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7 Auto Insurance Discounts You Didn’t Know Existed

Apr 2nd 2015 at 8:59 AM

Do you dread writing that check to your auto insurance provider every month? When you first got the coverage, the auto insurance quote seemed fair. Unfortunately, the price has increased over the years and you feel like you are getting mugged every month when you pay that bill.

Do you want the truth? You probably are paying too much for your auto insurance. Fortunately, there are things you can do to fix that. There are literally millions of auto insurance discounts out there that could be factored into the next auto insurance quote a company gives you. In fact, there are a lot of auto insurance discounts you probably didn’t even know about.

1.    An Educational Discount

Sure, maybe that degree hasn’t paid off in terms of landing you that high paying job. After all, that’s probably why you are so frustrated with how much your auto insurance is costing you right now. Fortunately, that degree that hasn’t landed you a job yet isn’t completely useless. You can use it to get a great discount on your car insurance with some companies.

A lot of auto insurance providers are happy to give discounts to students who are currently pursuing a degree. They, however, tend to give more substantial discounts to someone who has one (or several) degrees already. Dust off that degree and get down to your insurance provider, stat.

Do you have a teenager? Make sure your teenager does well in school. Teenagers tend to be expensive when it comes to auto insurance. However, most providers are willing to work in a discount if your teen excels in school.

2.    Advanced Discount

This is something a lot of insurance holders do not know, but insurance providers do want you to do more than just get an auto insurance quote from them. They actually want you to use the quote to buy the policy. For this reason, if you use the quote to buy your policy before the coverage actually kicks in, you can get a discount. They give you this discount because they see you as a more responsible carrier and that you are less likely to cancel the policy in the near future after following through with the quote.

3.    Positive Credit Discount

Do you have a good credit score? You should do everything in your power to flaunt what you got. That’s right, auto insurance providers love doing business with customers that have high credit ratings. This is because a higher credit rating means you are more likely to follow through with payments. Naturally, a bad credit score almost guaranteed you are looking at higher rates.

4.    Low Mileage Discount

The logic is that the less time you spend driving your vehicle, the less likely you are to get in an accident. The less likely you are to get in an accident, the less likely your auto insurance provider has to put out money to get your car fixed.

This is ideal for someone who commutes short distances or someone who really doesn’t do that much driving at all. The mileage required to qualify for this type of discount tends to vary pretty greatly from one company to the next. The best thing you can do is compare companies to make sure you are saving as much money as possible.

5.    Homeowner’s Discount

As a homeowner, you have a lot of responsibilities. You also have a lot of assets that you are protecting and paying for on a daily basis. You are far less likely to bail on your policy or miss a payment because you are more responsible and because you have more to lose.

A lot of insurance providers are actually very willing to work with you in order to combine your auto insurance and homeowner’s insurance policy if you give them the chance. Then, you get the added bonus of deciding whether combining the two insurance policies or having them as two separate policies is the cheaper way to go. Naturally, it varies from one person and one company to the next.

6.    Defensive Driver Discount

Auto insurance providers want to insure people who are not going to get into accidents. This means that a clean driving record is only going to make good things happen when it comes to your auto insurance quote. With a clean record, comes the assumption that you are a safe and careful driver. Naturally, it could just be that you have very good luck. However, that doesn’t mean you shouldn’t take advantage of it.

Most insurance providers look at your driving record on a year by year basis as well as looking at the driving record as a whole. A completely clean slate is their favorite, but they also like a driver that has had minimal to no accidents in the last couple years as well.

Whether you have a spotless record or a record with just a few blemishes, it is worth talking to the auto insurance provider about this kind of discount.

7.    Occupation Discount

The unfortunate truth is that, statistically, some drivers are more likely to get in an accident simply because of what kind of job they have. A professional driver such as a bus or taxi driver, for example, is the least likely individual to get in an accident. Someone who works in the travel industry, on the other hand, is the most likely. There is no rhyme or reason as to why some occupations are more prone to accidents than others, but auto insurance providers are aware of these statistics and will use them to offer discounts as well as higher premiums. After all, making money in the insurance world is largely about statistics.

As you can see, there are tons of reasons why auto insurance providers give discounts. There are tons of factors that go into determining why an auto insurance quote ends up being one price or another. The key is statistics. Statistically, how much of a risk are you to the company you want to insure you, your driving, and your car?

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