Do you drive a vehicle in the state of Virginia? If so, you are legally obligated to carry at least liability insurance on your car, truck, or SUV. If you have a loan on your vehicle, you will also be obligated by the bank to carry additional full coverage insurance. Depending on what you drive and other factors, the monthly fees for your insurance can get quite high. Fortunately, there are some ways you can save money on your car insurance VA.
Here are some tips and tricks to get discounted rates on your car insurance.
Drop the Full Coverage
If your vehicle is older and you don’t carry a loan on it, you don’t have to fully insure it. You can drop comprehensive and collision insurance—which covers damages to your car if you are involved in a wreck or if acts of nature damage it—and save upwards of $1000 per year. Of course, this means you’ll have to pay out-of-pocket for damages, but it makes sense if your car’s value is steadily decreasing, you’re racking up miles, and you have it paid off.
Increase Your Deductible
The deductible is the amount you pay out-of-pocket before your insurance kicks in after your car is damaged after an accident or act of nature. The higher your deductible, the less you’ll pay on your monthly bill. Again, this can make sense if you’ve got some savings in the bank to over a larger out-of-pocket bill and/or if you are a safe driver who rarely gets into accidents.
Consider Bundling
Do you own a home? If so, you need to have a homeowner’s insurance policy. If you don’t currently have your homeowners and car insurance policy with the same company, you are probably paying more than you need to. When you have both with one carrier—known as bundling—you can sometimes save up to $300 a year.
Shop Around
Yes, there is something to be said for being loyal and keeping your car insurance VA with one company. However, if you haven’t shopped rates for a while, you could be paying more than you need to. It’s always a good idea to get quotes from other carriers every few years to make sure you are getting a fair rate. If you do find a company that offers significantly lower rates, bring the information to your current carrier to see if they are willing to match it.
Ask Your Carrier
It’s possible you may be able to do a few easy things to lower your rates and you just don’t know about it. Reach out to your insurance carrier and ask if there is anything you’re missing. You may be able to take a defensive driving course, put a speed checker on your car, or do other simple tasks that could save you hundreds.
Choosing a Car Insurance VA Provider
Have you purchased your first vehicle or are you looking to switch insurance providers? To find a car insurance VA provider, ask around for referrals from your friends and family members. You can also read online reviews, opting for a company that has a majority of five-star reviews. Once you’ve chosen a company, consider the money-saving tips in this article to make sure you’re getting the best possible rates.