There are a myriad of types of discounts insurance companies offer. Some of them are well known and can be rather consistent (e.g. safe driver discount), while others are infrequent and up to the creativity of the insurer’s marketing department (e.g. 1% cash-back if you buy insurance on a Monday morning). While you can’t know of each and every form of discount an insurer offers – and ask about it – here are the main discount categories you might be eligible for.
Multi-vehicle discount. If you have more than one car in the same household or on the same policy you will most likely be eligible for a discount. The same should hold if you have more drivers in your household and they all have policies with the same company.
Safe driver. If you have a clean driving record (no accidents, no claims and not even speeding tickets or other minor violations) then you might get a discount. Companies can look back as much as three to five years when assessing the risk a driver poses to them.
Anti-theft devices. Devices like ignition cut-off’s, GPS trackers and car alarms can lower the insurance price.
Good student. If you are less than 25, enrolled full-time in a high school, university or community college and maintain a GPA of above a certain threshold you may get a discount. Allstate, for instance, gives 20% to students who fit the above description and have a GPA of 3.0 or more.
Profession. Statistics show that people with a higher education tend to have fewer accidents. It is not hard to imagine how an economist who sits behind his desk nine hours a day is less likely to be involved in a car crash than a delivery agent who drives around crowded areas for a living.