Can Insurance Rates Be Negotiated

When it comes to car insurance the price you pay is usually set in stone. However there are some ways that you can negotiating a lower rate. Here are a few tips on how to get your insurance company to lower your rates.

1. Shop around. Don’t just accept the first quote you get. Get quotes from multiple companies and compare them. This will give you leverage when it comes to negotiating a lower rate.

2. Be a good customer. Insurance companies often give discounts to customers who are deemed to be “low-risk.” This means that you have a clean driving record you don’t make claims often and you have a good credit score. If you can show your insurance company that you’re a low-risk customer they may be more willing to lower your rates.

3. Raise your deductibles. This is the amount of money you have to pay out-of-pocket before your insurance company steps in to pay for the rest. By raising your deductibles you’re essentially telling your insurance company that you’re willing to pay more in the event of an accident. This can often lead to lower rates.

4. Don’t be afraid to negotiate. Your insurance company may be open to negotiating a lower rate especially if you’re threatening to switch to another company. It never hurts to ask.

5. Take advantage of discounts. Many insurance companies offer discounts for things like having a safe driving record being a good student or owning a car with certain safety features. If you’re eligible for any discounts be sure to mention them when you’re negotiating a lower rate.

It is possible to negotiate a lower car insurance rate but it’s not always easy. By following the tips above you’ll give yourself a better chance at success.

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