While many of the factors that affect insurance premiums are out of your control, there are a number of things you can do to increase your chance of getting the lowest price for your coverage. Here’s how to get the insurance protection you need while also protecting your wallet.

1. Review your policy at each renewal. Make sure that all your discounts still apply, and check to see if you may be eligible for additional discounts. Sometimes discounts need to be certified each year(“good student"? discounts, for example), and sometimes a computer glitch will accidentally drop a discount from your policy.
2. Keep your insurance policy up-to-date. A lot of variables affect your insurance rates, so if your situation changes you’ll want to make sure your policy reflects that. If you get married, if you’ve moved, if your commute to work has changed, or if you’ve installed a car alarm, for example, your rates may be reduced. Keep in mind, however, that if your commute is longer, or if you’ve moved to a neighborhood with higher loss rates, your price could go up.
3. In the long run, it often doesn’t pay to switch insurance companies, especially if you do it a lot. Insurance rates may go up and down—usually up—each year, and if you switch companies for a lower rate you may find that your rates increase even higher at the next policy renewal. In addition, if you stick with a company for several years, you may become eligible for a “long-term"? discount. Additionally, you may earn “accident forgiveness"? as a long-term customer, so that if you get into an accident, your premiums won’t rise.
4. Find out if you qualify for any group plans. For example, if you are an alumnus of a college or university, or a member of a professional organization, you may qualify for an affinity discount or a special group plan with one or more insurance companies.
5. Don’t be afraid to get a second opinion. Not sure if you need the coverage your agent advises you to have? Check with another agent or your attorney for advice.
6. Make your child earn driving privileges by getting good grades. If you do allow your son or daughter to get a drivers license, insist he or she get good grades in school. The “good student"? discount can save you up to 20% or more off the rate you pay for a child. A “B"? average (3.0 GPA) is usually required to qualify.