There are steps you can take in New York to help reduce your auto insurance costs. Most, but not all, will apply to you.
Shop around and research your insurance options
Rates can vary considerably among insurers. Take advantage of a comparison website which enables you to get quotes from multiple insurers at once.
Avoid Traffic Tickets
The best way to avoid auto insurance increases due to traffic tickets is to avoid receiving a traffic ticket. Drive safe and follow the rules of the road. If you are pulled over, read attorney Scott Feifer’s article offering some basic advice on what may help you avoid receiving a ticket in the event you are stopped by a police officer.
Fight Traffic Tickets
If you receive a NY traffic ticket, fight it. You are “not guilty” until proven otherwise. There is nothing on your driving record yet and your insurance company has no idea you received the traffic ticket. Do your research and consult with a traffic ticket lawyer early in the process to increase your chances of avoiding a conviction.
Attend Traffic School
New York refers to it as the Accident Prevention Course. It removes four points from your driving record and is a “good” on your record to help offset the “bad” (convictions) in the eyes of auto insurers.
Research Your Automobile Insurance Options
Make sure you are paying as little as possible for your automobile insurance. Paying less may be as simple as doing a little research and switching to a new provider. If you’d like to get quick quotes from other providers, get your vehicle registration and existing policy ready and click here (to our affiliate site)
Increase your deductible
For many people, raising the deductible on their auto insurance is a good way to cut the overall cost of the policy. Perhaps a mere increase from $250 to $500 can reduce your annual premium by 10 percent or more. Just make sure you can handle the larger deductible should the time come.
Narrow the scope of your coverage
New York requires you to have liability coverage, but other non-mandatory coverages may be expendable. Be careful, though, of leaving yourself underinsured. Just because a type of coverage is optional doesn’t mean it’s not advisable to get it. There’s no requirement for anyone to carry life insurance yet it’s still a good idea…
Keep an eye on your credit report
Good credit is potentially important. Keep your credit in order an you are likely to enjoy lower auto insurance rates.
Buy a low-profile car
It’s about risk. In general, sports cars and other high-performance, flashy vehicles are classified as higher risks because they are common targets for thieves and because statistically, the people who own them tend to drive more aggressively. Owners of a Ferrari will likely pay a higher premium than owners of a Volvo station wagon or other low-risk vehicle.
Keep your car in a garage
Cars parked in garages are less likely to be stolen, vandalized, or struck by other vehicles. Using a garage to store your car may entitle you to a slight premium reduction.
Install safety and anti-theft devices
You may receive discounts on your insurance if your car is equipped with one or more of the following options: anti-lock brakes, automatic seat belts, and airbags. Similarly, anti-theft devices such as car alarms and tracking systems (e.g., Lojack) may also get you a discount because they reduce the chances of your car being stolen or vandalized.
Inquire about multifamily/multipolicy discounts
You may receive a discount from your insurance company if you buy more than one type of insurance through that same company (e.g., auto and homeowner’s). A discount may also apply to your auto insurance if you insure multiple cars under the same policy or with the same company.
Employ automatic debit
This is when you authorize the insurance company to take your payment out of your checking account at the same time each month. This can save a little money each month.
Lower insurance coverage on your older car
As your car ages, it is worth much less than when it was new. Look up the Kelley’s Blue Book value of your car. That is the maximum amount your insurance company will pay if the car is “totaled.” You should review the collision and comprehensive coverages of your policy each year as your car gets older and decide whether it makes sense to continue paying for that coverage.
Monitor the other drivers on your policy
Don’t include other drivers under your car insurance unless you have to, especially younger drivers or those with poor driving records as they’ll only bring up your rates. Conversely, if you are a young driver, having an adult under the insurance can help lower your rates.