How to Lower Your Car Insurance Premiums and Costs

Two people driving towards the camera in a white SUV

Auto insurance can be a little confusing to some people because it has several components that affect the pricing of coverage, not to mention additional coverage options like roadside service and rental car reimbursement that help in the case of vehicle breakdown or the need for a rental car but also increase the premium. It’s a good idea for people to review their insurance policy and pricing every year to make sure they have what they need, and to see if they qualify for additional discounts. Nationwide offers many discounts to help ensure that members are getting the best insurance rate.

Here are easy ways to help lower auto insurance rates:

Bundling policies

Insurance companies can offer greater discounts when bundling policies. A multi-policy discount is offered when the member has more than one kind of policy with the same insurance company. That might include insurance policies for home/renters, auto, life or other vehicles (such as motorcycles or boats). In addition to a premium discount, keeping multiple policies with one company makes life simpler.

Going paperless

It’s easy for policyholders to feel like they’re drowning in paper. Mail comes in and often gets put into piles. Bills can get misplaced and then paid late, resulting in extra fees or loss of service. Nationwide’s customers can take advantage of several easy ways to automatically pay insurance bills at convenient intervals, without having to deal with snail mail. Nationwide even makes a recurring discount available to some policyholders who sign up for paperless documents.

Raising the deductible

A deductible is a specified amount of money the policyholder must pay out-of-pocket before the insurance company covers a claim. There’s a correlation between the deductible amount and the insurance premium. Usually, when the deductible is higher, the monthly insurance premium is lower. It’s a tradeoff between paying a little less now in the monthly premium, but more out of pocket if there is a claim. So choose one that balances your savings objectives with your ability to pay the out-of-pocket expense.

Go accident-free

As indicated, a good record goes a long way. Nationwide will provide a discount off insurance premiums for every driver in your home who has five years of experience and has not had an at-fault accident or major violation.

Keep your vehicle in top shape

When your ride is in good, working order, you’re more likely to duck towing fees and costly repairs that could add up. Follow recommended maintenance guidelines to reap more advantages. While you’re reviewing Nationwide auto insurance options, you may want to consider which packages can help protect your finances in the event you have an accident.

Reviewing current coverage limits

It’s helpful to evaluate the coverage limits on all insurance policies. Many people prefer to have more than the state minimum coverage on a policy, even though they pay more for it. The added coverage gives customers peace of mind knowing they have the maximum protection from their insurance policies.

Talking to an agent about an On Your Side review

The best way to determine what discounts and cost savings are available is by asking a Nationwide agent for a free On Your Side review. During the review, the agent will review the current insurance coverage to make sure it’s still adequate for the customer’s needs. The agent will answer any insurance questions, including questions about discounts.

The agent will also ask questions about any life changes to make sure the customer isn’t paying for unnecessary coverage for the auto policy, or any other bundled policy. For example, the policyholder might have sold an expensive camera that’s separately insured, or added on to the home but not put the addition on the homeowners policy.

Rather than focusing on lowering insurance rates, policyholders should make sure they’re paying the right price for the right coverage. There’s no cost to talk to an agent about insurance needs and how to get the best insurance value for the money.