doing so will give you a little bit of financial relief without breaking your lender's rules. Save Money on Teen Drivers with Safety Programs It's no surprise that teenage drivers can make your insurance premiums skyrocket overnight. This is the case whether they have a car of their own or they borrow yours. One of easiest ways to soften the financial blow is to ask your insurance company if they have safe driver programs. These programs may require proof of a driver education class or may simply require your teen to take a course online. Although your teen may not be thrilled to participate in a driver safety program, you'll be happy when you open your insurance bill every month. Keep All Your Insurance Policies with One Company Multipolicy discounts are money savers. Whether it is a life insurance policy, renter's insurance, or a homeowner's policy, you save when you bundle. Nearly every insurance company offers multipolicy discounts, but if you're with an insurance company that doesn't offer this savings, it's time to start shopping for a new provider. Drive Less to Save More Today people work less from brick-and-mortar offices and more from the comfort of their own homes. If you telecommute, work part-time from home, or carpool during the week, let your insurance company know. Spending less time on the road means you're less likely to get into an accident and this is news to be celebrated by insurance companies. Cutting the amount of driving you do to and from work can slash the cost of insurance. Research Safe Cars before You Buy Are you in the market for a new vehicle? Before you head to the dealership, do a little research. Each year the Insurance Institute for Highway Safety (IIHS) rates vehicles for safety. Cars that meet the highest standards generally cost less to ensure. It's not that these vehicles won't be involved in accidents, but if they are, the chances of injury and damage may be significantly less than other cars on the road that are not equipped with certain safety features. Just because you're paying an exorbitant amount for Elkton auto insurance now, it doesn't mean you have to stay stuck in the pattern. Research your options and apply the strategies mentioned in this article to optimize your savings.
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