By Madeline Klein
We know some people are more likely to plan ahead. (Shout out to our Type A friends out there!) Forward thinking can help you keep your life in order and help you have a clear vision of what’s coming up in your future financially. And, surprise! That applies to auto insurance too. We’ve got some inside tips on ways to plan ahead with your auto insurance that’ll help keep you less stressed and maybe even save you some hard-earned cash.
1. Get auto insurance before buying a car
There’s a lot to juggle when you’re buying a car, but a big thing to check off your to-do list is auto insurance. Make sure you’ll have auto insurance ready to go when you drive your shiny new ride off the lot. Not only will this ensure you’re not driving uninsured for one second, but many providers (cough cough, like Say) will give you an advance purchase discount for the extra heads up about needing insurance. Why not save some money for a little bit of forward-thinking?
This also goes hand-in-hand with avoiding gaps of insurance. Providers don’t love to see gaps in coverage so much that some provide a continuous insurance discount (including Say!).
2. Give your provider a heads-up about moving
Moving is stressful, but don’t forget to alert your insurance provider while you’re figuring everything else out. Auto insurance providers are state-specific, so your provider may not be able to provide car insurance in another state. Check in with them ahead of time so you can worry about one less thing during a move.
3. Get a discount if you pay-in-full
Between credit cards, Netflix, Spotify, and potentially multiple insurance providers, it can be tough to remember to pay for everything on time each month. Auto insurance providers often give a pay-in-full option that can take one payment off your need-to-remember list. Plus, some provide a pay-in-full discount so you can save some cash while you’re at it.
4. Save for your deductible
They’re called “accidents” for a reason, right? You never know when something will happen, no matter how safe of a driver you are. It can’t hurt to start saving in case you ever need to meet a deductible after an accident. Putting away a little money each month can mean that fender bender won’t be so bad to pay for.
5. Look into coverage limits
A true planner should do a sweep of their auto insurance every six months to a year. When doing that, make sure your coverage limits align with what you could afford to pay if you needed to use them. A little research into the total value of your assets will help you know if your limits are sufficient, or if you need to increase them to be more comfortable.
6. Keep an eye on birthdays
We know sweet sixteen birthdays are exciting for kids and adults alike, but don’t let those birthdays slip by without letting your provider know. A new driver on your insurance will most likely make your monthly rate go up, so keep that in mind in the years before it happens. If you can squirrel away a few dollars here and there, the increase for new driver insurance won’t be so horrible.
7. Married couples may pay less for auto insurance
You’ll need to make some auto insurance decisions after tying the knot. At the very least you’ll need to let both providers know you got married. And many merge their insurance policies after the wedding bells. Plus, statistics show married people tend to be in fewer accidents, so they usually pay less for their car insurance.
If you do decide to merge providers, you may want to do some research into who will offer a better rate. Or, it may be time to start shopping for new auto insurance altogether.
So start keeping track of what life events may affect your rate. And that planning ahead may just help you take advantage of discounts that may keep your money in your wallet, just where you like it. There are a lot of things you can do to take control of your rate and now’s the perfect time.
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Posted May 10, 2019 in Insurance Know-How.