Auto insurance is a necessary expense for any car owner, but for millennials, the cost can be especially burdensome. Many millennials are still working to establish themselves financially, and the cost of auto insurance can add up quickly. However, there are ways to save money on auto insurance, even as a millennial. Here are 5 money-saving tips for millennial auto insurance buyers:
1. Shop around for quotes
One of the most important things you can do when buying auto insurance is to shop around for quotes. Different insurance companies will have different rates, and you could be missing out on a better deal if you only get a quote from one company. Use online comparison websites to get multiple quotes at once, and make sure to compare the coverage and deductibles offered by each company. By shopping around, you could end up saving hundreds of dollars on your auto insurance.
2. Raise your deductible
Another way to save money on auto insurance is to raise your deductible. The deductible is the amount of money you have to pay out of pocket before your insurance kicks in. If you raise your deductible, your monthly premium will be lower. However, be sure to only raise your deductible if you can afford to pay it if you get into an accident.
3. Bundle your insurance
If you have other types of insurance, such as homeowners or renters insurance, consider bundling them together with your auto insurance. Many insurance companies will offer a discount if you bundle your policies together, so be sure to ask about this when getting quotes.
4. Take advantage of discounts
Many insurance companies offer discounts for certain things, such as being a good student, having a safe driving record, or taking a defensive driving course. Be sure to ask about any discounts that you may qualify for, and take advantage of them to lower your premium.
5. Drive a safe car
The type of car you drive can also affect your auto insurance rates. Cars with a good safety rating, such as the Honda Civic or Toyota Camry, will typically have lower rates than sports cars or luxury cars. So if you’re in the market for a new car, keep this in mind when making your decision.
In conclusion, auto insurance can be expensive, but there are ways to save money on it as a millennial. By shopping around for quotes, raising your deductible, bundling your insurance, taking advantage of discounts, and driving a safe car, you can lower your auto insurance rates and keep more money in your pocket. Remember to always compare coverage and deductibles when getting quotes, so you can make an informed decision about which policy is best for you.
