One of the first things that many people will tell you when it comes to saving money on car insurance is to shop around for multiple quotes. While it is true that shopping around can be a great way to find a lower rate, the fact is that remaining loyal to your current auto insurance company could also result in rather significant savings. This is because many auto insurance companies offer money-saving opportunities that are exclusively extended to their most loyal customers. Below you can learn more about three of these money-saving opportunities.
1. Reduction In Deductible
All auto insurance policies will typically have a deductible associated with them. This is the amount that you will pay out of pocket when filing a claim against your insurance policy. The higher your deductible is, the less likely you are to benefit from filing smaller claims with your insurance company. To help you save money over the course of time and allow you to file smaller claims if necessary, many insurance providers will offer a reduction in your deductible each time you renew your policy with them. You may even be able to eliminate your deductible entirely without seeing any increase in your premiums.
2. Accident Forgiveness
If you file an insurance claim as the result of an accident, you are likely to see your insurance premiums increase. In some cases, this increase can be rather substantial. That is why auto insurance companies often offer accident forgiveness to their most loyal customers. This money-saving program allows you to file a claim against your policy without the need to worry about your rates increasing. It is important to note that many insurance companies will limit this forgiveness to a single accident.
#3: Loyalty Discount
Loyalty discounts are offered as a way of retaining customers and rewarding customers for their loyalty. These discounts are applied directly to the cost of your policy in order to allow you to enjoy lower bills each month. The amount of these discounts will vary from one auto insurance company to the next, however, it is common for the amount of these discounts to increase the longer you are with the same insurance company. In many cases, these loyalty discounts will allow you to enjoy a lower rate than other companies are offering simply by choosing to stick with the insurance coverage that you already have. Look into the benefits your auto insurance company offer.
