How to find lower car insurance rates

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Insurance companies look at a variety of factors when setting car insurance rates. Learn how you can use those factors to your advantage and lower your rate.

Those miles add up

Review the annual mileage estimate on your policy. Insurers rate a big part of your risk on how many miles you drive. So tell your insurance agent right away if you are driving less and they’ll change your rate — without you having to change your coverage.

If you lost your job or switched jobs and don’t drive as much as you did, the miles you originally estimated when you got your policy could be way off. If your employment situation hasn’t changed, you can reduce the amount of miles you drive by carpooling or taking public transportation.

Keep your credit score high

So many aspects of your financial life depend on your credit. Car insurance is fast becoming one of them. More and more, insurance companies are using credit scores to help them assess risk and set car insurance rates.

If you know your credit score has improved recently, ask your insurer to rate you again. Insurance companies are unlikely to rerate you when your premium is due, however.

There are plenty of other ways to lower car insurance rates. There are all kinds of discounts you might be either unaware of or just haven’t remembered to make use of.

Safety features on your car, such as air bags, antilock brakes and anti-theft devices can equal lower car insurance rates. Having more than one car on your policy or getting your homeowners insurance from the same company also can lead to a discount.

If you haven’t had an accident or been ticketed in a certain number of years, or if you store your car in the garage, you might also be able to get a discount.