We’re all looking for ways to save money. When it comes to auto insurance, there are 5 things that reduce Massachusetts auto insurance premiums quickly. If you need to save money, these may be options to consider.
1. Increase Deductibles
Deductibles are the amount that you must personally pay before your auto insurance coverage kicks in. Typically, they are anywhere from $300 to $1,000. Selecting a higher deductible normally reduces your Massachusetts auto insurance premiums. However, be sure to compare that savings to your potential out of pocket expenses for claims.
2. Reduce Coverage Limits
Your Massachusetts auto insurance policy contains different types of coverage, such as that for personal injury or collision. Each category includes a specific dollar amount. Reducing the coverage limit can decrease your insurance premiums. But again, be sure to weight those savings against the risk. If you are at-fault in an accident and the damages exceed your coverage limits, you will be held personally responsible for the difference!
3. Shop Around
Insurance companies set their own prices. This means that the price at one insurance company could be much different than the price offered by another. Price sensitive vehicle owners can certainly shop around. In some cases, companies offering the lowest prices do not necessarily offer the best service when it comes to claims processing, so it’s important to keep that in mind. You may want to find a good balance between price/savings and service.
4. Bundle Policies
Many companies offer discounts for bundling auto, homeowner’s, renter’s, and other policies. If you have more than one vehicle, putting them on the same policy can also save you money. Be sure to take advantage of bundle discounts!
5. Ask About Special Discounts
All Massachusetts auto insurance companies offer a range of discounts, but some will vary from company to company. Be sure to check for everything that may apply to you and your vehicle. Here are a few common discounts:
- Anti-theft Devices
- Low Annual Mileage
- Driver’s Ed Course Participation
- Membership in Certain Organizations
- Company/Employer Discounts
The above are just 5 things that reduce Massachusetts auto insurance premiums. There may be many more ways to save money on your policy. Be sure to ask your insurance provider about pricing and ways to save. Additionally, consider using an independent insurance agent. They work with many major insurance providers and can help you find the best company and policy options to fit your needs!