Insurance Help Needed
I recently started paying for insurance on my new 1996 Mustang GT. As a 19-year-old with over three years of driving experience, I’m currently paying for liability coverage. After shopping around, the best rate I’ve found is $350 a month with Progressive. Does anyone have tips on how I can lower my monthly premium? I’d really prefer not to spend a sixth of my paycheck on car insurance. By the way, I’m active duty enlisted in the Air Force if that makes a difference. Thanks for your help!
Hey there! It sounds like you’re doing the right thing by shopping around for insurance. Here are some tips that might help you lower your monthly premium:
Military Discounts: Since you’re active duty, make sure to ask if Progressive offers a military discount. Many insurance companies do, and it can significantly lower your rate.
Safe Driver Discounts: Since you’ve been driving for over three years without issues, you might qualify for a safe driver discount.
Bundling Policies: If you have other types of insurance (like renter’s or health insurance), consider bundling them with the same provider for a discount.
Higher Deductibles: If you can afford it, consider raising your deductibles. While it means you’d pay more out of pocket in the event of a claim, it could lower your monthly payments.
Course Completion: Some insurance companies offer discounts for completing a defensive driving course. Check if Progressive offers this option.
Review Your Coverage: Since you’re currently only paying for liability, make sure there aren’t any additional coverages you can drop or reduce while still maintaining adequate protection.
Good Student Discount: If you’re taking classes or continuing your education, some insurers offer discounts for students maintaining a certain GPA.
Shop Around Again: If you haven’t done so recently, it may be worth getting quotes from other companies again, as rates can change. Look into companies that specialize in insuring young drivers or military personnel.
Vehicle Modifications: If you’ve added any performance mods to your Mustang, it might be worth checking if reinstating it as a stock vehicle could help lower your premium.
Consider Usage-Based Insurance: Some companies offer usage-based insurance where you can save by having a device that tracks your driving habits and rewards safe driving.
Keep in mind that insurance rates can vary widely based on numerous factors, so it’s great that you’re proactive about finding the best deal. Good luck!