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Yes, you can. Insurance companies base auto insurance rates on a number of criteria, such as age, driving record, residence, and type of car driven. If you find that you’re paying more than you think you should for insurance, there are ways you can lower your premiums.

  • Shop around:
    Auto rates vary from company to company, sometimes significantly. As a result, a good way to save money is to look into whether another insurer offers the same coverage at a lower rate.
  • Consider raising your deductible:
    For the most part, the higher your deductible, the lower your premiums. Before you raise your deductible, however, you’ll want to be sure you can cover the out-of-pocket expense if you have an accident.
  • Eliminate unnecessary coverages:
    For example, if you have an older car, it may make sense to drop your collision and comprehensive coverage, since a claim paid by your insurance company may be minimal and might not exceed what you’d pay in premiums and deductibles. Or, maybe you are paying your insurer for roadside assistance coverage that you already have through a separate road and travel club, or your vehicle manufacturer.
  • Consider changing the type of car you drive:
    The type of car directly impacts what you pay for insurance. Newer, higher-priced cars and high-performance vehicles cost more to insure than used/lower-end models.
  • Check for discounts with your insurer:
    Depending on your circumstances, you may be eligible for one or more auto insurance discounts. For example, your insurer might provide discounts to those with a safe driving record, or to those who insure more than one vehicle with them.

This final note is important: don’t be tempted to save money on your auto insurance by lowering your liability coverage limits. Having less than adequate amounts of liability coverage can expose you personally to claims for other people’s losses—in the case of a serious accident, these claims could even wipe out your entire savings.