Another way to reduce car insurance costs is to increase the amount of the deductible. Doing so can save money on premiums, but only if you have enough accident coverage to cover the increased deductible. Take our 3-minute questionnaire and contact an advisor today. Founded in 1976, Bankrate has a long history of helping people make smart financial decisions.
We've maintained this reputation for more than four decades by demystifying the financial decision-making process and giving people confidence in the actions they should take next. The average American spends about 2.6% of their annual income on auto insurance, which represents a significant bill for many households. However, with the rise of remote working, many drivers' habits have changed, and so may other factors, such as the cost of car parts and repairs, that could affect the cost of their auto insurance policy. If you haven't compared rates or evaluated your coverage recently, you may be overpaying for car insurance.
While reducing your monthly payment may seem complicated, Bankrate can help by offering you some simple tips to reduce your premium. Periodically reviewing your car insurance policy can help you make sure that you're saving on car insurance, but it can also ensure that the coverage you select meets your current needs. Younger drivers, especially teenagers, tend to pay more for car insurance in Massachusetts, as insurers consider them to be high-risk because, according to statistics, they are more likely to have an accident and have less experience driving than older drivers. Massachusetts's phased licensing law requires young drivers to pay much more for car insurance than older motorists, because teens must complete certain courses and obtain a license before being allowed to drive unsupervised.
The cost of car insurance in Lynn, Massachusetts varies depending on several factors, such as your age, driving history, and location. In addition to discounts, many insurers offer additional benefits, such as roadside assistance or car rental reimbursement. Some insurers will offer you better rates than others based on a myriad of factors, so you may get a better deal from one insurer than another for several reasons, and that's why it's important to compare. Generally, drivers who currently have car insurance coverage will receive a cheaper monthly quote than drivers who don't.
Each of the auto insurance companies has their own methods for calculating rates, and your own individual rating factors play an important role, so you won't know how much car insurance can cost with other companies unless you request a quote. The average car insurance customer in Lynn, Massachusetts has a good driving record and drives an older car model. Or you may have another service that offers roadside assistance, so you won't need it in your car insurance policy. While many people first consider the fixed price and the price of gas when it comes to the cost of owning a car, car insurance rates are also important.
For example, you might have purchased a used vehicle a few years ago and, at that time, you chose full-coverage car insurance with collision and comprehensive coverage to insure it. If you're looking for car insurance in Lynn, MA, a good place to start is to compare the average costs of several different insurers. Many insurers will offer you discounts if you take out two or more types of insurance, such as home insurance and car insurance, or if you have more than one insured vehicle. However, you may want to add additional coverage to your policy, such as comprehensive or collision coverage; this can protect both your car if it is damaged in an accident and damage caused to third-party cars if either is damaged.