How Can I Lower My Car Insurance Rate? Five Things You Can Do to Get Cheaper Car Insurance

         It’s no secret that insurance in Louisiana is way too expensive.  Our clients are always asking “How Can I Lower My Car Insurance?”  Unfortunately, many times,  individuals elect to decrease their coverage, or eliminate uninsured motorist insurance as a quick fix to reduce their monthly note.  Don’t do this! Uninsured motorist coverage is one of the most important coverages in Louisiana and we have seen the very real consequences of not having adequate UM/UIM coverage where our clients are left with very serious injuries without being able to recover for them.  You should carry at least $100,000 of uninsured motorist coverage.  Read more about that here: https://www.kieferandkiefer.com/blog/do-i-need-uninsured-motorist-insurance-in-louisiana

         There are other ways to decrease your car insurance note each month.  Here are the top 5:

1.    Ask for a higher deductible.

A deductible is the amount that you pay before the insurance company has to pay for your damages.  If you are involved in an accident that is not your fault, the other driver’s insurance company will have to cover your deductible.  We have found that changing your deductible to $1,000 could save you 40% on your collision and comprehensive coverage! Of course, before you elect to have a larger deductible, make sure you have enough money to set aside to pay it if you have a claim.

2.    Shop Around!

We have so many clients that have used the same insurer for 10 years.  Don’t do that!  In most industries, loyalty is rewarded, but car insurance may not one of them.  Our attorneys “shop” their own car insurance companies yearly, if not every six months, to make sure they are getting the best coverage for the best rate.  Why? Competition is king.  Prices change from company to company and from coverage to coverage.  You can either do this yourself online by getting quotes from different companies or you can hire an insurance agent that does not work for an insurance company to do this for you.

One of our attorneys just changed their car insurance company and by using an agent to price compare across other companies, her family saved $1000 a year and has much better coverage than before. 

3.    Bundle Up all of your Insurance Policies  

If you have homeowners insurance or excess/umbrella insurance, combine them all into one insurance company.  If you do this, you may save money on a multi-policy discount

4.    Ask about Other Discounts

Some car (and home) insurance companies run other “discounts” for you.  Make sure you are asking about the following discounts to the company or an agent when you are getting your quotes:

·      Antitheft Devices on your Vehicles

·      Good Credit Record

·      Insuring a College Student

·      Insuring a Student with Good Grades

·      Reduced Mileage Use of Cars

·      Multiple Vehicle Discounts, such as no accidents or moving violations

·      Defensive Driving Courses

·      Drivers Ed Courses

5.    Ask About a Good Driver Monitoring System  

At the end of the day, insurance companies don’t want to pay any money to you or anyone else because of your driving.  That’s how they make money. If you are a good driver, there is less of a chance that they will have to pay money on a claim resulting from your driving.  Many insurance companies will give you a device to place in your vehicle to monitor your driving for a few months and, based on your performance (if you are a prudent driver), will lower your rates.  When you are shopping your insurance, ask about this device.

One of our attorneys will always give you a free consultation on your insurance coverage to let you know if you are adequately protecting your family in the event of an accident. Fill out the form below and one of our attorneys will contact you.

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Megan Kiefer