Unfortunately for most of us here in Miami, insurance can be quite costly. Regardless of this, it is important to have insurance on property and automobiles. It could be catastrophic to your finances if you don't have insurance. We don’t think anyone should over pay for insurance, that’s why we’ve rounded up recommended ways we help clients here in Miami save on car insurance premiums.
1) Get Multi-Policy Discounts
Check with your agent if combining home and auto can give you a discount. Many carriers want clients to have all their policies under one roof and they offer discounts if you do. It’s best not to assume that having all your policies with one carrier will always save you the most amount of money, but it can be the case and it’s always worth exploring.
2) One Policy vs. Multiple Policies
Putting all your vehicles under one policy may allow you to get a discount from your insurer. But, if one of your drivers has a poor driving history the overall premium might be higher that way. It’s always worth checking with your agent if you have one driver in the house who has a significantly worse driving record.
3) Give Full Payment
Paying monthly often makes insurers add a finance charge to your bill. As much as possible, choose payment schemes like annually or quarterly at the least. Less payment every year entails less administrative costs to the company and also less cost to you. This isn’t always the case for every insurance carrier here in Miami so it’s worth a discussion with your agent.
4) Choose a Collision Deductible as High as You Can Afford
You will have a collision deductible depending on your plan. It is the amount you’ll need to pay out of pocket if you have an accident while you’re driving your car. Ask yourself the amount you are willing to pay if you file a claim insure. Getting a higher collision deductible will lower your premium for collision coverage by a lot.
5) Consider Your Car’s Value When Purchasing Collision Coverage
Check if you need to carry collision coverage at all. Canceling the collision coverage has pros and cons. You may save on insurance expenses but if an accident happens and your car has damages, you may have to take more money out of your pocket. Changing the deductible is like self-insurance but the insurance company will never pay more than the value of your vehicle, so if it’s only worth a few thousand dollars it might be wiser to hold off on the coverage entirely.
6) Buy a Different Car
Some cars have higher insurance cost compared to others. It will depend on the rate of theft, replacement or repair cost, among others. Check with your agent when you’re shopping for new cars.
7) Check for Discounts
Inquire with your insurer if they can provide discounts. It can be for your car's Automatic Emergency Braking Systems and Anti-theft devices.
At American Trust Insurance we think our clients should get every possible discount they deserve and we work hard to make sure they do. To learn more about how we can help you, please contact our agency at (305) 270-2200 or Click Here to request a free quote.
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