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Reduce Your Car Insurance Rates by Asking These 8 Questions

Unless you love donating your hard-earned cash to your car insurance agent, you probably want to cut that cost pronto. Here are eight questions you can ask them that can help you do just that.

You may want to reserve a spot in your busy schedule for a phone call to your auto insurance agent. Why? So you can save some serious cash.

While you may think they have your best interests at heart, car insurance companies are in business to do one thing: cash in. For this reason, you may be overpaying for your car insurance and not even know it.

By calling your agent, you can ask some of the following questions to get your payment lowered while still protecting your vehicle.

“Will my new car require any surcharges?”

If you’re buying a new car, call your agent and tell them the model you’d like to purchase. Then ask them if any surcharges could appear due to higher damage, repair, or theft costs for that model.

If you see it’s too costly to insure it, you may reconsider your purchase. Failing to ask this question could result in unexpected costs that will make your new car buying euphoria wear off with the quickness.

“Do I qualify for any additional discounts due to my car’s features?”

Having a theft-deterrent system on your car could lower your premium since it can be seen as a risk-reducer. OnStar or LoJack are examples of GPS trackers that fit this mold.

Safety features could result in savings as well. Airbags, anti-lock brakes, and daytime running lights are often standard on newer vehicles, but if you have an older car that has them, mention it to your agent.

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“I barely drive now. Can that lower my payment?”

If you recently retired, started carpooling with a friend to work, or made some other change that drastically reduced your mileage, let it be known. Some companies will grant you tremendous discounts if you drive fewer than 7,500 miles per year, for example.

“Do you offer homeowner’s insurance? If so, how much can I save by bundling?”

An easy way to save money on your car insurance is to bundle it with homeowner’s insurance under one policy. Beyond the cost-cutting advantage this provides, it can also be more convenient by having you deal with just one company for customer service.

“Do you have any good student discounts?”

It pays to have a good student in your home. As long as they’re under 25 years of age and are in high school or college, they could qualify for a good student discount and 25% savings.

“How much can I save by increasing my deductible on auto collision insurance?”

An increase in your deductible could lead to a significant decrease in your premiums. This is a particularly good question to ask if you have a clean driving record.

“Can I drop my collision and comprehensive coverage?”

Ask this if your car is more than five years old and is worth less than $1,000. Cutting those coverages may be worth it.

“Why should I stay with you?”

If you have a good driving record, it may be time to shop around for new coverage with a different company. Doing so can yield savings, so ask your current provider why you should stick with them.

If your driving record isn’t so good and you’re happy with the service you’re currently getting, however, you may want to stay.

Jonah Jacobs