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Auto Insurance Discounts - Common Reductions

Aug 17, 2007
Auto insurance rates are high enough, there's no sense in paying more for your premiums than you have to. Most of the nation's top insurance companies offer a multitude of discounts for customers. The trick is letting your agent know when you qualify. Used in combination, many of these discount programs can be used to cut your annual premiums from one-third to as much as half the original cost.

Here are just a few of the most common discounts offered by more than 300 auto insurers today:

Multiple Vehicle Discount. This rate-cut is offered to consumers insuring more than one vehicle. This applies to cars, trucks, motorcycles, RV's, trailers and some boats. See your agent for details.

Multiple Driver Discount. Insurers realize that two people can't drive the same car at the same time, so they often offer multi-driver discounts to allow customers with more than one car per driver in the household to only pay for the cars being driven, and the drivers in them.

Multi-Policy Discount. This is a great way to save on all of your insurance needs. Choose a company that discounts more than one policy, then combine your homeowners' auto, disability, life and even health insurance into one insurance portfolio. Some companies will also count financial savings plans such as 401K's Roth IRA's, money markets savings plans and college funds as additional policies to ensure the discount.

Low Mileage Discount. The less your car is on the road, the less chance it has of being involved in an accident. If you commute locally, or have a second car that is rarely used, let your insurance agent know. The lower the mileage, the lower the insurance premium.

New Vehicle Safety Discount. Offered to owners of new vehicles that contain certain types of safety features such as side passenger airbags, etc.

Anti-Theft Device Discount. Be sure to let the insurance agent know if you have any type of anti-theft device in your car. It too is eligible for a special discount.

Good Student Discount. Student rates can be quite high, especially for male drivers. But, some insurers are now recognizing that honor students may be more careful drivers, and are now rewarding good grades with cheaper premium rates. This may apply to both high school and college drivers.

Accident Free Discount. Almost every major insurer these days offer deep discounts, depending on how long a driver has gone without being involved in an accident.

Defensive Driving Discount. Some insurance companies now reward drivers who attend special defensive driving workshops and seminars with either a one time, or ongoing rate cut.

As you can see, there are many discount options for drivers who take the time to look into their company's policies and apply for the discounts available. While individually, they may not save you much, but used in combination, they can add up to a hefty rate savings.
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