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Car Insurance Discount Guide (2022)
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Owning a car comes with a lot of costs, from registration and gas to the occasional repair. Many of these costs are out of the driver’s control, but one way you can keep your costs down is by lowering your car insurance costs. There are all kinds of discounts you can get on your car insurance. We’ll help you get started by identifying some of the most popular ones.
Another way you can find cheap car insurance is to compare car insurance quotes to find an affordable policy. Insurify pulls together quotes from all the top insurers so you can find the right policy for you.
Most insurance companies, from Allstate to USAA, have insurance policy discounts of some kind. It pays to investigate the possible discounts you may qualify for.
Learn more about the available discounts from GEICO, Liberty Mutual, Progressive, State Farm, and other car insurance companies to see which offers the best auto insurance discounts.
There are three key types of discounts on your insurance premiums that you may qualify for: driver-based discounts, policy-based discounts, and bundling discounts. Learn more about each kind of driver discount below.
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Depending on your car insurance company, there are many ways to qualify for discounts. Some discounts are dependent on your driving history–if you have a clean record, you can save!
Discounts based on your driving record reward you for things you’ve done (or in some cases, things you haven’t done). You can get discounts on your insurance coverage for things like remaining accident-free, not committing moving violations like speeding, taking a defensive driving course, or otherwise having safe driving habits.
Qualifying for driver-based discounts can save you a huge chunk of change on your car insurance rates. Some of the most common discounts in this category include:
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Car insurance companies will also reward policyholders for structuring their policies a certain way. Get lower car insurance premiums by doing things like insuring multiple cars with the same company or staying with the company for a long time. Many companies offer discounts in this category, including:
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Bundling discounts are some of the most popular discounts out there. Consumers love them because buying multiple kinds of insurance from the same company simplifies the process of managing different accounts. Most insurance companies offer some kind of multi-policy discount for bundling your car insurance with homeowners, renters, or life insurance.
See More: Cheap Car Insurance
Comparing quotes from multiple insurers is the best thing you can do, but there are other strategies you can use to save money. One popular way is to choose a policy with a higher deductible.
You should review the discounts you’re receiving at least once a year or once per policy term to see if you qualify for any new discounts. This is also a good time to shop around for a better rate.
You may be able to save up to 35 percent on your car insurance costs, depending on your insurance company and which discounts you qualify for.
Some car insurance discounts only apply to part of your coverage. For example, seat belt discounts may only apply to medical payments. Why? Those are the parts of your insurance that pay for injuries to your passenger. Another example: anti-theft discounts may only apply to comprehensive coverage because that’s the part that pays for car theft.
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.