How Drivers Can Save Money in 2023
The most important part of searching for car insurance is comparing quotes from several companies. Quotes can vary by hundreds of dollars across companies, even for the same driver.
Insurance companies offer many discounts to help lower rates. In the wake of increased remote work, many companies offer discounts or lower rates for driving less. Pay-per-mile car insurance can reduce rates even more for low-mileage drivers.
Switching from full to minimum coverage is a great way to save a significant amount on car insurance premiums if the owners doesn't have a car loan or an expensive car. Full coverage is 157% more expensive than liability-only coverage. Removing optional coverages like roadside assistance can bring down the bill, too.
Insurance companies in most states evaluate credit as a factor for insurance rates. The difference between a good and poor credit score can change premiums by 80%, as people with poor credit may be more likely to file car insurance claims.
ValuePenguin has a mission to empower people with information and resources to help them make smarter financial decisions. Car insurance can be a difficult and time-consuming topic to understand. This report attempts to unmask some of the critical issues.
In crafting the analysis, ValuePenguin reviewed more than 3.6 million quotes for different drivers, adjusting for various factors that affect auto insurance premiums. It gathered rates from 37 top insurance companies across the country since rates can vary widely by company.
Source: ValuePenguin
Abby Andrews