New Vehicle Discount
Savings of 10% to 30% are available if you cover a new automobile — or a vehicle less than three years old.
Passive Restraint Discount
Factory-installed safety features, such as motorized seat belts and airbags, not only keep you safe but also save you money. Other safety equipment, such as anti-lock brakes and daytime running lights, may be eligible for additional discounts. When looking for a new car, check with your insurance company about any discounts that are available.
Pay-in-Full Discount
Paying your annual subscription in full allows you to forget about payment for a year and, maybe more crucially, gain a discount. Almost half of the insurers we looked at give you a discount if you pay your payment in full rather than in monthly or semi-annual installments.
Distant Student Discount
If you are a college student attending an out-of-state — or simply out-of-town — university, or if you have a child on your policy who is attending school far from home, the Distant Student Discount might save you up to 30% on your insurance. Terms and mileage vary by carrier, but the qualifications are simple: a qualifying student must attend school hundreds of miles away from home and without access to a vehicle.
Telematics
Telematics and usage-based insurance offer new possibilities for vehicle insurers to price policies — and for good drivers to save money. Telematics-based insurance includes an insurance firm monitoring its client’s driving behaviors using a plug-in device and calculating monthly premiums based on such habits. Premiums based on telematics can be determined as early as six months into the insurance. If you’re a cautious driver, this is a terrific method to save money on vehicle insurance premiums, as your average speed and driving habits are factors in deciding your prices.
Other Types of Discounts
Some reductions are less prevalent and are not openly disclosed by insurers, but they might still save you money.
These are some examples:
- Senior citizen discount
- Military discount
- Customer loyalty discount
- No-claims bonus
Seasonal Car Insurance Promotions
Auto insurance premiums fluctuate like any other commodity. While seasonal vehicle insurance discounts are uncommon, automobile insurance firms routinely alter their pricing tactics in response to industry-wide statistics and changes to rating factors. Regardless of whether you can locate a car insurance promotion, the easiest approach to get the best rates is to shop around at every chance. By getting quotations every six months, you can maintain your finger on the pulse of insurance pricing and avoid missing out on a savings chance.
