For many people, the premiums they pay for auto insurance are higher than their car lease or loan payments. Car insurance is expensive – there’s no way around that. And if you have accidents or moving violations on your record, it can verge on unaffordable.
These days there are many sites and online tools that enable you to quickly get a quote for car insurance and you can be covered by a new, less expensive policy in less than 24 hours.
Financial professionals recommend re-quoting your auto insurance every two years or even every year. Insurance companies are very competitive and are eager to undercut each other on price. You can also sometimes save money by eliminating unnecessary add-ons and coverage you really don’t need. Raising your deductible – say from $500 to $1,000 – can also significantly lower your premium. Some companies offer further discounts if you move other insurance policies – a homeowner’s or umbrella policy for example – to their company.
Bottom line is that auto insurance is expensive, but with a little work you can make it less so.