There’s more than one way to shine a penny, and there’s more than one way to get discounts on your auto insurance. So much so that we’ve put together a full glossary for you.
NOTE – not all insurance companies offer every one of these discounts. An independent agent can help you find an insurance company that has the most options based on your circumstances
Accident free and good drivers – Driving history is the biggest influencer on the cost of auto insurance.
Affinity –Affiliations with social or academic groups, employers and business associations, and military service.
Autopay – Payment is automatically deducted from a checking account or charged to a credit card.
Bundling – Multiple insurance policies (auto, home, life, etc.) through the same company.
Daytime running lights – Standard on most cars, they help avoid daytime collisions.
Defensive driving and driver’s education – Completion of these courses instills safe driving techniques.
E-bill or Paperless – Receive policy documents and statements electronically.
E-sign – Sign documents online.
Early quote – Quote your policy at least seven days before you purchase it.
Good student – High school or college student with good grades.
Low mileage – The less your vehicle is on the road, the lower your risk of an accident.
Loyalty – Earned by staying with the same insurance company for three to five years.
Higher deductibles – Increasing your deductible could reduce your collision and comprehensive coverage.
Homeowner – Homeownership demonstrates stability and responsibility.
Motor club – Another kind of affiliation, but this one helps to protect your vehicle.
Multicar – Like bundling, having more than one vehicle on a policy is rewarded.
New car – Vehicles that are three or fewer years old.
Paid in full – Pay for the entire policy up front.
Passive restraints – Seat belts and airbags.
Ride share or delivery use – Some companies will allow you to add this to a private passenger policy as opposed to buying a stand-alone policy.
Safety features – In addition to daytime running lights and passive restraints, includes adaptive headlights, antilock brakes, antitheft devices, electronic stability control, and lane departure systems.
Senior discount – Drivers over age 50.
Usage-based – Based on mileage and behavior as tracked via a mobile app or onboard device.
ZIP code – Regional rates are based on statistics for theft, accidents, and road conditions.
The above is meant as general information to help you understand the different aspects of insurance. The content of this blog is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. In order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to a Holman Insurance Services agent. Coverages and other features vary between insurers, vary by state, and are not available in all states. Coverages are subject to the terms and conditions of the actual insurance policy or policies involved in a claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page