SAVVY SHOPPER: Shop for best car insurance deals for your family
While you know that auto insurance is important and is required by law, it can also be one of your biggest expenses. In the state of Georgia you have to have at minimum the following coverage limits: Bodily injury $25,000 per person and $50,000 per accident
Property Damage: $25,000
These limits may be higher depending on what you use the car for. An example of where your limits may be higher is if you volunteer to drive children on a field trip. At my son's school, drivers have to have at least $100,000/$300,000 coverage, which would raise your premium up, but surprisingly only by a few dollars. Now let's discuss a few ways to save money when it comes to auto insurance.
Shop around: One of the simplest ways to save on auto insurance is to shop around. You can easily compare prices online these days, making it much easier than ever before to find the best rate. In many cases, a new insurance provider will give you a cheaper rate if you switch to them because they want to bring in new customers. So even if you already have insurance, once a year do some checking to see if you are getting the best rate. It doesn't hurt to shop around, and it does not cost you anything to do so!
Look into an "insurance bundle." What other types of insurance do you carry? Do you have a boat? Do you have homeowner's or renter's insurance? In many cases, you can combine these different types of insurances into a bundle with the same provider and they will give you a discount for doing so!
Discounts: See what discounts you qualify for. There are many different discounts available and you may not have been aware of all of them when you signed up with your insurance carrier. Many insurance carriers offer a safe driver discount if you have not had an accident in a certain number of years. There are sometimes discounts for students (those that get good grades) and veterans. There can be a multi-driver discount, discounts if your vehicle has certain safety features, and much more. So once again ask your insurance provider to make sure you're getting all of the discounts you are eligible for.
Consider a higher deductible. A higher deductible might be a pain if you have an accident but it can keep your monthly payments lower. By doing this, you will only pay out more in the event that you have an accident, and actually need to claim it on your insurance. Some people are willing to take that risk in order to keep their monthly payments lower.
These are just a few ways that you can save money on your auto insurance.
Saving money doesn't start and end at the grocery store, you can apply the strategies we discuss every week, into many different areas of your life in order to be financially responsible. It's all part of being a Savvy Shopper.
Join us on Jan. 19, as I show you how plan delicious and nutritious meals for a fraction of what you currently spend. From shopping tips to food preparation, we will discuss how to stretch your grocery budget and still feed your family their favorites! Make the most of mealtime without spending a fortune.
Melissa King is a professional savings blogger from Savannah. Contact her at melissa@thismommysavesmoney.com.
Melissa King is a professional savings blogger from Savannah. Contact her at melissa@thismommysavesmoney.com.