Using Policy Discounts to Save on Car Insurance

Your policy itself has the potential to earn you discounts. Whether it’s how long you’ve been with a particular company, how long you’ve been insured in general, or how and when you choose to pay your insurance bills, all savings count, so make sure you’re taking advantage of the following:

Customer Discounts

This category of discounts is based on the relationship between you and the carrier you’re insured by. No matter how long you’ve been insured by a particular company, there are always potential opportunities to save. Here are some examples of customer-based discounts:

• Loyalty discounts: save up to 15%. Loyalty discounts are discounts for drivers that remain loyal to a particular car insurance carrier. How long you need to be insured by your carrier to earn this discount depends on the company.
• New customer discounts: save up to 15%. If you’ve just switched carriers, you might be eligible for a discount. The validity periods of new customer discounts vary between providers.
• Retention discounts: save up to 10%. If you’ve found a better quote from another carrier, it might be worth it to call up your current insurer and let them know, as in some cases you might be offered a retention discount as a means of convincing you to stay with your current carrier.
• Continuously insured discounts: save up to 25%. If you’ve been continuously insured by any carrier for six or more months, you could potentially get a discount.

Payment Discounts

The way you pay can save you money on car insurance. Here are some common payment-based discounts available:

• Paper-free discounts: save up to 2%. If you opt to get all your bills and messages online rather than in the mail, you could save.
• Autopay discounts: save up to 5%. Many carriers offer discounts for customers that set up automatic payments.
• One-time payment discounts: save up to 10%. If you pay your insurance off at the beginning of the year instead of making monthly payments, you could get a discount.
• Bundling discounts: save up to 20%. Many carriers offer discounts to drivers that opt to bundle multiple types of insurance into one policy.

The discounts we’ve described can lead to significant savings on car insurance, but are not universally available from all carriers. Consider which discounts each carrier offers when shopping for insurance in order to ensure you are getting the best rate.

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