Few sectors of the insurance industry are as cash-rich as car insurance which pulls in a whopping 311 billion dollars per year in the US alone. How does the car insurance industry find itself so successful?
Because it’s legally required that everyone on the road carry insurance.
While that requirement makes sense in the context of protecting victims from needing to cover the costs of their own damages, it also creates issues for people in Massachusetts (and other places) that can’t afford to be insured. With that in mind, is there a way to get car insurance in Massachusetts that is economically viable?
As it turns out, there is! Below, our team breaks down various ways you can bring down your car insurance rates so you can get on the road more affordably.
Keep reading to learn more!
1. Shop Around
The easiest way to save money on car insurance is to be proactive about shopping between providers. As you likely know, different insurance companies can give radically different quotes on insurance.
That may mean saving hundreds of dollars per year for identical coverage simply by giving your business to another brand.
The good news is that shopping for cheap auto insurance is simple given that just about every provider will give you an instant online quote. Simply collect a handful of quotes, compare them, and buy whichever one gives you the most bang for your buck.
2. Bundle Your Coverage
If you have multiple vehicles or other property that needs to be insured, bundle those items under one policy. If you do, you’ll find that the bundled price will be a lot cheaper than the cost of insuring each of those items in pieces.
Common items that people bundle are auto and renter’s insurance, homeowner’s insurance, and of course, multiple auto policies.
3. Have a Great Driving Record
Getting affordable car insurance in Massachusetts largely comes down to how well you’ve driven in the past.
If you have multiple accidents on your record, insurers will see you as a liability and will charge you more. If you’ve never been in an accident, insurers will see you as a safe bet and cut you discounts.
Usually, accidents that are more than 3 years old won’t get weighed into the insurance equation so don’t fret if you had an accident years ago and don’t want to have to pay for it.
4. Drive More Economical Vehicles
The more expensive your car is, the higher the likelihood is that damages from a car accident are going to be expensive. That’s why insurance premiums always go up on vehicles that have a higher sticker price.
So, if you’re having trouble paying insurance on that new BMW you drive, consider downsizing. When you do, you’ll see your premiums plummet.
5. Opt for Liability Only
When you get a car insured, most will opt into the legally required “liability” coverage and “comprehensive” coverage for vehicle body damage. The body damage coverage is the more costly of the two pieces and is not legally required.
That being said, if you’re paying off your vehicle, your car’s financier will require you to continue investing in comprehensive coverage. If you own your car free and clear, nothing is stopping you from opting out of that coverage, just know that that if you crash, you’ll have to pay to replace/fix it.
6. Lower Your Monthly Miles
The more you drive, the higher the odds are you’ll get into a car accident. Insurance companies take note of that and will consequently ask you how many miles you plan on putting on your car over the span of a year.
By taking your company’s rideshare shuttle to work or public transit, at least part-time, you may be able to shave hundreds off of your policy. Granted, for some, having to limit your car usage so you can afford insurance may defeat the purpose of owning a car in the first place.
7. Boost Your Deductible
Your insurance deductible is how much you’ll pay out of pocket when you make a claim. Whenever you buy auto insurance, you’ll be offered a variety of deductible options, some high, some low.
If you’re a safe driver that has a low likelihood of being in an accident, we recommend opting for a higher deductible. If you do that, your insurance premium will go down, saving you money.
On the flip side, if you think accidents are likely for you, lower deductibles may be a better bet. Just know that low deductibles mean high premiums.
8. Ask for Lower Rates as Time Goes On
As you prove yourself a safe driver to your insurance company, it’s worth calling them and asking if it’s possible to lower your rate. If they can look at your record and see that they’re collecting money off of you without you making claims, they may comply with your ask to retain your business.
Asking for discounts doesn’t always work but believe us when we say that we’ve seen it work enough to warrant the effort.
Getting Affordable Car Insurance in Massachusetts Is Within Your Power
Getting car insurance in Massachusetts that’s affordable might seem like a challenge given that Massachusetts, in general, isn’t a cheap state. Still, by exercising the tips we’ve shared, you run a great chance of finding coverage that works for your wallet!
Our team wishes you the best of luck with car insurance hunting. We also welcome you to explore related auto insurance information on our blog to keep satiating your curiosity.