Auto insurance is one of those monthly costs we tend to set up and forget about, sending in our renewal year after year without giving it much thought. But your annual Florida auto insurance renewal period is actually a great time to reevaluate your coverage and look for opportunities to lower your rates and save some money.
If you are getting ready to renew your car insurance policy, take a quick look at these possible money-saving tips.
Make the Most of your Auto Insurance Renewal
- Evaluate: Your current insurance company may not offer the best available rates. Use this annual opportunity to shop for a few competitive quotes in order to save money, but keep this in mind – a personal relationship with a great agent is invaluable. If you are happy with your current company but they do not have the lowest quote, let them know and see if they will match the lower rate. It is important to note that some companies may bury charges in order to make your monthly rate appear more aggressive. Read all quotes carefully to ensure that you are indeed comparing like policies. Make sure that all possible companies are financially stable.
- Update: Your car has likely depreciated since your last renewal. Update the book value of your car, and your rates will most likely drop accordingly. You may also wish to assess if your usage has changed; for instance, if you now have a job much closer to your home than when you obtained the policy.
- Consolidate: Many insurance companies will offer discounts for multiple policies. If you have not done so, consider obtaining quotes for a bundled policy which may include car insurance, home insurance, and life insurance.
- Renegotiate: Talk to your agent about different levels of coverage and perhaps raising your deductible to save on your premium. You may wish to reduce optional coverage on older cars as well. Be sure to read the fine print om your policy and ask for clarification on each line item. You may find that you are paying for coverage which you no longer need.
- Take the Rebate: Many insurance companies offer a wide range of discounts to their customers. These may include safe driver discounts, low mileage discounts or anti-theft device discounts. Ask your agent for any discount which may be applicable to your policy.
Did You Know?
Raising your deductible from $250 to $1,000 may save you up to 40% on your monthly premiums. When raising deductibles, however, make sure that you will have enough money set aside should you need to meet the deductible in the event of an accident.
Overall, it is a smart practice to take a good look at your auto insurance renewal policy annually. By asking the right questions, doing a little comparison shopping, and being knowledgeable about your coverages, you may save yourself a significant amount of money.
The insurance professionals at Anderson & Associates are dedicated to making our customer’s experience as positive as possible. If you are looking for a team of experts to better represent your auto insurance needs – as well as home, health, life, and business insurance – we would love to speak with you.
