Types of Car Insurance Discounts

The first thing that comes to mind when searching for car insurance is discounts. This is a natural impulse as car insurance is quite expensive, and everyone wants to save more. For this reason, you need to know the types of car insurance discounts and how they apply to your insurance.

This brief post will discuss the most necessary discount you can look forward to:

Types of Car Insurance Discounts

Below are the three top discounts for you:

Multi-Policy Discounts

This is the most common discount you will get on approaching any insurer.

You may be eligible for a multi-policy discount if you purchase auto insurance and other policies from the same company. It’s often called “bundling” or a “multi-line discount.” Bundling auto and homeowner’s insurance is the most cost-effective strategy to save money, with savings ranging from 5% to 25%. 

Don’t worry if you don’t own a home; auto insurance may sometimes be coupled with other policies. Some of these policies include condos, renters, motorcycles, boats, RV, and life insurance.

Renters don’t get as much a break as homeowners do, with discounts ranging from 2% to 9%. Still, every little bit helps.

Vehicle Safety Discounts

Certain gadgets in your car assure you discounts. This is what we call vehicle safety discounts, and it is one of the most common types of discounts.

If your car has anti-lock brakes, airbags, and daytime running lights, you may be eligible for a discount. Airbag savings of up to 40% can be applied to your medical payments or personal injury protection policy, and daytime running lights are typically minimal discounts.

Multi-Vehicle Insurance

So you have more than one vehicle and want to insure all – great idea! You may be up for a discount.

You’ll get this discount if you cover more than one automobile with the same insurance carrier. Discounts ranging from 8% to 25% are common in adverts.