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There are many ways to save on car insurance, from great student insurance deals and discounts on multiple policies to savings for safer drivers.
Car Insurance Discounts
Author: Daniel Robinson Author: Daniel Robinson Writer Daniel is a team writer at Guides and has written for numerous automotive news sites and marketing companies in the US, USA, and Australia, specializing in auto finance and car care topics. Ta. Daniel – Auto insurance, loans, warranty options, auto services, and more.
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Editor: Rashon Mitchner Editor: Rashon Mitchner Editor-in-Chief Rashon Mitchner is an editor on the Guides team and has over 10 years of his experience covering personal finance and insurance topics.
Whether or not you take advantage of car insurance discounts will determine whether your car insurance will be cheaper or your premiums will be more expensive. Fortunately, major insurance companies offer numerous discounts based on driver history, connections, vehicle characteristics, and customer loyalty.
Our team of guides educate drivers about the different types of car insurance available and how to lower your car insurance premiums. Keep in mind that premiums can vary between insurance companies, so it’s important to research and compare quotes from the best car insurance companies.
Our team of guides is ready to provide you with reliable information to help you make the best decisions about your auto insurance. Consumers trust us to provide objective and accurate information, which is why we created a comprehensive rating system to rank the best auto insurance companies. We collected data on dozens of auto insurance companies to evaluate companies based on a variety of rating factors. After 800 hours of research, we finally came up with an overall rating for each insurance company, and those with the highest scores made the list.
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Each car insurance company offers slightly different types of car insurance discounts, but they are more common in certain areas. Most of these standard auto insurance discounts can be divided into the following categories:
Many insurance companies are looking for ways to reward safe drivers. Here are some types of car insurance discounts for people who maintain good driving habits.
If you go three to five years without an accident, you can get a big discount on most car insurance policies. Preferred Driver Discount requirements vary by provider, so check with your agent to see if you qualify.
This type of discount is offered with the use of telematics software that monitors your driving habits through mobile apps or plug-in devices. If you avoid sudden stops, sudden accelerations, and speed bumps when you sign up for such programs, some companies can save you up to 30% on your policy renewal fees.
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A defensive driving course usually takes only a few hours to complete, but it can save you 10% to 15% on your car insurance. Before signing up for a driving class, make sure it’s approved by your provider. Some companies offer these discounts to young drivers and senior citizens.
If you drive occasionally, you can save up to 20% on your car insurance premium. The average driver logs approximately 12,000 miles each year. People who drive less than 7,500 miles per year often qualify for savings. Some insurance companies require a telematics device to verify mileage.
When it comes to car insurance discounts, driver profile often refers to driving behavior. The savings opportunities below are based on the driver’s personal attributes.
All car insurance policies offer some sort of discount for high-achieving students. This is great for customers, as insurance premiums are particularly high for drivers under 21, and full-time students with an average of at least a ‘B’ are often eligible for great student discounts of up to 25% .
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The at-home discount applies to college students who leave their car at home while commuting to school more than 100 miles from home. Sometimes called student discount.
USAA provides insurance to active military, veterans, and their immediate families. Many providers offer discounts of up to 15% to military personnel and veterans. Discounts vary for federal employees, but Geico offers particularly generous discounts to drivers in that group.
Insurance companies have a variety of relationships with industry associations, alumni associations, and more. Geico is an industry leader here, partnering with more than 500 professional and university organizations to offer discounted rates.
Some insurance companies offer discounts to drivers age 55 and older. Drivers 55 and older can also find incentives to maintain their skills through online driver improvement programs.
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Car insurance companies have many discounts associated with their insurance policies. Some of these discounts are applied automatically, while others must be requested. Here are some common types of insurance discounts.
These discounts are usually easy to find because insurance companies offer many incentives for purchasing different coverages. You can save a lot of money by combining auto insurance with home, life, marine, or other types of insurance. Some companies offer discounts of up to 25% on premiums when you bundle your insurance.
Savings potential varies by multiple car discounts. Some insurance companies, such as State Farm, offer a 25% discount when you add multiple vehicles to your policy. Many companies offer discounts of around 10% on multiple car insurance policies.
Full payment, automatic sharing, and paperless discounts fall under this umbrella. If you pay your entire premium upfront, you can often save 10% over six months or a year.
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You can save 5% to 10% by setting up automatic payments from your checking account, debit card, or credit card. Insurance companies often offer a 10% discount because going paperless saves them additional costs.
Depending on the features associated with your car, you may also receive special discounts on your car insurance. Some companies offer discounts on new car insurance. Other common discounts related to car attributes include:
Installing an anti-theft device can save you 5-15%, although it is the least expensive element of overall protection. If your car is a likely target for auto theft, it’s a good idea to install an anti-theft device, even if the discount is small.
Most insurance companies will discount your collision coverage premium by 5 to 10 percent if your car has a factory-installed anti-lock braking system (ABS). This discount is automatically applied, so we recommend asking your agent to confirm.
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This type of discount applies to seat belts and front airbags. With factory-installed seat belts and front airbags, you can save up to 30% on your Personal Injury Protection (PIP) or Medical Payment (MedPay) premiums.
Usage-based programs help good drivers save even more on their auto insurance. Although most programs are not available in every state, most major auto insurance companies offer some sort of discount.
So how does it work? Telematics insurance software monitors your driving habits in real time. This can be done through mobile apps, plug-in devices, or Bluetooth tracking beacons. You can choose your device type depending on your provider and country. Many programs offer sign-up discounts that are replaced with discounts based on your driving habits when you renew your auto insurance policy after an initial introductory period.
Cautious people who drive very little usually find the best car insurance discounts based on their usage. If you engage in poor driving habits while enrolled in a usage-based program, you may be subject to a small discount or discount penalty. However, some programs, such as Progressive Snapshot, can increase your rates based on your driving habits. Let’s take a closer look.
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Our Guides team evaluated the top auto insurance companies to narrow down the best in the industry. Here’s how the top-tier cars stack up in terms of comprehensive car insurance discounts. Please note that discounts may not be available in all states.
In addition to standard discounts, the following major providers offer several company-specific discounts:
Geico is the only major company that provides auto insurance to federal employees at Eagle level and above. The discount amount is 12% and applies to the policyholder’s total auto insurance premium. Members of over 500 corporate and alumni groups also receive discounts when they join the group.
Because USAA supports military members and their families, they offer some of their own auto insurance policies. If the driver keeps his car in a safe place, he will receive a 60% discount, which will be helpful during implementation. USAA also offers his 15% discount on vehicle parking within military bases.
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Progressive is the only company on our list of top providers that offers discounts on teen auto insurance.
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