4 Things You Can Do to Lower Your Insurance Premium

Talk to your agent about these ways to save money and protect your car

Do you want to lower your auto insurance premiums right now? Of course you do! These hints can help you save.

1. Be a good driver. The best way to keep rates low—and even get them lowered—is to avoid any tickets for moving violations, says Kalen Smith, a contributor to MoneyCrashers.com, a personal-finance site. Demonstrate responsibility by taking an approved defensive-driving class, which can lead to a discount on your insurance premium. “Drivers may pay as little as $20 a course,” Smith says. Nationwide typically provides a defensive driver discount for mature drivers, and an Accident Free discount to all drivers ages 21 or older with at least five years of driving experience and no accidents or major violations in past five years. At least one driver on most Nationwide policies benefits from this discount.
2. Make adjustments for older vehicles. Depreciation is inevitable for automobiles. As a result, you may not need the same coverage for an older ride as you would for a new one. “If you have a vehicle that’s older than five years, talk to your agent about whether you need to invest in the entire suite of coverage,” says Ryan Himmel, founder of BIDaWIZ.com, another personal-finance site.
3. Invest in safety. Do you deliberately buy vehicles that are ranked lowest on the “most stolen” list? Do you spend more for added safety features? All of this can result in lowered premiums. “Highlight all the safety advantages your vehicle offers for your insurance agent,” Himmel says. “This includes air bags, anti-lock brakes, rear-view cameras and more.”
4. Adjust your insurance package. If you can afford to spend a couple hundred dollars to repair damage from a minor accident, consider raising your deductible to $1,000 and purchasing Deductible Savings features like Vanishing Deductible and Total Loss Deductible Waiver. Also, if you have homeowners and life insurance scattered among different companies, look to move everything to Nationwide to take advantage of bundled discounts. And take advantage of Nationwide’s EasyPay, a monthly recurring Electronic Funds Transfer from your checking or savings account. Nationwide waives monthly processing fees for full pay and Easy Pay customers.