Auto insurers allow discounts which helps to reduce the premium costs for the individuals. However, an insurance applicant has to fulfill certain criteria to qualify for the discounts. The form and limit of auto insurance discounts depend on the state laws and the insurer.
Discounts make you feel special like youre the only one enjoying special attention from the product manufacturer or seller. Not only that, discounts also help you to save from your daily expenses by making your purchase affordable. An auto insurance policy is no different than the other products you purchase. As a matter of fact, its all the more important since you have to keep on paying for it at regular intervals. Thus, searching for an affordable auto insurance coverage makes complete sense, and discounts might be one way to keep your policy costs within your means.
Popular auto insurance discounts
Varieties of auto insurance discounts are available in the market. However, all forms of discounts might not be available with each and every auto insurance company. Insurance companies also ask for certain criteria before they allow discounts to an individual. Some of the popular discounts that are allowed on auto insurance coverage are mentioned below:
- Multi-policy discount Insurers offer discount to individuals, if they have more than one policy with the same insurer. For e.g. You can bundle up your home and life insurance policy along with the auto, from the same insurance company.
- Good driver discount Insurance companies offer discounts to the safe drivers. Thus, individuals with clean driving records, no accidents or traffic violations and no DUI charges might enjoy lower rates on their auto insurance policy.
- Good student discount Teenagers are considered as high-risk drivers by the auto insurers. However, some auto insurers allow discounts to student drivers who maintain good grades.
- Anti-theft device discount Insurance discounts might be allowed to you if certain anti-theft devices are installed in your vehicle. Car alarms, immobilizers etc. can thus lower your auto insurance rates.
- Security discount Installation of certain safety devices like the anti-lock brakes, air bags, automatic seat belts might also help you save on your auto insurance coverage.
- Safe vehicle discount The National Highway Traffic Safety Administration enlists certain vehicles as safe cars. Owners of safe cars might enjoy discounts on their auto insurance policies.
- Loyalty discount You might also ask for loyalty discounts if you had been insuring your property, your dear ones and belongings with the same insurance company for a long time. However, it solely depends on your insurer whether or not you qualify for this form of discount.
- Senior citizen discount Insurance discounts are also allowed to drivers when they are above a certain age, and qualify as senior citizens.
Drivers who have undergone driving courses or courses teaching traffic safety regulations might seek discounts from the insurers when they apply for their auto insurance coverage. Insurers only allow the discounts when they consider the driver to be a low-risk individual. Violation of traffic rules or getting involved in accidents might make the insurers reconsider about your policy. Missed premiums are also not considered favorably by the insurers. They might cancel your discounts just then or during the next policy renewal, which will consequently raise your policy rates.