Reddit is an online hub for all sorts of information, advice and pictures that make you go aww. While not all advice on Reddit is solid, there are plenty of Redditors who know what’s going on — even when it comes to complex subjects, like taxes and insurance.
In this case, we thought we'd see what Redditors had to say about car insurance. It's not always easy to find the sage advice in the mix, so we did the hard work and scowered the site for the gems you may find helpful.
Have your own advice you'd like to share or questions you'd like answered? Sound off in the comments.
1. Shop around for a new policy every few years
When one Redditor complained that the costs of their auto insurance went up every year despite the fact the value of their auto only went down, Username_Used chimed in with a smart explanation for rising rates – and some advice on lowering auto insurance costs down the line.
This Redittor is right that rates vary, as your premium is determined by several factors. Per State Farm, what you pay is determined by your policy and deductible, what you drive, how often/far you drive, where you live, your driving record, your credit history and your age, sex and marital status. You may even see a different rate if you bundle insurance plans.
Because of all these variables, you may be able to shop around and find a better rate. You can get started comparing auto insurance quotes right here on Policygenius.
2. Report accidents even if you’re not at fault
What do you do if you're rear-ended by someone else and your car is beat up? After making sure the police are notified, you call your insurance company, as Redditor LTrainicus notes.
Accidents should be reported to both your auto insurance company and that of the at-fault driver. Your insurance company can help you through the process, from getting you a rental car to making sure your car repairs and other bills are covered. Plus, it's easier to let them battle out who owes what and you can focus on getting your life back together.
3. Consider tinkering with your deductible
Think your auto premiums are too high? Like your policy but wish it didn’t take up such a huge chunk of your budget? Changing your deductible could be the solution.
Your deductible (the amount you pay for repairs before your insurance picks up the bill) is only needed when you're in an accident or your car needs repairs. Otherwise, you'll only be paying the premium. So, consider boosing your deductible so you pay less in premiums and then pocket the savings.
Pro tip: Consider putting some of that savings aside just in case you do have an auto emergency.
4. “Loyalty means nothing”
What if you’ve had the same auto insurance company for your entire adult life? Do you have to stay with the same company – even if your rates keep going up?
Redditor CaptianTwisty is right — If you can get a better deal by shopping around for a new company that offers lower rates for the same level of coverage, it could definitely be worth it.
5. Recently married? Make sure to update your policy details
Remember when we mentioned earlier that your marital status factors into how much you'll pay for car insurance?
Redditor M31550 saw $800 per year in savings after getting married, but only after calling in to update the information on their policy. If you’re getting married (or just did), updating your information could easily lead to lower auto insurance premiums.
6. Yes, you need uninsured/underinsured motorist coverage
If you’re shopping for auto insurance and wondering if your new policy needs all the bells and whistles, you’ve probably pondered just how much uninsured/underinsured motorist coverage you need. Are there really that many uninsured and underinsured drivers to worry about?
The answer is yes. Nearly 13% of motorists were uninsured in early 2017, notes the National Association of Insurance Commissioners. And even those who are insured often have state minimum coverage, which could leave you out in the cold if one of them hits you and you surpass their limits quickly.
Life happens. Accidents happen. And if the worst-case scenario takes place, you’ll be glad your coverage is broad enough to make you whole.