Looking to Lower My Insurance Rate?
I’m a 23-year-old male who had a pretty rough start with my driving record—11 points two years ago from incidents like drag racing and a couple of grand theft auto charges when I was younger. I know, it sounds bad, but I’ve made significant improvements since then. In the last two years, I’ve been a much safer driver and currently only have about 3-4 points on my record.
Right now, I’m paying $286 a month for full coverage on my 2013 Chrysler 300 with Root. I’m curious if there are better options out there or any recommendations for insurance companies to try. Given my past, I think my rate might be fair, but I’m always looking for ways to save on monthly expenses.
Also, just to note, I’m located in Denver, CO. Thanks in advance for any advice!
It sounds like you’ve made some great progress in improving your driving habits over the last couple of years! Given your history, it can be challenging to find lower insurance rates, but there are certainly options to explore. Here are some tips that might help you find a better rate:
Shop Around: If you haven’t already, consider getting quotes from multiple insurance companies. Different insurers weigh factors like driving history differently, so you might find a better rate elsewhere.
Consider Usage-Based Insurance: Since you’re already with Root, which is a usage-based insurance provider, you might want to check if other companies, like Progressive or Allstate, offer similar programs. They often provide discounts based on safe driving behaviors.
Look for Discounts: Ask about any available discounts. Many insurers offer discounts for things like completing a defensive driving course, having multiple policies (like renters and auto), or being a student with good grades.
Increase Your Deductible: If you’re comfortable with it, raising your deductible can lower your monthly premium. Just make sure you have enough savings set aside to cover the deductible in case of an accident.
Evaluate Your Coverage: Since you have a 2013 vehicle, consider whether you need full coverage or if you could switch to liability only, depending on your car’s value and your financial situation.
Check for Local Insurers: Sometimes, local or regional insurance companies offer competitive rates that larger, national companies may not have. It might be worth researching smaller firms in the Denver area.
Review Your Credit Score: Since many insurers use credit scores to determine rates, improving your credit score can potentially lead to lower rates in the long run.
Stay Claims-Free: Continue driving safely and avoid claims, as maintaining a clean record will help improve your rates when it’s time to renew.
With your recent positive driving history, you should be in a better position to negotiate lower rates, so it’s definitely worth taking the time to re-evaluate your options. Good luck!