How can I lower my car insurance payment?

My lender requires that I carry full coverage on my car. My insurance is a lot higher because of this. Is there a way I can lower my insurance payment?

Answer
Owning a car is great, but some of the extra costs that come with it are a real bummer!
Lenders require comprehensive coverage and collision coverage, so you’re not alone in paying more for your insurance. Howwever, you still have options to lower your car insurance.
One easy way to lower your payment is to review your current policy. While you have to have full coverage, you could adjust your deductible. The higher your deductible is, the lower your policy premium is. If you can afford to pay a higher deductible after an accident, consider raising it.
Another option is to look at any optional coverages you carry. Rental reimbursement or towing coverage are two common coverages that you may want to consider removing to save some cash.
Finally, shop around. Insurance company’s rates vary. You may qualify for more discounts with another company or find a better rate for full coverage. You can request insurance quotes yourself or use Jerry. Jerry is the easiest way to find the best insurance rates from top providers.
Emily Maracle
Answered on Oct 25, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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