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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?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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