- 1). Request a detailed policy quotation if you already have insurance in place, or a detailed quote if you are buying new coverage. The quote you receive should break down the cost of each type of coverage you have, including collision and comprehensive coverage, bodily injury coverage and property damage coverage.
- 2). Check the value of your vehicle with an authoritative source like Kelly Blue Book (see Resources). Consider dropping the collision and comprehensive coverage if the cost of that coverage exceeds 10 percent of your car's value. For instance, if your car is worth $3,000 and the cost of collision and comprehensive coverage is $400, dropping that coverage would make sense.
- 3). Contact your insurance agent and make sure you are getting the discounts for which you qualify. Many car insurers provide multi-policy discounts to customers who insure both their homes and cars with the same company. In addition, you might be able to earn a discount by completing a safe driver course, keeping your car in the garage at night or installing an anti-theft device.
- 4). Shop around from time to time, even if you think you already have the lowest price. Conducting an annual insurance review is a good practice, and one that can save you a lot of money. During this annual review, check prices for your car insurance, homeowners insurance, life insurance, health insurance and other coverages to see how much money you could save by switching companies.
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