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Consumer Advisory: How Can I Save Money On My Automobile Insurance Policy?

Many insurers offer discounts. You should ask your insurance company or representative about any available discounts before purchasing or renewing your auto insurance policy.  Not all insurers offer the same discounts but some of the most common ones include:

Good driving record.  Insurers may consider traffic accidents and traffic violations that have occurred in the past three years in determining what to charge you.  If your driving record is less than perfect, then you may be considered a higher risk and might pay a higher premium.

Safety devices.  Frequently discounts are offered for devices that limit bodily injury or property damage caused by accidents.  Such devices can include anti-lock brakes, automatic safety belts or air bags.

Anti-theft devices.  Car alarms and other theft-deterrent devices may also result in a discount.

Multiple policies.  Although an insurer cannot require you to buy a homeowners insurance policy when you purchase an automobile insurance policy, some insurers offer discounts to policyholders who purchase both automobile and homeowners policies.  In addition, insurers may offer discounts if you have more than one vehicle insured with the insurer.

Good student.  Many insurers offer discounts to students who maintain at least a B average.

Driver Education Courses.  Many insurers offer discounts for the completion of a driver education course. 

Renewal Discount.  Some insurers offer a discount to policyholders who have maintained continuous coverage with the insurer for a specified number of years.

Memberships or employment discounts.  Insurers may offer discounts to members of certain organizations such as credit unions, shopper’s clubs or alumni associations.  You also may be eligible to receive a discount through your employer.

Review your deductible.  The deductible is the amount you agree to pay in the event your vehicle is damaged.  Raising the deductible on your policy generally will decrease your premium.  If you select a high deductible, you will pay more money out of pocket for any damage; however, your insurance premium generally will be lower.

Consider whether you want to maintain comprehensive and/or collision coverage.  If your vehicle is older and has been paid off, you may want to consider dropping these coverages to reduce your premium.  However, if you drop these coverages and your vehicle is damaged in an accident that you cause, or if it is stolen, vandalized or you collide with an animal, you must pay for the repair.

Compare the premium you are paying to what another company might charge you.  Refer to our Automobile Insurance: A Comparison Guide to Rates at www.insurance.maryland.gov or call 410-468-2000 to obtain copy.  Make sure you compare policies that have the same coverage.​

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