Constantly looking for new ways to save can be exhausting. Whether you are trying to save money for a vacation or you’re looking to shave a few dollars off a bill, saving money takes effort. However, every once in a while you get a break when your birthday rolls around. This is especially true with car insurance. If you’re a new driver looking for car insurance quotes or just lowering your costs then try using online services that make it easy. There are a number of car insurance milestones that can save you cash.
7 Car Insurance Milestones You Can Benefit From
Car insurance can be expensive, especially if you’ve been in an accident or have had tickets in the past. There are a few milestones that can reduce your auto insurance policy though.
- Turning 25 – When you turn 25 you’ll be able to rent a car and you may get a few dollars off your current auto insurance policy. There’s no real reason for this but it’s a milestone that can help you save. If you’ve had a good driving history, your insurance carrier may give you a discount after your 25th.
- Getting married – If you’re getting married your spouse’s driving record can help you land a lower rate too. However, if your spouse is a risky driver with accidents and tickets on their record it could have the opposite effect if you’re adding them to your policy.
- Having a child – Some families choose to purchase a newer, safer car when they have a child. If you choose to get a car with advanced safety features your insurer may provide you with a lower rate because the vehicle you are traveling in is safer than the one you had before.
- Relocating – If you have to relocate for work (or simply have to move), your auto insurance rates could go down as well. Areas with higher traffic, like New York City, are subject to higher car insurance rates. The farther away from the city, the lower your insurance.
- Turning 50 – Oftentimes car insurance rates lower again once you hit your 50s, especially if you’ve had a good driving record. This is because individuals in their 50s are more likely to drive safer vehicles and are less likely to take risks while driving.
- Sending your kids to college – Many parents keep their kids on their auto insurance policy through college. If your child gets good grades at school your insurer may reward their grades with lower rates.
- Retiring – Similar to the rate decreases at 25 and 50, retiring can also help reduce your auto insurance rate. This is usually because retirees have older, safer cars that are simply cheaper to insure. However, you’ll also be getting a senior citizen discount and may get additional discounts, depending on your location and insurance company.
Saving money is tiring but every once in a while you’ll hit one of these car insurance milestones that will help you save without lifting a finger. If you have specific questions about these milestones and discounts offered, give your insurance company a call. You may even be able to save some money today!
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.