The beginning of a year is a great time to assess your family budget and set new financial goals and your car insurance is no exception. First, it’s important to spend some time evaluating the rate that you currently pay for car insurance in Georgia. Once you’ve determined this, you can work on setting some manageable goals to lower your overall car insurance rate through the year.
Let’s look at some goals that can help you make sure you have the most affordable car insurance possible:
1. Plan to Ask for a Quote Annually from Your Insurance Agent
Consider making a recurring appointment on your calendar to speak with your Georgia insurance agent each year. At this appointment, ask them for a new quote on your car insurance policy and update them about any changes in your life, vehicles you’ve sold or purchased, and any other information that might change the price of your auto insurance policy.
It’s easy to forget to make this call or put it off until later, so set a reminder in the app or program that you use to manage your tasks so that it alerts you each year.
2. Evaluate Your Georgia Car Insurance Coverage
The beginning of the year is also an excellent time to evaluate your insurance coverage. Spend some time looking over your policy to make sure that you have all of the coverage that you need. If you’ve purchased a new vehicle in the past year, be sure that it is added to your new policy at the best rate. It’s also wise to check that any other vehicles that you own have the correct amount of coverage, and make any necessary adjustments.
Set a yearly goal to review the amount of insurance coverage you have and determine if it matches your family’s needs.
3. Improve Your Credit
Automobile insurance rates tend to be closely tied to your credit score. If your credit is less than stellar, set a goal to start working on improving it this year. As you pay off debt and make financial adjustments, you’ll notice that your auto insurance rates in Georgia will go down, as well. While improving your credit isn’t something that can be rushed, the sooner you start, the sooner you’ll notice a difference in your car insurance rates.
Start by obtaining your free credit report, then consider working with a financial advisor to take steps to dramatically improve your credit. Due to COVID-19, you can get your credit report free once per week until April 2022.
4. Ask About Usage-Based Discounts in Georgia
If you’ve noticed that you’re driving substantially less than you used to, it may be time to re-evaluate your car insurance coverage. Set a goal to contact your insurance agent and ask if they offer usage-based discounts, coverage discounts, or mileage-based coverage. These can all be good ways to lower your rate if you’ve recently found yourself working from home and driving far less than you were when you originally purchased the policy.
5. Improve Your Road Safety
Your driving record will also play a large part in the rate that you pay for your car insurance. If you’re attempting to lower your car insurance rate this year, set a goal to improve your road safety. You may do this on your own by simply working toward safer driving, or you may choose to sign up for a defensive driving course. Reducing the number of moving violations and insurance claims you have on your account can help you ensure you have the most affordable car insurance in Georgia.
6. Raise Your Insurance Deductible
If you’re interested in lowering your car insurance rate quickly, it may make sense to consider raising your deductible. Set a goal to add the amount of the higher deductible to your savings account, so that you have it in the event you’re in an accident. Then speak to your agent about raising your deductible so that you’re paying a lower premium each month. This helps you to have the most affordable car insurance rate monthly while making sure that you’re as protected as possible in case of an accident.
7. Consider a Different Car
As you work toward lowering your car insurance rate this year, it may make sense to consider purchasing a different car. This is especially true if you have a brand-new car or a vehicle that costs more to insure. Selling a vehicle that is more expensive to insure may make it dramatically easier for you to obtain the most affordable car insurance possible.
If you’re struggling financially, this can initially seem like a drastic move, but it may make quite a bit of financial sense once you crunch the numbers. If this is an option that you’re considering, speak with your insurance agent to find out what types of vehicles cost the least to insure.
8. Report Life Changes to Your Georgia Car Insurance Agent
Set a yearly goal to report any major life changes to your insurance agent. Ideally, you should report these changes immediately as they happen, but if you neglect to do so, set a date to check in once a year and review what’s happened in your life that could affect your insurance rates. This could include purchasing a new vehicle, getting married, buying a house, or sending a child to college. Your insurance agent will let you know if any of these changes could help you save money by lowering your premium, allowing you to bundle different types of policies, or making you eligible for new discounts.