10 Tips Shown to Lower Car Insurance Costs in Millburn

Paying for high-priced car insurance can empty your savings account and force you to prioritize other expenses. Comparison shopping is free and is an excellent way to lower your monthly bill. Drivers have multiple to buy insurance from, and although it's a good thing to have multiple companies, it can be more challenging to compare rates.

More discounts equal less premium

Companies that sell car insurance don't list all available discounts very clearly, so we took the time to find some of the more common and also the lesser-known ways to save on car insurance. If you're not getting every credit you deserve, you are throwing money away.

  • Fewer Miles Equal More Savings - Keeping the miles down can earn better rates on cars that stay parked.
  • Own a Home - Owning a home in Millburn may earn you a small savings because of the fact that having a home is proof that your finances are in order.
  • Government Employees - Active or retired federal employment can earn a discount up to 10% depending on your company.
  • Student in College - Any of your kids who attend school more than 100 miles from home without a vehicle on campus may be able to be covered for less.
  • Anti-theft System - Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and earn discounts up to 10%.
  • Accident Waiver - Certain companies allow you one accident before your rates go up so long as you haven't had any claims for a certain period of time.
  • New Car Discount - Buying coverage on a new vehicle is cheaper compared to insuring an older model.
  • No Accidents - Drivers who don't have accidents can save substantially when compared with drivers who are more careless.
  • Service Members Pay Less - Having a family member in the military can result in better rates.
  • Good Student Discount - Performing well in school can save 20 to 25%. This discount can apply up to age 25.

A little note about advertised discounts, most discount credits are not given to all coverage premiums. Most cut specific coverage prices like liability and collision coverage. So when the math indicates you would end up receiving a 100% discount, you won't be that lucky.

car insurance in Millburn

Switch companies and save? Really?

Consumers get pounded daily by advertisements for car insurance savings by 21st Century, Allstate and State Farm. All the companies make the same claim about savings if you move to their company.

How does each company make the same claim? It's all in the numbers.

Different companies have a preferred profile for the driver that earns them a profit. For example, a profitable customer could be between the ages of 40 and 55, insures multiple vehicles, and chooses high deductibles. Any new insured who matches those parameters gets the lowest rates and therefore will save when switching.

Potential customers who do not match these standards must pay a higher premium which leads to business going elsewhere. The ads say "customers who switch" not "everyone that quotes" save that much. This is how companies can truthfully state the savings. This illustrates why you should get quotes from several different companies. It's just too difficult to predict which insurance companies will give you the biggest savings.

Even more information can be found at the New Jersey Department of Banking and Insurance website. Consumers can discover disciplinary actions, report car insurance fraud, read industry bulletins, and read enforcement actions against agents and companies.

And the best car insurance company is...

Cheaper car insurance is definitely available from both online companies and also from your neighborhood Millburn agents, so you should be comparing quotes from both to have the best rate selection. Some insurance companies may not provide you the ability to get quotes online and usually these regional insurance providers provide coverage only through local independent agents.

When buying insurance coverage, it's very important that you do not buy lower coverage limits just to save a few bucks. There are a lot of situations where drivers have reduced physical damage coverage only to discover later that their decision to reduce coverage ended up costing them more. The proper strategy is to purchase plenty of coverage at the best price while not skimping on critical coverages.