How to save money on auto insurance

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Auto insurance is not a set-it-and-forget-it purchase. If you don’t review your policy periodically, you might miss out on savings.

If you were recently laid off, for instance, tell your agent that the number of miles in your commute has dropped significantly. You could get a lower rate for driving a lot less. The low-mileage discount varies by state.

Life changes to watch

You also should review your auto insurance if you recently bought a home or obtained a company car. If you buy your homeowners insurance through the same carrier as your auto insurance, ask for a multipolicy discount. If you drive a company car, your insurance company might give you a multiple-car discount even though you don’t own it.

When your children reach driving age, get auto insurance quotes to find out how much your rate will go up with your kids on your policy. The company that’s been giving you the great rates for all these years might not be so accommodating with teens on your policy. It might be time to change.

Safety first with teen drivers

Your rates also could go up if your teen is caught texting while driving. Make sure your teen buckles up when driving, too. Some states and municipalities allow police to ticket drivers for not wearing seat belts even if no other traffic violation has occurred.

Other states allow tickets to be issued only if a separate traffic violation is committed. Either way, if cited, the incident makes a driver look riskier to the insurance company. Higher auto insurance premiums could result.