Savings Premium Plans: A Smart Way to Grow Your Wealth

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Others find it easier to budget for a higher monthly premium and prefer the peace of mind of knowing their health insurance will kick in sooner. Ultimately, it’s up to you and your agent to determine the right balance of coverage and cost. You’ll also want to review your coverage and d

Some insurers offer a pay-how-you-drive option that only uses mileage data, which can be an attractive option for people with short commutes or extra cars not used for commuting.

While some drivers may be concerned about sharing personal data with their insurance company, Gusner says most insurers are transparent about what they collect, how it's used and who -- if anyone -- gets to see the information. He suggests making sure you're comfortable with that before agreeing to a UBI program. Most also give you feedback on your driving so that you can improve over time, which is a big part of the reason why Westfield's MissionSafe safe driver program saves participants an average of 20%.

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Other discounts that can lower your premium include a paid-in-full discount, which can save on administrative costs; a policy bundle discount, which reduces the cost of insuring multiple vehicles; and an anti-theft device discount. Some auto insurers also offer a low mileage program that can save on your premium if you drive fewer miles than average, which can be an especially attractive option for retirees and people who work from home.

Check with your insurer to see what discounts might be available to you. You can find a complete list of discounts available from various insurers at the National Association of Insurance Commissioners website. And remember, the more steps you take to save money on your car insurance, the better off you'll be if the unexpected happens.

Insurance is a necessary expense, but it doesn’t have to be an expensive one. By implementing practical strategies, individuals can significantly reduce their premiums without compromising coverage.

One way to save is by bundling auto and home policies, which typically qualifies for a discount. Other ways to lower costs include adjusting deductibles and maintaining a good credit score.

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