How To Save Money on Car Insurance in 9 Ways 2024 (2024)

FAQs

Are insurance rates going up in 2024? ›

The firm's Home Insurance Projection Report foresees a 6% rise in annual premiums in 2024. The increase will put the national average at $2,522 at the end of the year. With climate experts expecting a devastating hurricane season, home insurance costs are forecasted to surge even higher in 2025.

Low mileage discount: You could save by driving under a certain number of miles per year, as specified by the insurer. Multiple policy discount: You can often save money on car insurance and home insurance by bundling with the same carrier.

It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs.

Allstate is so expensive because car insurance is expensive in general, due to rising costs for insurers. Allstate's premiums may also reflect how competitively Allstate agents are paid, but at $781 per year, the average Allstate car insurance policy is actually cheaper than coverage from most competitors.

To reduce premiums on automobile insurance, you can complete driver training, install security devices, compare insurance quotes, maintain your car with regular maintenance, and maintain a safe driving record.

Set higher deductibles on your auto insurance.

The higher your deductible — the amount of money you will pay out of pocket in the event of a claim — the lower your premium generally is. Typically, deductibles range from $0 to $1,500.

Can you negotiate insurance rates? ›

Although you can't negotiate your car insurance rate, you're not contractually obligated to stay with your insurance company. If you find a cheaper rate elsewhere, you can switch insurance providers. Depending on when you cancel and the fine print of your car insurance policy, you could incur fees.

If you've ever applied for a credit card, leased a car or gotten a mortgage for a home, you know that credit scores count. You may be surprised to find out they can also affect your car insurance premiums much the same way your driving record, marital status and payment history can.

Choose a deductible that makes sense

Choose a property deductible that makes sense for you. If you only need insurance if the claim is more than $5,000, choose a $5,000 deductible. Higher deductibles will reduce the premium.

In 2024 the standard monthly premium will be $174.70, up $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, is $14 more than the 2023 deductible of $226. You'll pay more if you're a high earner.

Rate Level Changes

Rate level increases often come about because of trends in the industry towards more expensive vehicle repair and medical costs. Repairs and medical costs are almost always on the rise, so overall rate decreases are a very rare occurrence.

Geico may have raised your rates because of changes to your policy or circ*mstances. Examples include adding a new type of coverage, becoming eligible for an additional type of discount, being involved in an accident, or buying a new car.

The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance that proposes to increase homeowners insurance rates statewide by an average of 42.2 percent effective August 1, 2024.