1.) SHOP YOUR AUTO INSURANCE
Prices vary from company to company, so it pays to shop around. As an independent insurance agent, MFS Insurance can shop more than 10 auto insurers through our in house rating software. Shopping has never been easier or more convenient. We can help evaluate the strengths of each company's quote in person.
2. EVALUATE DEDUCTIBLES
Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you 40 percent or more. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim.
3. REDUCE COVERAGE ON OLDER CARS
Consider dropping collision and/or comprehensive on an older car. Many studies indicate if your car is worth less than 10 times the premium, purchasing the coverage may not be cost effective.
4. THE BUNDLE WE'VE ALL HEARD ABOUT
Many insurers offer a 10% or more discount if they insure both your home and auto. Some companies are even requiring to insure your auto when offering homeowners insurance.
5. LOW MILEAGE DISCOUNTS
When shopping be sure to disclose average miles driven because many companies offer discounts when you don't drive a lot in a given year.
People are often frustrated with all the questions when quoting, but they are asked in an attempt to lower your auto premiums. The following can lower your rate depending on the insurer:
Auto and Homeowners Coverage with the Same Company
College Students away from Home
Defensive Driving Courses
Drivers Ed Courses
Good Credit Record
Low Annual Mileage
More than 1 car
No Accidents in 3 Years
No Moving Violations in 3 Years
Student Drivers with Good Grades
Call or come by one of our offices in Stuttgart, Forrest City, Marianna, Greenbrier, or Little Rock to shop your auto rates and lower your premiums!
The key to savings is not the discounts, but the final price. A company that offers few discounts may still have a lower overall price.