Saving money, especially with insurance, isn’t always easy to do. But if you have the right plan in place, you could help lower your monthly payments and start allocating your money to other important parts of your life. With MAIF car insurance in MD, you could get affordable insurance policies that help save you money.
Choosing the right policy to start with can instantly work on improving your monthly savings. But there’s other ways you can help boost your savings when it comes to auto insurance.
Tips for Saving Money with Car Insurance in MD
Car insurance can get expensive, especially if you have a driving record. But with the help of MAIF, drivers can find coverage options that fit their budgetary needs. Even if you’ve had accidents in the past or are considered a high-risk driver, that doesn’t mean you can’t work on improving your insurance and lowering your premiums. Here are some tips that could help you save money moving forward.
Consider a High Deductible Plan
High deductible plans can be beneficial for drivers who are looking to save money every month. While a high deductible does mean you’ll pay more out-of-pocket for an accident, it can lower your monthly premiums. Not every driver should jump into a high deductible plan right away, however. First, it’s important to consider your driving needs and assess the risk of an accident.
If you drive every day in a heavy-traffic area, for example, you’re often at a greater risk for an accident. But if you work from home and only drive once or twice a week around a small town, there’s fewer opportunities for a collision. Your MAIF insurance provider can help you determine if a high-deductible plan is the right choice for you.
Drive Safely
Every accident, no matter how small, can drastically affect your premium. Drivers who have a past record of accidents tend to face higher monthly payments. Even if the accident wasn’t your fault, being involved in one can affect your insurance. That’s why it’s always best to try and drive defensively.
Staying aware of the traffic conditions around you can help you notice early signs of a potential collision. It’s also a good idea to never drive when you’re inebriated, tired, or distracted. If you do need to get somewhere, consider calling a friend, family member, or taxi. Avoiding accidents can help reduce your monthly payments and ensure you get better rates in the future.
Ask About Discounts You Might Be Missing
Many people don’t realize that insurance companies, including MAIF, often offer discounts that can make your bill cheaper. It never hurts to ask your agent what you might qualify for. For example, you might get a discount for being a good student, or for taking a driver’s education course. Having a teen driver in your house who makes good grades could also lead to savings.
Another common discount is for bundling your auto insurance with another type of policy, like renters insurance. These discounts can add up, so a quick conversation with your MAIF provider could reveal an easy way to lower your costs.
How Your Car Choice Affects Your Bill
The kind of car you drive affects how much you pay for insurance. A brand new, expensive sports car will always cost more to insure than an older, family-safe sedan. Insurance companies look at how much it would cost to repair or replace your car, and how likely that car is to be stolen.
Before you buy a car, get insurance quotes for a few different models you’re considering. Choosing a car with a high safety rating and a good reputation for reliability can give you much more affordable insurance payments.
The Benefits of Paying in Full
If you can manage it, paying your insurance premium for the entire six-month or one-year policy term all at once can save you money. Most insurance companies often charge a few extra dollars each month if you choose to pay in monthly installments. This is similar to a “convenience fee” for breaking up the payment.
While paying a large sum all at once isn’t possible for everyone, it’s a simple way to reduce your total insurance cost for the year. You can ask your MAIF agent how much you could save by switching to an annual payment.
Lower Your Costs With MAIF
MAIF is designed to help high-risk drivers find affordable car insurance in MD. If you’re struggling to make your monthly payments or can’t find an insurance company to work with, we can help. Contact your local MAIF provider today to learn more about our insurance policies and how we can help you save money.