I have a large family with several active drivers, and while we’ve had no collisions, we do have a couple of individual tickets. My auto insurance is set to renew at a staggering $18,000 annually. Is there a more reasonable option out there?
We currently have 9 drivers, with just 2 speeding tickets and one accident in the last 5 years. Plus, my electric car costs over $200 a month to insure, even though it’s only driven under 10,000 miles a year. I’ve been accident-free for 40 years and haven’t had a moving violation in nearly 18 years.
I’m looking for suggestions on insurance companies that are more reasonable for high-mileage personal drivers (we’re not using our cars for ridesharing or delivery services). Alternatively, would it make sense to create a family business account and opt for commercial insurance? Any advice would be appreciated!
It sounds like you’re navigating a tricky situation with your auto insurance rates, especially with a large family and multiple drivers. Insurance costs can vary widely based on many factors, but here are a few suggestions that might help you find a more reasonable rate:
Shop Around: Don’t hesitate to get quotes from multiple insurance companies. Some companies specialize in insuring large families or high-mileage drivers, so it’s worth comparing rates. Websites like The Zebra or Gabi can help you get competitive quotes quickly.
Look for Discounts: Check if any of the insurers offer discounts that you might qualify for, such as multi-car discounts, safe driver discounts, or discounts for bundling home and auto insurance.
Consider Usage-Based Insurance: Some companies offer pay-per-mile or usage-based insurance programs where your premium is based on your actual driving habits. This could be beneficial given your low mileage.
Commercial Insurance: Exploring commercial insurance could be an option, especially if you create a family business account. However, make sure to compare the costs because commercial insurance can sometimes be more expensive than personal coverage.
Reevaluate Coverage: Take a close look at your current coverage limits and deductibles. Sometimes adjusting these can lead to substantial savings while still providing adequate protection.
Seek Independent Agents: Consider talking to an independent insurance agent who can provide personalized advice and help you navigate the best options suited for your family’s unique situation.
Consider Group Insurance Plans: Sometimes, employers or professional organizations offer group insurance plans at a reduced rate. Check to see if any options are available for you.
Taking the time to research these options could lead to significant savings on your annual premium. Good luck, and I hope you find a solution that works for your family!