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As car insurance rates rise faster than anything else in the economy, drivers need to be sure that they are still properly protected without breaking the bank.
Your car insurance rate is highly personalized and depends on the make, model, and year of your car as well as factors such as your age, location, and driving history. With so much to consider, checking all the boxes to be sure you are not overpaying can feel daunting. The good news is we are here to help. Below, we have compiled a list of 5 simple steps you can take to save money on car insurance.
The vehicle you want to insure plays a major role in determining what you will pay for car insurance. According to Rate Retriever’s quarterly car insurance rates report, the popular car make with the cheapest car insurance rates is Subaru with an estimated annual premium of $1,870, 18% cheaper than the average vehicle.
Some cars, such as those belonging to a luxury brand, are more expensive to insure because of higher costs for repairs and replacement parts. If you are driving a car with higher repair and replacement costs, car insurance companies will likely assign you pricier rates to cover these costs if you ever need to file a claim. This is why your premium may be more expensive with higher end brands than with more modest vehicles.
Additionally, older vehicles and SUVs, minivans, and trucks tend to be less expensive to insure than new vehicles or types of vehicles like sports cars.
If you are in the market for a new car, taking this into consideration before you buy can help to save you money on car insurance in the long run.
Your deductible determines how much out of pocket costs you will be responsible for if you file a car insurance claim. Generally, a higher deductible means that your annual car insurance premium will be lower because you would be taking on more financial responsibility if and when you file a claim.
Increasing your deductible is a solid way to control your car insurance costs, but it is important to keep in mind that doing this will result in you paying more out of pocket if you are in a covered accident, so this might not be the best option for everyone.
In most states, car insurance companies are allowed to take your credit score into account when determining your annual premium. With the exception of drivers in Hawaii, California, and Massachusetts – where credit rating is not a factor in car insurance costs – working to improve your credit score is a fairly simple way to lower your car insurance premium.
According to Rate Retriever’s report, drivers with a good credit rating pay an average of 84% less for car insurance than those with poor credit and 23% less than those with fair credit scores. Additionally, if you are able to maintain an excellent credit rating, you could save even more, paying an average of 17% less for car insurance than those with good credit.
Most insurance companies offer consumers the option to combine their renters or homeowners insurance and their auto insurance under one policy, and doing this may get you a discount on both. In addition to lower premiums, bundling can save you the headache of having to manage multiple different insurance companies at the same time.
Remember that insurance rates are different for everybody, and bundling may not be the cheapest option for you. Be sure to do your own research with your chosen insurance company to learn more about your options.
The easiest way to be sure you are not overpaying for your car insurance is to compare rates from multiple different companies to find which one is the best fit for you. Your car insurance rate will look different depending on multiple factors, and each insurance company will be priced differently.
Take our quick quiz to compare car insurance companies available in your area and find the cheapest rate.
Car insurance companies determine how much they charge you based on your driver profile. Factors that can impact your rates include:
Read more about the factors that impact your car insurance rate
Switching your car insurance is easy, even if you are in the middle of your current policy.
Here are some helpful tips to consider to switch your car insurance:
The answer to this question depends on where you live and what you would like to cover.
Each state has its own minimum requirements on the type and amount of insurance needed. When you’re trying to determine what and how much car insurance you need, you can start by reviewing your state’s requirements.
Find out what’s required in your state
Once you review your state’s minimum requirements, you may find that you want additional coverage. For example, sometimes owners of new cars want comprehensive coverage to insure their car from natural disasters and vandalism, even though comprehensive coverage isn’t required by their state. To figure out what insurance you want, you can review the different types of insurance to decide what makes the most sense for your situation.
The biggest difference between Rate Retriever and other comparison sites is that we are a free and impartial research tool NOT an insurance marketplace. This means you can’t purchase a policy directly through RateRetriever.com, but you can use our tool to independently research your options and seamlessly connect with the provider you choose.
Unlike other insurance comparison sites, we:
We like to think that Rate Retriever is your insurance companion, not just another insurance comparison site. Our values guide everything we do, which is why we strive to offer transparent, trustworthy insurance tools.
There are many ways you can try to get cheaper car insurance. The first is simply to get quotes from multiple providers. This will help you determine if you’re currently receiving the cheapest rates based on your needs and driver profile. Rate Retriever makes the comparison process easy.
Sometimes, the reason your car insurance is so expensive is due to your driver profile. For example, drivers under 20 years old usually pay more for insurance than more experienced drivers, and drivers with a recent at-fault accident or traffic violation typically pay more.
There are ways to lower the cost of your insurance such as taking a defensive driving course. Check with your provider to see if there are any discounts you qualify for or can reasonably earn.
Rate Retriever works with national and local insurance providers to provide our users with a seamless insurance shopping experience. We may earn a commission from our insurance provider partners when you click on a link, call, or purchase a policy from one of the providers listed on our site. That said, we’re committed to providing you with accurate, bias-free information, and we do not allow our partnerships to limit the results or influence the information we share with you.
We do not sell your personal information, charge you for using our tools, or sell you insurance policies. Additionally, should you choose to purchase a policy from one of our partners, the price you pay will not be adversely affected.
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