When you think about it, insurance is one of the strangest things we spend money on. We regularly budget money to spend on clothes to wear, cars to drive and food to eat. For most people, monthly expenses also include money for a place to live and to supply it with the things it needs to operate, like electricity and water. All of these expenditures are necessary for our safety and comfort and, if there’s any money left over, it’s spent on things that bring us pleasure. Insurance is unique in that it is the only thing we spend money on hoping to never use. It just makes sense to pay as little for this line item as we possibly can.
Ways to Save on That Thing You’re Probably Not Going to Use Anyway
As with any purchase, you can economize by shopping around. It is amazing to see the range of prices different companies charge for what is basically the same insurance coverage. However, even if you are satisfied with the price you’re paying with your current provider, there are additional things you can do to save you money on your policy.
Driver Training and Defensive Driving Classes
If you are under the age of 21 and a new driver, you can save some serious money on your insurance premiums by completing a driver training course such as drivers ed. Check with your insurance provider about how to find a certified course that they will accept for a discount. The rules about licensing and types of training course varies from state to state, but your insurance man will be glad to help as the better driver you are, the less chance he’ll have to pay to get your car fixed.
If you’re currently a licensed driver, check with your insurance agent about discounts given for completing a defensive driving course. Most people only think about taking a driver safety course after they’ve gotten a ticket, but a small investment of time and money can result in a discount that could potentially pay you back hundreds of dollars over the life of a policy.
Don’t Forget What You Have Learned
Whether you take defensive driving or drivers ed, be sure to put into practice the things you have learned or been reminded of. Being a more careful driver will reduce your risk of accident, can make commuting less stressful and reduce your chances of receiving traffic tickets. This last point is also a money-saving tip as citations recorded on your driving record will cause your insurance rates to go back up, possibly making an even higher than they were before you began your money-saving efforts.
While all of these money-saving steps won’t work for everyone in every situation, at least one of them will result in discounts for almost everyone. Always start by checking with your insurance agent first to make sure you are choosing a course that your insurance company will recognize. Not that it’s a bad thing to improve your driving on principle alone. But why not save a buck or two while you’re at it?