I want to share with you some information regarding car insurance premiums, and ways to help you save with your lease.
Let me start by addressing the elephant in the room. Our annual driving mileage has dropped and this is without a doubt the biggest factor that’s affecting your premium. So what I would do is I’d give your carrier a call and ask if they can lower your driver usage band. A good percentage of carriers defaults to the yearly national average of 15,000 Miles
Personalize your coverage, getting the same policy limits as everyone you know might make sense on paper. However, you might be exposing yourself to liability or overpaying if you don’t need lots of coverage.
Adjust your deductibles. Sometimes this makes sense, sometimes it doesn’t. It really comes down to how the carrier prices their coverage and how comfortable you are with risk.
Pay your premium upfront rather than monthly. Most carriers offer an incentive for that. Others that don’t either finance your premium or slap a monthly fee to your payments.
Bundle your policies. Most carriers offer a significant discount for having renters/homeowners policies.
In the end, I just want to say that car premium rates are individual specific. I often see people comparing their rates, and often judging their premium based on what their friend is paying. This discussion is pointless. There is simply no standard price that applies to everyone. It all depends on your (age, driving history, vehicle, location, etc)
If you have any questions please fee free to reach out to me. I’m a long veteran in the insurance industry and I’d happy to help.