4 Auto Insurance Moves to Make in Early 2023

These should all have a place on your January to-do list.

Auto insurance is the sort of thing you may not spend much time thinking about once you have a policy in place. But actually, it's a good idea to review your coverage from time to time, and the start of the year is a great opportunity to do a deeper dive. Here are some essential auto insurance moves to make early on in 2023.

1. Shop around for a better rate

At a time when so many bills are more expensive due to inflation, wouldn't it help your budget to get a break on your auto insurance premiums? Shopping around could lead to lower premium rates, so it's worth doing some research and seeing if another auto insurance company has a better deal to offer. 

2. Ask your insurer if you qualify for a discount

Maybe your circumstances changed over the past year in a manner that might result in lower auto insurance costs. Let's say you switched jobs, and your new position has you working remotely on a full-time basis. If your last position meant commuting every day, that could make a difference in terms of your car insurance premium rates.

Auto insurance companies will often give drivers a discount when their cars don't get heavy use -- such as if you're not driving yours to work every day, but rather, are only driving on occasion. So it's worth making that call. 

3. See if it makes sense to increase your deductible

Auto insurance premiums and deductibles tend to have an inverse relationship where the higher one is, the lower the other is likely to be. If you're a safe driver and live in a safe neighborhood, you may want to consider raising your auto insurance deductible and seeing how much savings that results in with regard to your premium costs. 

Of course, being a cautious driver won't guarantee that you won't get into a car accident. Someone who's less careful could end up driving into your car when you have the right of way. And living in a safe area doesn't guarantee your car won't be broken into. But it could still pay to raise your deductible if it means reaping significant savings on your premiums.

4. Look into bundling auto and homeowners insurance policies

While 2022 was certainly a challenging year to buy a home, maybe you were finally able to take that leap. If so, and you're now paying for homeowners insurance, you may have a prime opportunity to reap some savings.

It's common for insurance companies to give you a discount on your premium rates when you bundle your auto and homeowners policies -- meaning, use the same insurer for both types of coverage at the same time. So if you're not already doing that, it's worth seeing what sort of savings might ensue if you were to make a change. 

Once you set up your auto insurance, you may be inclined to just forget about it. But doing so could mean overpaying, or missing on ways to save. Rather than cost yourself more money at a time when living expenses are so high, take the time to tackle these essential moves. You never know how much money they might save you.