3 Car Insurance Policy Discounts That Can Save You Money

Car insurance discounts have always been an exciting topic for many car owners who recognize them as the quickest way to lower their insurance premiums. But the buzz around these discounts is often clouded by limited knowledge on the types of discounts available and how policyholders can actually qualify for them.

Policy discounts are among the many types of car insurance discounts that can offer you top savings on your premium. These discounts differ from the ones you get for maintaining a good driving record, not making claims over a long period, or installing security features such as alarms and tracking devices in your car.

Policy discounts typically reward you for simply renewing a policy or showing loyalty to your current insurance company and could yield huge savings depending on who your insurer is and how long you have had the policy. Here is a look at three such discounts and how you can qualify for them.

Customer loyalty discounts

Car insurers appreciate loyal customers who stay with them for long periods. The auto insurance industry is cutthroat, and customers can easily shift from one insurer to the other in search of better rates and products.

However, by sticking with your insurer for a long time, you may be able to earn customer loyalty discounts that will lower your premium. Of course, it is advisable to shop around to find out if there could be better rates elsewhere, but be sure to find out what discounts you might be close to qualifying for should you stay with your current insurance provider.

Early renewal discounts

Taking time to decide whether to renew your auto insurance could cost you. Depending on your policy, you might be eligible for discounts simply for renewing your car insurance early. Waiting till your policy expires to renew could mean you miss out on early renewal discounts, while you could also face more severe consequences such as hefty fines and revocation of your driver's license if pulled over with an expired policy.

Multi-policy discounts

Many car owners are often aware that they can receive discounts on their insurance premiums by insuring multiple cars on a single policy. However, an even better way to reduce your overall insurance bill is to combine different policies into one, all under a common insurance company. For instance, you can get a huge discount for bundling your car, homeowners or renters insurance, and life insurance under a single policy. If you just bought a car and are looking for auto coverage, consider looking for car insurance in Saint John.