Greatest car fanatics in this article I'm gonna tell you how you can save money on your car insurance yes switching to Geico is one way you could do that.
I've been covered by USAA for my car insurance for over 10 years now I have coverage on my 911 my wife's Mercedes and the Porsche Cayenne for both myself and her and currently, my premium is $3,200 per year now I thought this was a pretty good deal because I had always gotten really competitive rates with USAA but I got curious and I decided to get additional car insurance quotes from other companies.
I went onto GEICO's website and I built a very similar insurance policy to what I have with USAA and to my surprise guy comb came out to 400 hours per year cheaper than USAA this is a really big amount of money on car insurance.
I was really happy to see I could save $400 but then I got curious to see if I could save more money. so I started playing with a Geico quote and I quickly realized that there were some options I had on USAA and Geico that were extremely expensive.
The first was medical payments medical payments was actually costing me about 20 bucks per month on USAA and Geico. so let me explain what medical payments are medical payments are additional payments the insurance will make to you in case you are hurt.
However, if you have really good health insurance you don't really need medical payments and the medical payments premium is pretty expensive.
For both Geico and USAA and adding about three hundred bucks per year just for medical coverage which I really didn't need.
Medical payments I decided to slash at out next I've been sided to take a look at no deductibles for a glass coverage. I thought no deductibles for glass coverage was a good idea because in Arizona you have a really
high chance of getting a rock chip on your windshield.
I didn't realize having no deductible for a glass coverage was so expensive so when I took this off the Geico policy it actually reduced my annual premium by another $300 per year. But paying through our third glass coverage per year.
Really doesn't make sense because that's almost enough for me to get a new windshield on pretty much any of my cars and additionally the chances of me requiring a new windshield it's not that high.
if the chip you get on your windshield is repairable your insurance company is not going to replace your entire windshield and with standard comprehensive insurance, your insurance company would already pay to repair the rock chip anyways.
After I removed the medical payments and a no glass deduction from the Geico quote. I was able to build an insurance policy dos 900 dollars per year cheaper this is a really big amount of savings and really
I was just overpaying for coverage that I didn't need.
So it didn't really stop there after I got the quote from Geico I wanted to see how much further I could
get my insurance now.
I went ahead and got quotes with different insurance companies most insurance companies could not beat GEICO's prices however I tried progressive and I was really really surprised.
With better coverage going with progressive I was able to get a quote for all three cars for just $1,800 per year compared to the 2300 hours per year for Geico and the 3200 dollars per year for USAA.
Now I wanted to make sure I had an apples-to-apples comparison, so I also took off some options from a USAA coverage to see how far that would go.
I went ahead and got rid of medical payments and a no glass deductible and USAA was able to get down to 29 hundred dollars per year but this is still much higher than the 2300 hours per year for Geico and the 1800 hours per year for progressive. Let's do a recap of what I learned here.
1 SHOP AROUND EVERY YEAR
First, don't assume that your insurance company will continue giving you the most competitive rates. even though it may have started out that way you probably want to price out
different options at least every year.
Just to make sure you're getting the best rate and even if you aren't you can take the new quote that you got you can call up your insurance provider and let them know and in some cases, they might be able to match what other companies are offering or maybe even beat it.
2. UNDERSTAND COVERAGE TYPES AND YOUR NEEDS
Really understand that coverage types and how much coverage you need in different categories. You don't want to be underinsured because if you get into an accident you might have to pay a good amount out-of-pocket and this could really set you back financially.
on the other hand, you don't want to be really over-covered as well because then you're paying for coverages that you don't really need and you won't ever get a chance to use.
3. PAY PREMIUM UP-FRONT & LEVERAGE ACCIDENT FORGIVENESS
Third, take advantage of other methods to get your insurance premium down so one if you pay your insurance premium all at once up front.
You're probably going to get a discount versus paying installments that's a good way to save additional money off your premium also if you had the chance to get accident forgiveness.
I highly recommend this one it might cost you a $100 - $200 dollars per year but if you do get into an accident and it's your fault you could definitely see much larger increases in your premium.
4. PLAY AROUND WITH DIFFERENT DEDUCTIBLES
Also, take a look at your deductibles. Ask yourself if paying a $100 deductible is really
worth it because for you to kind of reap the benefits of that you're going to have to get into an accident. in that case, your insurance premium is going to go up.
I wouldn't recommend going as low as a $100 dollar deductible unless it really doesn't cost you that much more for me I go with the $1000 dollar deductible because of I have a pretty good driving record.
I'm willing to pay a higher deductible in the event of an accident versus paying a higher premium year over year.
5. JUST MAINTAIN A GOOD DRIVING RECORD
I guess the final tip is you know just continue to drive safely don't get any speeding tickets or anything like that because ultimately that's going to raise your premium more than you know overpaying for insurance or not going with the right company.
I'm really curious on what insurance you have how much you're paying and I also want you to go out there get a few quotes and let me know if you're able to find a fair deal.
Thanks for car fanatics I hope you enjoyed and then it's gonna help save some of your money concern and you like this video give it a thumbs up and subscribe to a channel leave any questions or comments below