Only a few auto insurance companies currently offer discounts for new electronic safety devices such as autonomous emergency braking. But there are other ways you can save money on insurance:
COMPARE COMPANIES: Get at least three quotes before you choose a company, and check every year or so to see if your company is still competitive. But make sure you're comparing the same coverage levels.
RAISE DEDUCTIBLES: You can save 15 percent to 40 percent on your premium by increasing the amount you pay before insurance takes over.
REDUCE COVERAGE: On older cars, cut comprehensive and collision coverage and just get liability insurance. Check the car's value online at kbb.com. Generally it makes sense to drop collision and comprehensive on cars worth less than $1,000. Collision coverage pays for damage to your car if you cause a crash. Comprehensive coverage pays for theft of your car or damage to it by an event other than a crash such as fire or vandalism.
CHECK INSURANCE COSTS BEFORE BUYING A CAR: Some models, such as sports cars, have higher insurance costs. Others cost more to repair after a wreck, so they cost more to insure. Cars with good safety records and established safety features such as electronic stability control and antilock brakes usually come with lower costs. Check with your agent or company.
ASK ABOUT DISCOUNTS: Insurers want to keep good drivers because they don't make claims. So ask about discounts for a driving record with no tickets over three years. Discounts also are available for a strong credit rating, driving a limited number of miles or being a longtime customer.
Sources: Insurance Information Institute, Insure.com, Progressive.com
