5 Tips for Saving Money on Car Insurance in New York

5 Tips for Saving Money on Car Insurance in New York

Believe it or not, there are ways to save money on car insurance without sacrificing coverage.  

Here are 5 easy tips to remember:

   1. Increase your deductible: 

  • If you're comfortable with coming up with more out of pocket to fix your car if you get in an accident, or if you simply have an old car that isn't worth much anyway, consider increasing your deductible.

   2. Remove physical damage coverage:

  • Instead of increasing your deductible, you could forego having physical damage coverage altogether.  If you're driving an older car and it gets totaled, the amount of money your insurance company gives you to replace the car will typically be at actual cash value (replacement cost minus depreciation).  So what does that mean?  It means you will not get a lot of money from your insurance company for a new car.  Plus, if you make a claim on a totaled vehicle, your insurance rates are sure to rise.  So, it might be a better idea to not make a claim on your insurance at all.  If you don't have physical damage coverage you won't be able to make a claim anyway, and you'll be saving money on your insurance premium by not having the coverage in the first place.

  3. Combine your renters or homeowners insurance

  • Whenever you combine your renters insurance or homeowners insurance coverage with your auto insurance, you'll usually get a multi-policy discount.  Having your home and auto insurance with the same carrier can also make things easier if you ever have a claim that involves both your house and your car (ie. you accidentally drive your car through your garage door).

  4. Vehicle features

  • Make sure your insurance company knows if you have any of the following as they'll often give you a discount:  anti-lock brakes, a security alarm system, daytime running lights, seatbelts. VIN etching, or an OnStar Recovery Device.

  5. Defensive driving course


By Craig Bruno