6 Ways To Lower The Costs Of Your Auto Insurance In Denver

Monday, 18 January 2021 03:03

Between your weekend road trips to the snowy Rockies and everyday errands to the local grocery store, your car can encounter plenty of risk each and every day. Your auto insurance policy is in place to help protect your vehicle and reduce your financial liability. But like so many other Americans, your monthly payments for your coverage may be higher than you like. So what steps can you take to reduce the costs of your auto insurance in Denver?

Fortunately, there are plenty of ways to bring down those costs. Today we’ll touch on a few of the easiest methods you can leverage to keep your vehicles covered without breaking the bank.

6 Tips To Lower The Costs Of Your Auto Insurance In Denver

There are plenty of unique tricks and methods that you can leverage to lower the costs of your car insurance. These are just a few of the simplest and most effective ways to accomplish that goal.

1. Practice Safe Driving

This method should go without saying, but it still merits a mention. As a driver, you have a lot of in-car distractions to juggle while you’re on the road (e.g., GPS directions, phone calls, music settings, etc.). So naturally, many insurance providers try to reward safe drivers with discounts and other incentives.

For instance, our agency’s carrier, Allstate, rewards safe drivers with cash back every six months through their Drivewise app. So as long as you drive at safe speeds, follow the rules of the road, and avoid late-night driving, you get money back to negate your insurance costs. How simple is that?!

2. Reduce Coverage On Your Older Cars

Does your current policy include coverage for an old car that is on its last leg? If so, you may want to consider dropping your collision and/or comprehensive coverage on those vehicles. Why? Because if any of your vehicles are valued less than or roughly the same amount as your premium, then your coverage may not actually be cost-effective.

Let’s assume, for a moment, one of your older cars is worth only $1,000 and the collision coverage costs approximately $500 per year. In this scenario, it just doesn’t make sense to purchase that coverage. If that vehicle was involved in an accident, the insurance company would likely total the car, thus wasting your money on that coverage.

For that reason, you should find out the current value of your cars. Most auto dealers and banks can tell you the worth of your cars. You may also want to use Kelley’s Blue Book to find the value of your cars as well.

3. Ask For Higher Deductibles

While this may seem counterintuitive, a higher deductible may actually lower your total auto insurance costs significantly. This approach works because as your car insurance deductible increases, your insurance premium will decrease. For example, if you raise your deductible from $250 to $500, your premium may drop by 29%. Just think about how much money that percentage difference could save you on a monthly basis.

Of course, you need to feel comfortable paying the higher deductible when an accident occurs. But if you’re a safe driver and rarely get in accidents, you could avoid paying that deductible for quite some time.

4. Maintain And Improve Your Credit Rating

Nothing cuts insurance costs quite like a solid credit history. Insurers will often use credit information to price policies for auto insurance in Denver. Why would insurers use credit-based insurance scores? Research shows if you’re responsible in your personal life, you’re less likely to file claims.

That said, do what you can to maintain your credit score and improve it. Make sure you pay your bills on time, keep your credit balances low, and don’t obtain more credit than you can handle.

5. Purchase Your Homeowners And Auto Coverage From The Same Provider

Did you know that many insurers will give you a break if you purchase multiple types of insurance? It’s true! Insurance providers will often offer “Bundle And Save” discounts. Keep those policies for long enough and you may take advantage of reduced rates for your loyalty.

6. Speak Directly With Your Agent

If you want to stay with your current provider, you can speak directly with your agent about the costs of your coverage. They’re intimately familiar with all the details and technical jargon that your policy contains. That means they’ll be able to offer expert recommendations on how to best adapt your coverage to fit your budgetary needs.

Request Your Quote For Affordable Auto Insurance In Denver

If you’re interested in changing your auto insurance policy, contact our agents at Adler Insurance Group today! Our experienced insurance agents will work diligently to advocate on your behalf and help you get the most cost-effective coverage for your needs. We aim to provide unmatched customer service and we’ll go the extra mile to ensure your coverage doesn’t break the bank.

Contact Adler Insurance Group today to learn more about our coverage options for your auto insurance in Denver.