What are the best ways to reduce your car insurance rates?

I know I'm supposed to shop around to get the best rates, but what other tips should I consider to pay less for insurance?

First, you can pay a higher deductible to lower your premium. For example, you could raise your deductible to $1,000 from $500. But you want to make sure you have enough money set aside to pay it in case you file a claim.
Second, if you have an older car, you may want to consider dropping collision coverage and comprehensive coverage. Having these coverages on a car with a lower value may not be cost-effective.
Third, you can bundle your car insurance with your home or renters insurance. Most providers offer a discount if you buy more than one policy from them.
Fourth, you should try to maintain a good credit record. Car insurance companies tend to give more favorable rates to drivers with good credit because they’re less likely to file claims.
Carol Chung
Answered on Apr 12, 2021

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