Every state in the nation minus one (looking at you, New Hampshire) requires drivers to maintain auto insurance, and laws regarding minimum coverage requirements vary. Insurers typically offer plans ranging from basic coverage that provides only personal injury protection to comprehensive coverage that will replace a vehicle if it’s stolen or destroyed in an accident or natural disaster.
Increasing your deductible is an easy way to save money on your monthly premium. If you are not putting in claims for every little ding and scrape, your insurance company will charge you less month to month, knowing it will only have to cover the cost of bigger problems.
Another great way to save money is to let one of these companies search for a better rate for you. Here’s how they work:
- Gabi: With Gabi, you upload your existing car insurance policy, and the company will search for a better deal. Sign-up takes a minute, and users can save as much as 30% off their auto, home and renters policies. Money Talks News’ CEO recently gave the service a test drive, with remarkable results. Check out: “How I Saved $546 on Car Insurance Without a Single Phone Call.”
- The Zebra: The Zebra’s real-time comparison engine scours more than 200 insurance companies to find you a better deal. The website also offers an “InsurabilityScore” that calculates how easily you can find coverage, and a “RateAnalyzer” to pinpoint which factors are most likely to drive up your premiums. In addition to car insurance, you can search home, renters and recreational vehicle insurance products on The Zebra. This service is similar to Gabi but does not require that you present your current insurance policy to get competitive quotes.
- Metromile: If you are a low-mileage driver, Metromile could be the right solution for you. Customers pay a low base rate — starting at $29 a month — and then an additional price per mile driven. The company tracks mileage using a device installed under the dashboard, and monthly bills can change depending on how much you drive. Metromile is available in Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington.