Did you know you can save money on your car insurance by telling your agent to implement Secret Discounts some of which are mandated by state laws?
Well I guess I should really say its probably not a secret to your agent or the company you are with that these discounts exist .. its just that your agent has probably never told you about them and if the company did release the information to you its probably on an obscure website or in fine print in your policy.
The fact is most of us probably have a few discounts on our policies but I would almost be willing to bet you that there are a couple that could save you up to 30% or more that you have never even considered.
Vehicle discounts should be automatically applied to your policy based on your make and model and the information that your car’s vin number tells the agent but often they are not.
If your car has Airbags, automatic seat belts or anti-lock brakes this information should be right in the agent’s computer.
If you have an Alarm System and many vehicles now come with them as standard equipment that should be in their database.
I would bet that 50% of car owners are missing one of these basic vehicle deductions that are based on standard equipment features found in the base model car they are driving.
What other deductions can you take to save money on car insurance?
What about the simple fact that you pay your bills?
Many companies provide both a full payment deduction that reduces your 6 month bill if you pay it in full instead of monthly.
But they also provide a discount if you never missed a payment or had one rejected.. how about that? I bet that deduction is not on your bill but is part of your plan… because it’s part of mine and its not on there… and I’m going to have to have a talk with someone about that.
What other obscure things can you get deductions for?
What if you’re a student .. you probably heard that you could get a deduction if you took a high school drivers class or if you had good grades in school.
But if you go off to college did you know that registering your vehicle in the state where you are attending college will give you a deduction? Not just the fact that you might be from Jersey with the highest rates and attending school in New Mexico … but the fact that you just register your vehicle in the state.. ANY STATE means you are registered in the state where you will be doing most of your driving and they have a special deduction for college students who do that. .. WHAT? i never heard of that but its true.
Since we are on the topic of education…
Once you are out of high school and college and are past the age of 25 you will by law in most states qualify for a deduction of 10% if you take a 4 to 8 hour driver safety class and then when the 3 year deduction runs out if you renew 6 months before with a shorter refresher course you get 15% off your insurance and its mandated by law.. if you take the course either in a classroom or even online at an approved website .. you can get 15% right off the top of your bill and the agent can’t negotiate their way out of that discount… Check your state’s DMV website and Insurance Regulator website. It should be easy to find about 20 online and in person classrooms where a short one day course costing $9.95 to $25 will get you many times that back in deductions… well worth a few nights on the web taking that class for $10.
I can bet you that over 50% of you never had your agent say.. hey take this online course for $10 that you can complete all at once or over a few days and mail in the certificate and you will save hundreds of dollars off your bill.. I know I never did until i brought it up with one at my company and then once they agreed the deduction would save me hundreds of dollars on my cars I asked them could they tell me where to take these classes and they had no idea… thats just sad. But Google to the rescue I found my state site and they had a list of approved companies providing classes and one is only $9.95 .. you can’t cry about that… better yet if you hate tests.. they don’t grade them. if you don’t pass the final exam they give you pointers to review your mistakes and you take that part over until you pass… it can’t be any easier.. they just want you to hear and know this stuff because it reduces accidents and for that you get a discount mandated by law.
So what else can save me cold hard cash money on my car insurance?
Once you have made sure that you have been given all of the safety device and educational discounts and then made sure you are getting the deduction for not getting in any accidents and taken that online or classroom defensive driving class then you have at least one more option.
Personally I don’t think I will ever take advantage of this option because it is very intrusive but you can expect this to become mandatory in the future.
Almost all car insurance companies now have a GPS Tracking device that can be placed in your car to track how you drive, where you drive and when you drive to every where.
Unlike the commercial states the device must stay in your vehicle at all times if you want this discount. They will track your speed and how fast you stop and where and when you drive.
For me it is probably not that big a deal. I drive under 55mph where I live and I don’t go to anyplace exciting or hang out at bars. But you have to consider that a company will be tracking you with your approval so the limits will be pretty much unlimited.
If you have a Teen this might be a great way to make sure they know someone has an eye on them even when you’re not with them. On the other hand it is intrusive.
I guess it depends on your situation and whether you feel ok with it.
Final Note
Some of these deductions you may have heard of and might be getting but others you are probably not taking advantage of even if you know about them.
To find out more deduction possibilities email your insurance provider.
Make sure you can find a full list of deductions that are public.
Find deductions that fit your personal life that might not be part of the general training of agents.
For instance .. do you have a utility vehicle that isn’t your primary vehicle? yeah deduction for that truck you only use on the weekend.. and what about when you are over 55 and not yet retired but not in full time work.. yep another deduction.. what if you have a farm truck that you sometimes drive to a store.. deduction.. what if .. really it goes on and on and on and on .. and they will never tell you these things because it costs their company money and they get paid on commission for selling policies.
Its really sad .. so look around.. ask your friends .. family .. everyone who uses your insurance provider for discounts they get or heard of.
Then make sure you get them.