LOS ANGELES, Jan. 29, 2021 /PRNewswire-PRWeb/ -- To make car insurance more affordable for their existing and potential customers, car insurance companies are offering various types of discounts. The value of each discount is different from one insurer to another, so drivers are recommended to carefully analyze these discounts before signing any insurance deals.
The most valuable discounts that can help drivers save the most money are the following:
- Multi-policy discount. Drivers can obtain substantial savings if they insure the car and house together on one policy on the same insurance company. In many cases, the policyholders can save as much as 20% of the insurance costs.
- Good driver discount. This discount is provided to those drivers that manage to keep their driving records clean for a certain number of years. Most insurance companies will offer this discount after three years of ticket-free and accident-free driving, while other insurers will wait even five years. One major advantage provided by this discount is the fact that the policy will decrease every time a registered driver in the household becomes eligible.
- Low-mileage discount. Policyholders that drive their cars less than a certain limit might be eligible for this discount. Policyholders that are driving less from any reason should contact their insurance companies and check if they are eligible.
- Good student discount. This discount is one of the few methods that can help teen drivers save money on car insurance. To qualify for this discount, teen drivers will need a 3.0 GPA. Studies done by the insurance companies have shown that teen drivers that have good grades are less likely to be involved in accidents and they are more responsible drivers.
- Good credit score discount. In most states, the law allows the insurer to look at the drivers' credit score before determining their insurance rates. Insurance companies claim they found a correlation between a driver's credit score and his chance to file for a claim. For this reason, drivers with a poor credit score will pay much more on their insurance premiums, while drivers with a good or excellent credit score will gain substantial discounts.
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