If you live in Michigan, then you may be concerned about the rising cost of car insurance. While you cannot control every element of your policy, there are some steps you can take to reduce what you pay each month for coverage.
Drive Safely: One of the biggest factors determining your premium is your driving record. Accidents, tickets, and claims will always add to the amount you owe, so it’s essential to maintain a spotless record behind the wheel.
Gender: The gender of the driver can also have an effect on your rates. Generally, women are considered safer drivers than men and therefore tend to enjoy lower auto insurance costs.
Good Drivers: Having a clean driving record can earn you discounts on your car insurance policy. Drivers with clean records often enjoy the lowest rates as there are no accidents or citations on their record.
Cheapest Companies: If you want to save money on Michigan car insurance, search for companies that offer discounts for safe driving and other habits. You can also compare quotes from multiple providers to find the best deal available to you.
Michigan drivers who choose full-coverage car insurance should strongly consider getting it. Though more expensive than liability-only coverage, having full coverage provides extra security in case of an accident.
Deductibles are the amounts you must pay out-of-pocket before your insurer pays for any losses. You have the option to select a higher deductible, which will lower monthly costs.
High-End Cars: If your car is expensive, you might have to pay more for coverage. A higher-end model requires more repairs and is prone to theft and vandalism.
Teen Drivers: Young drivers have a higher likelihood of getting in an accident, which could increase their insurance costs. This is because they lack experience behind the wheel compared to older, more experienced motorists.
Young Drivers With a Speeding Ticket: After receiving a speeding ticket, you are likely to pay more for minimum-coverage car insurance than drivers without tickets. On average, young drivers with tickets pay $117 more per month for minimum auto coverage compared to those without tickets.
DUIs: If you have a DUI on your record, expect your car insurance costs to increase by an average of $2,520 annually. But you can reduce these post-DUI insurance expenses by comparing quotes from multiple insurance companies.
Credit Score: Your credit score is the single most influential factor when it comes to setting your Michigan car insurance rates. A bad credit score can increase your auto insurance costs by as much as 3.7x.
Senior Drivers: Senior drivers age 50 and older typically enjoy lower auto insurance rates than younger ones due to their more experience behind the wheel and tendency to drive fewer miles per year.
You can reduce your auto insurance expenses by choosing the lowest deductible possible. Not only will this save you money each month, but having a low deductible also leads to lower overall policy expenses since fewer claims will be filed.