8 Ways to Slash Your Car Insurance Premium

Car insurance is one of the biggest annual expenses in many people’s lives, amounting to an average of around $1,000, according to CES data between 2011 and 2012 (it may be even more now.) Therefore, it’s important to watch out for discounts and breaks that you might be eligible for, as there are several opportunities that drivers can take advantage of to cut down their annual premiums.

There are many discounts out there that — like tax deductions — you either may not of known about, or known that you were applicable for, and for those trying to rein in annual spending, car insurance might be a great place to start. Here are eight common car insurance deductions, that many, if not all major auto insurance providers like Allstate (NYSE:ALL), State Farm, Progressive (NYSE:PGR), and others will offer.

Source: Thinkstock

Source: Thinkstock

1. Multi-Policy Discounts

First and foremost, there are big benefits to getting all your belongings insured under one policy holder. House, renters, car, motorcycle, ATVs,  snowmobiles, et cetera — if it’s insured, you’re best off getting everyone on one policy with the same provider, as there are discounts for adding lines. These discounts vary by provider, but sometimes even policies like life insurance can be applied.