How to Get the Best Car Insurance Rate Discounts
Shopping for auto insurance can be a real chore, especially with how competitive rates are getting and every company offering “the lowest prices,” but here are some tips on finding the best discounts on your car insurance.
To help differentiate themselves from the competition, various auto insurance providers offer a bevy of discounts, but sometimes not many of them are obvious. Bankrate.com has put together a helpful chart with 10 of the most popular insurance providers (State Farm, Allstate, GEICO, Progressive, Farmers, USAA, Liberty Mutual, Nationwide, Travelers, American Family) and the discounts that they offer, but here are some additional tips on finding the best rate for your policy.
When shopping for auto insurance, you should also take the time to shop for additional policies such as homeowner’s insurance, renter’s insurance, or even life insurance. Most insurance carriers will offer multiple policy discounts. In addition, all 10 of the popular insurance carriers award a good student discount. According to the chart, nine out of 10 offer clean driving record discounts, multiple vehicle discounts, anti-theft device discounts and passive restraint discounts.
Some of these discounts aren’t advertised on insurance carriers’ websites. So often times, it’s highly recommended to call and dig for more discounts depending on the state you live in and your driving record. There are even discounts for certain college attendees and graduates, and for people who work in a certain industry. Two carriers listed also provide discounts for green-car owners.
At the end of the day, it’ll be worth your time to speak to a sales representative and don’t be hesitant to ask for multiple discounts that you may be eligible for.
For bundling car insurance with other policies, such as home insurance.✔✔✔✔✔✔✔✔✔✔Multivehicle:
For insuring more than one vehicle.✔✔✔✔✔✔✔✔✔Anti-theft:
For anti-theft device, such as alarm system.✔✔✔✔✔✔✔✔✔Anti-lock brakes:
For anti-lock brake system.✔✔✔✔✔✔✔Passive restraint:
For safety features such as air bags and motorized seat belts.✔✔✔✔✔✔✔✔✔‘Green’ vehicle:
For a hybrid or alternative-fuel vehicle.✔✔Safe driver/accident-free:
For a clean driving record.✔✔✔✔✔✔✔✔✔Defensive driver:
For taking a defensive driving class. May be limited to senior drivers.✔✔✔✔✔✔✔✔Low mileage:
For keeping mileage down. Electronic monitoring of mileage may be required.✔✔✔✔✔✔Military:
For members of the armed forces.✔✔✔✔✔Affinity/occupational (nonmilitary):
For belonging to a certain group or working for a certain company or in a certain field.✔✔✔✔✔Full payment:
For paying premium all at once.✔✔✔✔✔✔✔✔Paperless billing/automatic payment:
For billing or payment done electronically.✔✔✔✔✔✔✔✔✔Loyalty:
For having stayed with the insurer for a length of time.✔✔✔✔✔Early signing:
For switching to a new carrier if shopping process started at least a certain number of days before old policy expired.✔✔✔✔✔Good student:
For a young driver earning good grades.✔✔✔✔✔✔✔✔✔✔Distant student:
For a young driver on a policy attending school far from home.✔✔✔✔✔✔✔✔
Note: Some discounts not available in all states.
Results found during a June 11-13, 2013, survey of discount information available on the websites of the 10 largest car insurance companies. List of top 10 car insurers is by market share in 2012 and is courtesy of A.M. Best Co.
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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