Trimming down the cost of a monthly car insurance premium may be easier to do, especially if you've recently been laid off.Depending on state and insurance carrier, the cost of your car insurance premium can be trimmed if you drive less because of a job loss or change in commuting habits. An annual mileage estimate change could lower your cost... and not lower your coverage. A quick call to your insurance agent will determine whether you qualify.
For example, the Well Heeled blog reports that after losing a job, the annual mileage estimate with job interviews included was still much lower than the daily commute. The savings? A $75 a month premium was lowered to $60, and the recipient received a $135 overpayment from the auto insurance carrier.
Think you may be eligible for a lower monthly premium thanks to your annual mileage estimate? Here are signs that may result in a lower premium depending on state:
- Change in job situation, meaning a shorter commute
- Change in relationship, meaning you have moved in with that special someone
- Change in environment, meaning you've moved to a city from a rural area
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