Reddit's Best Advice When It Comes To Car Insurance

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  • Auto insurance is a legal requirement and usually also a financial necessity.
  • Reddit's r/personalfinance is a great place to find tips and advice about car insurance coverage.
  • You can save money on insurance by shopping around and adjusting your deductible, and it's a good idea to buy more coverage than your state requires.

You don't want to be out on the road without it.

I'm sure I don't have to tell you that having auto insurance is extremely important -- not to mention the fact that it is illegal to drive without it in nearly every state. So if you own a car, you have to balance the right insurance coverage for your vehicle and situation with your ability to afford that coverage.

Reddit is an online news aggregator and discussion website, and it's chock-full of helpful information and tips about all kinds of personal finance concerns, including car insurance. Anyone can post and answer questions on Reddit, which means you often have to take advice with a grain of salt (and do some further research before acting on it). However, there are many excellent pockets of information, sometimes even posted by current and former insurance company employees. Let's dive into some of the best auto insurance advice from Reddit's r/personalfinance.

Shop around for policy rates

It can be very easy to give in to inertia and keep the same car insurance company for years, because it can be hard to find the time to compare policy prices. Thankfully, the internet age has made this easier; drivers no longer have to call insurers or visit agents in person to get quotes. The best way to ensure you're not overspending for car insurance is to shop around and see what insurers will quote you for a policy.

Buy more insurance than your state requires

Nearly every state requires a certain minimum amount of auto insurance coverage. Unfortunately, those minimums may not be enough to cover a driver, their vehicle, and any other vehicles, property, or people damaged or injured in a crash. Insurance may be required by law in your state, but it's also there to protect you as the driver and vehicle owner. If something terrible happens when you're driving, you want to be able to pay for the damage and protect your assets from legal action by anyone you may have harmed.

Don't lie to the insurance company

It's always a bad move to hide the truth from a company you're doing business with, for a number of reasons. If a driver tells their insurer they drive far less than they actually do, just to save money on their coverage, the company will find out. It will also find out if the driver has a speeding ticket or an accident on their driving record. It's not worth it to have a policy canceled over a lie.

Get rental car coverage

Many auto insurers offer an add-on that will cover the cost of a rental car if a car is out of commission due to a covered accident or mishap. This is worth paying for, according to Reddit, and I will co-sign this point as well; I have been without my car for periods of time due to it needing repairs, and I needed a car to get to school or work at that time, so having a rental car covered by my insurer was a lifesaver. This may be especially crucial if a car is to be out of commission for several weeks; rental cars are not cheap.

Embrace the discounts

Many auto insurers offer myriad discounts for drivers in a variety of situations. You can get discounts for being a safe driver, for being in the military, and even for getting good grades, if you're a student. One of the best ways to save money on car insurance is by bundling your policy with other insurance, if you have it. For example, I keep my renters insurance and auto insurance together, and this move saves me enough to cover the renters policy in full. When you're getting policy rate quotes, see what discounts you might qualify for.

Adjust your deductible (but make sure you can afford it)

Another way to save some money on auto insurance is to increase the deductible. A deductible is the amount of money the policyholder must pay out of pocket on the claim before the insurer will pick up the tab for the rest. If a deductible is higher, the policy costs will be lower, and vice versa. If a driver has a robust emergency fund and knows they will be able to afford a higher deductible in the event of needing to make a claim, this is a good strategy to save money every month. However, if they're at all concerned that they can't afford a higher deductible, or if the money saved by increasing it isn't worth it, it's fine to keep it lower.

We Americans love to drive our cars; the romance and freedom of the open road is a major part of our culture. Car insurance may not figure into this fantasy, but since it's both legally required and financially beneficial, you may as well embrace it and try to get the best coverage for your money.

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