Paying $700 a month for liability insurance feels overwhelming. I drive a 17’ Volkswagen Golf and am currently stuck with New York’s minimum liability coverage. I know it’s due to my own past mistakes (points and accidents from over two years ago), but I’m looking for ways to lower my insurance costs. If anyone has suggestions or advice on how to improve my situation, I would greatly appreciate it!
$700 a month for liability
It sounds like you’re in a tough situation with those insurance costs. Here are some steps you can consider to try to lower your premiums:
Shop Around: Different insurance companies have different rates, so it might benefit you to shop around. Get quotes from multiple providers to see if you can find a better deal.
Increase Deductibles: If it’s financially feasible, consider increasing your deductible. This will lower your monthly premium, but keep in mind you’ll pay more out of pocket in case of a claim.
Take a Defensive Driving Course: Many insurers offer discounts for completing a defensive driving course. This can not only improve your driving skills but also potentially lower your insurance costs.
Bundle Policies: If you have other types of insurance (like renters or home insurance), consider bundling them with the same company. Many insurers offer discounts for bundling.
Check for Discounts: Review all possible discounts available with your insurer. Some insurance companies offer discounts for low mileage, good student status, or even for having certain safety features in your car.
Maintain a Clean Record: If your points and accidents are over 2 years old, they may have less impact on your rates over time as you maintain a clean driving record moving forward.
Consider Changing Coverage: While it’s important to have liability coverage, review your overall coverage strategy. Sometimes dropping certain types of coverage (if your car has low value, for example) might save you money.
Seek advice or assistance: Sometimes, speaking with a licensed insurance broker can help you navigate your options. They can provide personalized advice based on your circumstances.
Consider Alternative Providers: Some companies specialize in high-risk drivers. While rates might be higher than average, they could be lower than what you’re currently paying.
Payment Plans: Some providers offer a lower premium if you pay for the full year upfront rather than monthly. If you can afford it, this could be a way to save money overall.
Remember to carefully assess your options and choose what maintains your coverage adequately while lowering your financial burden. Good luck!