Most insurance companies offer more discounts on auto insurance than any other type of insurance. Each company offers slightly different discounts, but some of the most common ones include:
• Multi-policy: Almost every insurance company offers a multi-policy discount, which knocks off 10% to 20% when you bundle your auto insurance with a homeowners or renters policy.
• Multi-vehicle: If you have more than one vehicle on your policy, you’ll likely receive this discount, which makes each vehicle in a household slightly less expensive to insure than it would be if it was the only vehicle on the policy.
• Vehicle safety features: Most new vehicles have advanced safety features, such as passive or active restraints and blind spot monitoring. Each vehicle that has these is eligible for these discounts.
• Safe driving record: Insurance companies like to minimize risk, and having a safe driving record is a big indicator that you’re likely to keep your driving record clean. Companies typically look back between three and five years at your record, but this can be one of the larger discounts available.
• Good student discount: Having teen or early 20s drivers on your policy can have a dramatic impact on your rates. To help offset part of this, your child could receive a good student discount if they earned at least a B average last semester.
• Defensive driving course: Anyone is eligible for a defensive driving discount, but this can be particularly attractive to people who don’t qualify for a safe driving discount. Enroll and complete an approved online defensive driving course and receive a discount.
• Telematics: Not every insurer offers this, but enrolling in your company’s telematics program could save you extra money. Telematics is the program that tracks certain aspects of your driving for a period of months and gives you a discount based on how you drive.
There are usually many more discounts available, such as paying for your policy in full, enrolling in automatic payments, quoting well ahead of time, going paperless, etc. Be sure to talk with an independent insurance agent to find out which discounts you qualify for.