In today’s challenging economy, it is good to find ways to save money. One way to do that is to take a closer look at your auto insurance policy. Though auto insurance prices are at an all-time high, there are still plenty of good deals and discounts to be found…especially in Ohio! According to a new report from Insure.com, the Buckeye State is 11th in auto insurance discounts.
Common Insurance Discounts in Ohio
We spend a lot of time harping on your interest rate, but the right insurance plan could save you hundreds of dollars — the key is to do your homework. Here are some common discounts to look out for:
- Students (16% average discount)
- Being married (14% average discount)
- Low-mileage drivers (11% average discount)
- Infrequent use of automobile (10% average discount)
- Bundled home policy (9% average discount)
- Payment type (9% average discount)
- Residence type/occupancy (6% average discount)
- Bundled life insurance policy (4% average discount)
- Electronic funds transfer (4% average discount)
- Education level (4% average discount)
- Vehicle ownership (4% average discount)
- Commute distance (4% average discount)
- Days driven per week (4% average discount)
Factors You Control: Type of Vehicle and Deductible
You may even be able to save money when buying a car. Certain makes and models typically get lower premiums. As you may have guessed, a new sports car usually comes with a higher premium than a sedan or minivan. Another area to pay attention to is your deductible. If you are willing to be out-of-pocket in the event of an accident, then your premium will likely be lower.
One factor which is commonly overlooked is the amount of time you have been with your insurer. Many insurance companies will reward longstanding customers in the interest of keeping that customer so be on the lookout for customer loyalty discounts and rewards. Also, be sure to keep in mind that, while some insurance companies may charge you a little more in the beginning, your premium reductions over time may make switching companies worth the price. Last but not least, be sure to check out companies that offer usage-based insurance products. If you are diligent about it, your driving habits can pay off.
When it comes to picking an insurance plan, just remember it is the little things that matter. If you spend the time to review all of your options, chances are you can find ways to save money.
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