(4) Pay Your Premiums Annually
It is one of the simplest ways to cut your auto insurance cost quickly. A monthly or quarterly installment plan for your ipolicy premiums is actually a high-interest loan with an APR of around 25%.
For example, if your annual premium is $1,000 & you have decided to pay your premium in form of monthly installments then your policy will actually cost $1,140.
Thus, policy holder should either pay annual premiums in full amount, or if you can’t afford it, use a credit card with a lowest possible APR.
If you are paying through credit card then don’t forget to check the fee charged for doing this transaction. However, you should not forget to pay your credit card debts on time.
(5) Avoid Duplicate Coverage
It is the smartest way to minimize or lower insurance premiums of your vehicles. Several people prefer to use credit cards for wide range of transactions.
If you also own a credit card or association membership than do check their special offering such as towing & roadside assistance. In such a case, don’t pay your vehicle insurer for such duplicate coverage.
Similarly, if you already have health policy for you & your family members then you can smartly cut your no-fault medical coverage to the state-required minimum.
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