There are many ways to save a small percentage of your current car insurance rates. Combined, these small tips could save you hundreds or even thousands of dollars in the long run. Before choosing a car insurance plan, consider these rate-slimming options that could help to simplify your insurance and save you money in the process.

Drop Optional Coverage on an Older Car

Some types of car insurance are required by law, but others, such as comprehensive coverage and collision coverage, are optional additions. Comprehensive coverage protects your car from damage in non-accident situations, such as hail dents, fallen branch damage, or vandalism. Collision coverage pays for damage to repair your vehicle if you are in an accident and the other driver cannot be determined to be at fault.

These options offer important protection to newer cars with higher value, but as a car depreciates over time, these types of insurance also lose their value. A good rule of thumb is that, if your car is more than six years old, dropping these optional coverage options could save you money. Since an insurance payout is typically limited to the cash value of the vehicle, continuing to pay for these coverage options could cost you more than what you could possibly recover from them.

Increase Your Deductible

If you have a newer car and have comprehensive and/or collision coverage, consider increasing your deductible as much as you comfortably can. Consider how much money you would be able to pay out of pocket for repairs if you have an accident. If you can afford a higher deductible, modifying your policy will reduce your monthly premiums. While you will have to pay more initially if you have an accident, you could save yourself hundreds of dollars overall by reducing your monthly payments.

Contact Us About Money Saving Tips

For more money saving tips and insurance coverage information, contact the friendly Chicago car insurance professionals of Insure on the Spot today at 888-972-SAVE.