Summer is here, the kids are home from school, and you’ve likely already noticed how your car-related costs are starting to rise. In addition to paying more for fuel and auto maintenance during the summer, your latest car insurance bill included an increase to your premium.
As a money-savvy mom who wants to cut expenses as much as possible, you might be wondering if you can do anything to lower your car insurance rates, or if you’re stuck paying the higher costs and having less money to spend on your kids this summer.
Fortunately, there are several things you can do, starting right now, to spend less on your car insurance. Consider the following ideas:
1. Shop Around for a New Company
If you’ve been with the same car insurance company forever, you might assume you’re being offered the best rates.
However, this might not be the case. Knowing that, take the time to review your policy and compare rates with other insurance companies to potentially save money. Who knows? You may discover another company offers lower premiums.
But since you may not have the time or patience this summer to call a bunch of car insurance companies and visit numerous websites, use a quote comparison website to get multiple insurance quotes quickly and easily.
For example, visit InsuranceHotline.com, enter some basic information and within a few minutes, you’ll get numerous offers from many of Canada’s most well-known and reputable insurance providers.
With this information, you can then potentially choose a new insurance company that offers lower premiums.
2. Boost Your Deductible
Regardless of whether you stay with your current car insurance company or decide to go with a new one, raising your deductible can save you additional money on your premium.
In fact, increasing your deductible from, say, $200 to $500 may reduce your coverage cost by anywhere from 15 percent to 30 percent.
If you’re comfortable with a $1,000 deductible, you might save 40 percent or more on your premium. If you do opt for a higher deductible, work on setting aside this new amount in a savings account. This way, if you have to make a claim, you won’t have to scramble to come up with $500 or $1,000.
3. Ask About Other Discounts
Your insurance company might have a policy in place that rewards safe drivers with reductions in their premium costs. Call your agent and ask if this is the case with your policy, and then inquire about other discounts for which you may qualify.
For instance, if your vehicle has an alarm, you might get a reduction for having an anti-theft device in place. Likewise, if you have a young teen on your policy, you might get a favorable student discount if they get good grades.
Finally, if you bundle your home, car and life insurance with the same company, this often leads to lower rates as well. Indeed, it definitely pays to ask your agent.
Have a Great and Budget-Friendly Summer with the Kids
Summer isn’t the cheapest time of year as it is. With the kids home and wanting to do things, you’re probably spending more money on them and their activities.
Fortunately, by giving these tips a try, you should be able to avoid the summertime boost in car insurance costs and have more money available to keep the kids happily entertained.