Car insurance is a necessary expense for anyone who owns a car But we can control the cost of it

Use these 5 tips to save money on car insurance Raise your deductible If you can raise your deductible further than it is now, it will save you money on your monthly premium Reduce optional coverage on older cars Having collision coverage on an older car may not make sense if it’s not worth much

If the cost to repair it from an accident after paying your deductible is greater than the value of your car, you likely don’t need collision insurance Bundle with other insurance policies Insurance companies love having all of your business as compared to only a piece of it This is good for them, but it can also be good for you through discounts offered for bundling policies together If you are a vehicle-only Millennial currently renting an apartment, for example, you might require renters insurance on top of your car insurance

Shop around and Compare before you buy When buying a new car, you are in an excellent position to control the cost of your car insurance Many insurers offer discounts on vehicles that reduce their overall risk of insuring you This could be vehicles that have high anti-theft or safety ratings Insurers also consider the value and average cost of repairs of the vehicle you drive

Maintain a good credit score Good credit means lower interest rates, better lending terms, and lower insurance premiums All contributing items for overall financial well-being For an insurance company, low credit means you’re a high risk of filing a claim as you may not have the resources for repairs or replacement For more financial insights, visit us at Millennialwealthllc

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