With prices rising, it’s important for drivers to know what their car insurance savings will look like in 2024. Insurance companies offer many discounts that can lower your costs without affecting your coverage. As a careful driver, student, or light driver, there are many ways to save a life. Understanding these discounts and how to qualify can help you get cheap car insurance next year.
Safe Driver Discount
Insurance companies often offer safe driver discounts. This discount is available to drivers with a good driving record (three to five years) and no accidents, traffic tickets, or claims. Safe drivers can receive lower premiums because insurance companies consider them a lower risk. The insurance company and driving history determine the discount, which can range from 10% to 30%.
Some insurance companies will begin offering telematics-based discounts for safe drivers in 2024. Your insurance company can track your speed, braking, and mileage through an app or gadget in your car. Your diligent driving record could qualify you for additional savings beyond the safe driver discount.
Good student discount
Student drivers are often considered high risk due to their lack of experience. Academically gifted students may qualify for good student discounts. Students with good grades are more responsible, so insurance companies offer cheaper premiums.
This discount requires full-time enrollment in high school or college and a GPA of 3.0 or higher. A good student discount can reduce your premiums by 10% to 25%. As virtual education grows, some insurance companies will offer more flexibility to qualify online students in 2024.
Low mileage discount
Low mileage discounts are ideal for light drivers. Insurance companies consider you a lower risk if you drive less than average (typically less than 7,500 to 10,000 miles per year). Less time on the road means fewer accidents. By 2024, such discounts will become more common as more people work from home and spend less time commuting.
Insurers will either require self-reported mileage or track driving patterns via telematics. Drivers can typically save 5% to 20% on their auto insurance with low mileage discounts.
Multiple policy discounts
If you have multiple plans with the same carrier, you may be able to get discounts on multiple policies. Also known as “bundling.” For example, providers can offer discounts on auto insurance and homeowners insurance. Bundling simplifies insurance management and can save 10% to 25% per policy.
By 2024, insurance companies will offer more than just home and auto plans. You can save even more by bundling renters, life, or motorcycle insurance with auto insurance. This discount is one of the easiest ways to save money without changing your coverage.
Multiple Car Discounts
If you purchase a single policy for multiple cars, you can get a discount. This discount is available for families with multiple drivers or cars. By bundling your auto insurance, you can save 25% on your premium.
This discount is typically available for cars registered to the same address in 2024. If you own a lot of business vehicles, some insurance companies may offer this discount, which is great for small business owners who need to insure their fleet.
Defensive Driving Course Discounts
Take a defensive driving course and get a discount on your auto insurance. Advanced driving courses are available from state-approved schools or online providers to help you avoid accidents. Many insurers offer multi-year discounts after the course.
By 2024, many insurance companies will offer defensive driving courses online or in virtual classrooms. For older drivers, many jurisdictions require insurance discounts for defensive driving courses, which can save them 5 to 15 percent.
Discounts on Car Safety Features
If your car has advanced safety features, you may be eligible for a discount on vehicle safety. Modern cars are equipped with anti-lock brakes, airbags, rearview cameras, and electronic stability control to help reduce accidents. Drivers with these features can receive discounts from insurance companies.
Drivers with advanced safety features such as automatic emergency braking, lane departure warning, and adaptive cruise control get than ever in 2024. Never commit to loyalty incentives without comparing the savings from switching providers.
Discount for Full Payment Paying your auto insurance cost in full instead of monthly is another option to economize. Drivers who can pay their premium in full receive a discount from several insurers. Processing monthly payments adds administrative costs for the insurance business.
In 2024, pay-in-full discounts are still common, saving 5%–10%. If you can afford it, paying your premium in one lump sum reduces your insurance expenses.
Conclusion
In 2024, there are more car insurance discounts than ever, making it easy to cut your costs while retaining enough coverage. You can save by being a careful driver, a student, or bundling your plans. By knowing your discounts and actively seeking them, you can avoid overpaying for vehicle insurance next year. Make sure to evaluate your policy, ask about discounts, and compare prices to save money.
