How much is your car insurance policy? When was the last time you devoted the mental energy to actually looking at your policy? Is it something you pay and then simply forget about? If so, you could be spending more money than you actually need to.

It’s easy to get your policy and then just pay the premium. However, it’s good to refresh your memory on where your insurance policy stands so you can determine whether or not you can save a little bit of money and make sure it’s up to date with your needs.

How to Save Money on Your Car Insurance

•    More Than One Policy? If you want to save on your car insurance premium each year, consider using the same insurance company for other insurance policies you might need. They might also provide contents, life insurance, home insurance or even travel insurance and may give you a multi policy discount for having more than one policy with them. You should have protection for all your things, so why not take advantage of the fact that you can purchase insurance for them all from the same place?

•    Higher Excess: If you’re willing to pay more money towards your excess if an accident occurs, you may be able to lower your monthly premium. Ask the company about a higher excess as this could greatly decrease the amount you pay each month.

•    Reduce Your Coverage: If your car is getting old and isn’t really worth much anymore, any claim may be more than the excess and the cost of your insurance, so you may not need comprehensive coverage. Third party car insurance or third party fire and theft car insurance may be the perfect choice in this situation.

•    Take Advantage of Discounts: While multiple policies with the same insurance company can reduce your premium; you might also want to consider checking other discounts the company might provide. For instance, a no claim discounts could provide you with a significant drop on your car insurance quote. This discount can usually be obtained if you haven’t had a claim in the past two years.

•    Stick With It: One of the most common and popular discounts offered by car insurance companies are loyalty discounts. If you want to get this, however, avoid switching policies too often. Sticking with the same insurance company each year can result in a much lower premium.

You want the best insurance, but that doesn’t mean you have to pay a fortune for it. Look for simple ways you can reduce your car insurance premium every year.

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