Adding the expense of car insurance to your monthly bills is certainly a headache if you’re trying to stick to your budget. Car insurance can suck up a lot of money that you’d rather use elsewhere. But if you look in the right places, you can minimize how much you spend on car insurance while still being fully covered!
Getting a great deal on car insurance is a lot like trying to buy a car; you need to shop around to find the best possible price. If you want the lowest rates for car insurance, you'll need to compare quotes from different insurance companies to find the best price.
"Getting a great deal on car insurance is a lot like trying to buy a car; you need to shop around to find the best possible price."
Even before shopping around to compare car insurance quotes, there’s a lot you can do to lower your car insurance rates. Before you start your search for new car insurance, it’s a good idea to try the following:
Before Shopping for Better Car Insurance
1. Revisit Your Limits and Deductibles
Raising deductibles and lowering limits is one way to reduce rates. However, this costs you more out of pocket if an accident or theft occurs. If budgets allow, and you hardly ever drive, this could be a great option for you.
2. Identify Discounts
Insurance companies offer all kinds of discounts. However, many of them go unnoticed and unused. Don’t wait for your insurance company to tell you what discounts they offer - you may qualify for several discounts, but it’s up to you to ask about them!
3. Mention Life Events to your Insurer
Did you get married? Have a kid? Move to a city with great public transportation? Many companies view these events in a positive light when it comes to risk and provide lower rates because of them.
It’s hard to know which companies will offer you the best rates, and shopping around for insurance quotes takes a long time. Knowing that busy women don’t always have the time or energy to compare insurance quotes, we conducted a study to find out for you!
QuoteWizard, conducted a study on the cheapest car insurance rates. Random survey data was collected from their diverse customer base who self-reported their average monthly insurance rates. While not comprehensive, this study can offer insight into several starting places you can use as a springboard for your own search for great deals on car insurance.
Cheapest Car Insurance for Women
According to the survey data, women pay slightly less than men for car insurance. The average monthly premium for men is $144 while for women it’s $139. These tables below show which insurance companies have the lowest average monthly rates for women. Since age is a huge determining factor in determining insurance rates, our data is sorted into age brackets:
- If you are under 34, Country Financial offers the lowest average monthly rate at $100.
- If you are 35-54, MetLife offers the lowest average monthly rate at $96.
- If you are over 55, The Hartford/AARP offers the lowest average monthly rate at $83.
What if I have a bad driving record?
Getting tickets or getting into accidents can have a severe impact on your car insurance rates. Fortunately, there are a few auto insurance companies that still offer competitive rates for drivers with less-than-perfect records. The table below shows that The Hartford offers the absolute lowest average monthly rate out of most other insurance companies, while Farmers and American Family are good choices as well.
Even after finding a car insurance company that offers low rates, there are still several strategies you can use to lower your car insurance rates.
Tips for Finding the Best Deals on Car Insurance
Putting multiple cars on the same policy, or buying your car insurance from the same company that provides your home or life insurance results in discounts as high as 30 percent.
Adding safety features to your car
Installing or buying cars with safety features like ESC systems or anti-theft systems can land you savings in car insurance.
Defensive driving courses
Insurers will often offer discounts of about 10% for taking a defensive driving course.
There are all kinds of ways to save on car insurance, but it’s helpful to know which companies offer the best rates for you. The cost of insurance depends on a variety of factors including gender, age, and driving record.
As a woman, you already have an advantage in getting better discounts on car insurance. However, you don’t have to stop there! If you purchase car insurance in the right place and take advantage of all the cost-saving strategies available to you, you can get the best deal for your individual profile.
*This post is sponsored by Quote Wizard.