Las Vegas is known for many things: bright lights, posh resorts, incredible entertainment and gaming and high auto insurance rates. Clark County NV consistently ranks near the top for auto insurance rates in the United States. The reasons for these higher-than-average rates is complicated, but there are ways to help control and lower your costs. Here are 5 tips to lower your auto insurance premium:
- First, shop around for better overall rates. Of course, we recommend you contact the professional agents at Safeguard Insurance first. If you’ve never worked with an Independent Agent you might be surprised at how competitive our rates are. We work with up to 15 different auto insurance providers and use a comparative rating system to find the best value for you. Essentially, we match you with the best coverage at the best price.
- Keep your vehicles longer. Generally speaking, older cars cost less to insure that a new vehicle. Modern cars have become extremely reliable, often requiring only routine maintenance past 100,000 miles. Unless you must have the latest and greatest, keeping that older car a few more years will save you money on auto insurance.
- Raise your collision deductible. Physical damage coverage is comprised of comprehensive and collision. Of the two, collision is typically the most expensive. Raising the deductible to $500 or $1,000 will often lower your premium significantly. Have your agent run quote scenarios with different deductible levels and then decide if the savings is worth it to you. Of course, make sure you can actually afford the higher deductible in the event of a claim.
- Consider dropping some coverage completely. We often tell customers to consider removing physical damage coverage completely once the cost of the insurance plus the deductible equals around 25% of the vehicle’s value. If you have a new vehicle that includes roadside assistance with the factory warranty, remove towing coverage from your auto insurance. If you have several vehicles in the household, maybe you do not need to carry rental reimbursement coverage.
- Ask about discounts. Insurance companies offer a dizzying array of discounts for certain occupations, level of education, early quoting, multiple policy and vehicle, safety features, payment options and even for skipping out on paper copies of your policy. When an agent asks you personal questions, like what you do for a living, they are looking for potential discounts to apply to the quote, not just being nosy. However, don’t just assume the agent has applied for every available credit: ask them what discounts have been given and which are possibly still available.
At Safeguard Insurance, we understand auto insurance is not something consumers really want to think about on a daily basis. We want you to provide you a policy that fits your budget and still provides the assurance you have the coverage needed to protect your assets. We hope these 5 tips to lower your auto insurance premium are helpful and have you thinking about ways you can save.