Want to know some insider secrets to lower your car insurance?

By: Woop Blog Group
Friday, March 8, 2024

Surprisingly, the best way to lower your car insurance is often just shopping your insurance. Since you are here already you may be well on that path. Outside of shopping around, the best way to lower your car insurance might actually be having multiple insurance policies. If you maintain a safe driving record, learn the basics about insurance savings (luckily, we’re laying that out for you right here!), and you’re willing to play ball when it comes time for insurance companies to ask about discounts, you just might be able to significantly lower your premiums, without compromising your coverage.

Shopping for car insurance is often a confusing process. You want to get the best possible price, without being forced into paying for coverage that you don’t actually need. With a lot of companies, it can be difficult to know where to start your search, or even to know what questions you should ask in the process. To help out the average customer who’s just learning the nuances of the insurance world, we’ve compiled some tips below to help consumers find the perfect rate:  

  • Always get at least three quotes from different insurers before choosing a policy. Luckily, we do this for you and select the best one or two available.  
  • Be aware of any restrictions such as lifetime maxes or discounts that are only offered through specific providers.
  • You can get these quotes and information online or on the phone – pick your preference!  
  • Most companies use apps like Woop, to drop the veil of insurance pricing. You can use our app to empower yourself with all the information you need, before you lock into a 12-month policy.  
  • The more types of insurance you have, the less expensive it will be for each type. Most people don’t realize this but buying from different companies can actually save you money, in comparison with multipolicy discounts from the same company.
  • If you have a good credit history, it will be easier to save money on insurance. Most auto insurers use your credit report to set policy prices. Maintaining a high credit score can help protect against costly insurance claims in the future.
  • Companies offer discounts to policyholders who have not had any accidents or moving violations for several years.  
  • You may also get a lower rate if you take a defensive driving course. And if there are young drivers on your insurance policy driving school lessons, and honor roll report cards can also lower your rates.

There are even more niche areas of insurance that you can investigate as well. For example, the Insurance Institute for Highway Safety found that some car insurance companies offer discounts to drivers who purchase safety features like air bags and antilock brakes. These inexpensive investments can help you avoid costly repairs, but they're only worth it if your insurer will replace them when filing an accident claim or paying off theft from one of these protected vehicles.  

Another area that may affect some consumers is the cost of insurance for older cars, which can be quite pricey! If you have an old vehicle that’s only worth 10 times more than your insurance premium, purchasing coverage may not make sense. Auto dealers and banks can tell you what cars are really worth on paper, and you can also look up our own coverage at Kelley’s Blue Book to make sure that nothing has changed since last year when renewal time rolls around.

A third possible niche is if you're an employee of a company that provides you with health insurance. It is sometimes possible for drivers who get their coverage through groups like professional associations and alumni clubs to receive some rebates. Ask your human resources department what discounts are available or search online for more prominent companies to find out more about these potential discounts before applying.

In short, doing a little research first, truly empowers you as a consumer to make the best decision about your coverage, rates, and possible discounts. If you know the possible niche categories that you can fall under, you can save money without compromising coverage. Even when these categories don’t apply to you, there are other basic strategies to avoid price optimization from blindly staying with the same carrier, and to find yourself all the available discounts. At Woop, we make it our goal to not only help customers find the best coverage and rates, but to also help them learn the nuances of the insurance industry and simplify a necessary process.