Auto Insurance Discounts
While auto insurance can be costly, there are many steps you can take to save money on your auto insurance and reduce your monthly premiums. One of the things many customers fail to take advantage of is the variety of discounts auto insurance companies offer. Understanding the factors that affect auto insurance rates can help you make better decisions regarding your auto insurance policy and may save you money.
Auto insurance discounts generally fall into one of three categories:
Policy-Related Auto Insurance Discounts
Multi-policy and multi-vehicle discounts
Many insurance companies offer discounts to customers who purchase multiple policies from them, for example, auto and homeowner's insurance. In addition, having more than one vehicle covered under one policy can save money.
Return customer/renewal discount
Customers who maintain auto insurance coverage from the same company may qualify for renewal discounts on their policies.
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Vehicle-Related Auto Insurance Discounts
Anti-theft discount
You may be eligible for auto insurance discounts if your car is equipped with anti-theft devices, such as tracking devices or car alarms. Insurers in the following states are required to offer anti-theft device discounts:
Safe car discount
You can save on your auto insurance premiums if your car is equipped with safety equipment, including air bags, automatic seat belts, head restraints, or anti-lock brakes.
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Driver-Related Auto Insurance Discounts
Driving school/driver safety discount
Some insurance companies, such as MetLife, offer discounts to drivers who successfully complete driver safety classes. These classes can be completed in a classroom, on the Internet, or at home.
Good/safe driver discount
Drivers who maintain good driving records can save money on their policies. Speeding violations, parking tickets, and other small offenses can all affect your auto insurance rates.
Mature/older driver discount
Older drivers face a lot of scrutiny about their driving ability, and generally have to highest rate of fatal daytime accidents. Insurance companies may offer discounts to older drivers who complete a voluntary defensive driving course.
Good student discount
Many insurance companies reward full-time high school and college students under the age of 25 who maintain at least a "B" (3.0) grade point average. Proof of enrollment and/or academic achievement may be required.
Infrequent driver/low-mileage discount
The less you drive your car, the lower risk you have of being in an accident or damaging your car or another car.
Commuter discount
The way you use your car and the amount of miles you drive annually affect your auto insurance rates. If you carpool to work or school, you may be eligible for a commuter discount. In addition, you may be able to save money on your policy if you use public transportation to get to work or school.
Occupational discount
Drivers with degrees in engineering or science-related fields (such as biochemistry or mathematics) have been found to be lower-risk drivers. In addition, teachers who are state association or NEA members may qualify for discounts.
Your good driving habits might have earned you a discount on insurance!
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**Auto Insurance Finder is not an insurance broker or carrier. Content on this site is for comparison and informational purposes only. The products and services listed on this site may not be available in all states.
Last Updated: February 14, 2008
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