Strategies for Minimizing Auto Insurance Prices

Cherine Allaithy is a Brooklyn, New York-based financial professional who holds responsibilities with Chase Bank as a relationship banker. Focused on developing and sustaining long-term relationships with clients, Cherine Allaithy also has extensive knowledge of the auto insurance industry.

To affordably maintain a car, it is necessary to qualify for car insurance at a comfortable level of coverage at the lowest possible rate. One strategy is purchasing a vehicle that is either new or considered among the safest in its class since these are associated with fewer accidents. At the same time, it is crucial to maintain a safe driving record because drivers with no or few accidents often receive discounts. Just one accident or major infraction, such as reckless driving, can significantly increase your insurance premium.

Where you live also impacts your insurance rate, which can vary considerably by ZIP code, neighborhood, and even street. Moving to a new area strictly for the sake of a lower premium is not something that many people want to do. However, living close to your workplace can also reduce your premium. Minimizing your daily commute makes you a lower-risk customer. Another strategy that can significantly reduce insurance costs is bundling auto insurance with other policies, such as life and home.