Save money on auto insurance in the new year by shopping around, paying off debt

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  • Save money on auto insurance in the new year by shopping around, paying off debt

Many are making saving a resolution for 2010, and savvy consumers can save hundreds of dollars on their auto insurance

Auto insurance premiums may be low-hanging fruit for newly thrifty consumers, experts suggest.

Many people are working to get out from under their debt burden. Credit card use has been declining steadily, a sign that people are being more careful about spending. And according to Discover's U.S. Spending Monitor, 10 percent of people surveyed in December plan to save and invest more - a 2-percentage-point increase from November.

One of the easiest ways to save is to look for discounts on auto insurance: There are myriad discounts available to policyholders, CNN's personal finance columnist wrote recently. She suggests that people avail themselves of low-mileage discounts or good-student discounts.

Insurers like stable customers, too, she says, meaning that people with steady jobs and homeowners are likely to be eligible for savings. In some states, insurers use credit scores to calculate premiums. While repairing a damaged score can take years, it can be an investment in one's financial future.

Even if an insurance customer doesn't qualify for discounts, she can still shop around online for the cheapest policy.

Learn how easy and convenient shopping for auto insurance can be. Get your free auto insurance quotes today!

Posted: January 13, 2010

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