Car insurance can be a costly expense especially since premiums have been on the rise. To cut insurance costs, it is important to shop around and to review your policy closely to determine if there are any hidden car insurance costs. Most of the time there are hidden fees that can be removed without affecting your coverage level. These are a few of the most common hidden car insurance costs:

Forgiveness Policy: No matter how well you drive, even the best and most careful drivers can have an accident. Determine whether your insurance company offers accident forgiveness. This means that your car insurance company will forgive the first accident that you report and your policy premiums will remain the same as if you never had the accident. Sometimes even one accident can raise premiums up to 50%. Having a forgiveness policy can prevent your car insurance premiums from going up.

Installment Fee: Installments are payment plan options that allow you to pay for your insurance policy in parts or all at once. Installments are monthly and you pay for a portion of your insurance coverage each month. However, you may be charged extra for this convenience. Most insurance companies offer lower premiums if you pay for your insurance policy up front.

Teen Driver: This is one of the most expensive additions to your insurance policy. Adding a teenage driver to your insurance policy will cost money. Make sure to add you teenager after they receive their license and not before, so that your insurance costs remain the same. Some insurance companies also offer occasional driver discounts. If your teen only drives on certain days, you may be able to save extra on your insurance policy.

Car Model: Some cars have higher insurance premiums than others. Insurance companies have a rating system that is based on various factors such as cost, safety, theft, and replacement price. If your car has a higher rating, it will most likely also have a higher insurance premium. If you are currently in the market for a new car, it may be a good idea to contact an insurance agent to inquire what cars have lower ratings that would give you a better deal on your car insurance costs.

Extras: Be mindful of any extra features on your car insurance policy that you may not need. Often, insurance policies come with roadside assistance, which may not be needed especially if you are a member of an auto club or have this assistance through another company. If you have a car that is not worth a lot of money, then do not purchase full coverage insurance. In case that your car is totaled, you will only receive the actual cash value of what your car is currently worth.

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