You may have noticed that insuring your car has become expensive

If you’re lucky enough to find yourself in the state of Idaho, you might be surprised to learn that Idaho insurance rates rank #4 in the United States for lowest average cost.

Residents of Idaho enjoy some of the lowest insurance rates in the country largely due to relatively low traffic density, active competition among carriers, low crime rates and a lack of recent natural disasters.

If you’re looking to save even more on your auto insurance, check out these tips for “driving” down your rates even further.

Shop around

It pays to compare your rates across as many insurance companies as possible. Here at Financial Insurance Group, we do this part for you. Since we are an insurance broker, we have access to dozens of markets that you wouldn’t get at other insurance agencies.

Insurance is not ‘one size fits all’. Prices can vary wildly between different insurance carriers. In addition to price, not all insurance companies have the same coverage options, making comparing “apples-to-apples” a somewhat difficult task without a licensed agent.

Try a “black box” policy

Younger drivers are often on more expensive insurance policies because insurance companies expect them to have more accidents. What this effectively means is that younger drivers are often put into the same price category as drivers who have already proved themselves to be dangerous drivers.

A black box policy is where you allow the insurance company to monitor your driving habits through a small, easy to install system. This system provides the insurance company with data that shows that you or your teen driver don’t belong in a high risk category.

If you’re wondering what they’re looking at, here it is:

  • Speed
  • Acceleration
  • Braking
  • Whether you’re driving at higher risk times (very late at night / early in the morning)

Call before purchasing a new vehicle

Different cars cost different amounts to insure. When shopping for a new vehicle, many consumers forget to factor in the insurance costs.

Depending on which vehicle you choose, insurance costs can vary hundreds of dollars. As a general rule of thumb, the sportier a vehicle is, the more it will cost to insure.

Add a second driver

Insurance is all about determining risk, so if you have a responsible second driver on the policy, it can lower the overall risk and premium amount. Insurance companies also use information in credit reports as a way to predict the future likelihood of an accident or insurance claim. Improving your credit score or adding a second driver with a great credit score can significantly lower your rate.