Are you paying the lowest price for auto insurance? No, this isn’t some ad or a script for those late night TV commercials. We are going to tell you about a brand new study that found many drivers are missing a lot of possible insurance discounts. Some are even available from their existing insurance company; all you have to do is call!
That’s right, if you let your fingers do the walking you could drive off with some big savings. Bankrate.com spent days combing through the policies and fine print of the 10 largest car insurance companies and discovered there’s some discounts you could easily be missing. Bankrate’s Doug Whiteman says, “You shouldn't assume that you'll automatically get every discount you're entitled to, because your insurance company might not know, for example, about the features on your car. It's very important to review your policy on a regular basis -- maybe at renewal time -- and see the discounts that you're already getting.”
The study revealed some unusual discounts for new parents and retirees and also found special deals if your car has features like daytime running lights. The most common way to save? Whiteman advises having your auto and homeowner’s policies with the same company. “You had better make sure that you're being rewarded for that because the companies universally offer what's called a "bundling" discount. Almost all of the top 10 also offer a discount if you have a good driving record, or if you have an alarm system in your car, or it's equipped with air bags. So, if you qualify, you want to nail down your savings!”
• All 10 major car insurance carriers surveyed provide a discount for having multiple policies with that carrier.
• All 10 also award a good student discount.
• Nine out of 10 offer clean driving record discounts, multi-vehicle discounts, anti-theft device discounts and passive restraint discounts.
• Eight out of 10 charge less for paperless billing
• Five out of 10 carriers offer discounts for people who work in a certain industry
• Two out of 10 carriers offer discounts for owners of environmentally friendly vehicles.
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