Weird ways to save on auto insurance

Far Out Friday: Insurers can offer some pretty wild discounts, some of which have brokers wondering about the correlation with risk. What strange insurance discounts have you seen…?

Risk Management News


Insurers will often offer discounts for things like a good driving record; driving frequency; driving experience; driver’s neighbourhoods – all of which correlate with a driver’s risk of making an insurance claim.
But some discounts don’t seem to have much correlation to risk. 
Some brokers, for example, are scratching their heads at discounts offered for credit scoring. But there is at least some evidence that good credit ratings correlate with fewer driving accidents.
Here are some interesting ways to save on your driving insurance, for those who are looking for premium discounts.
Be smart 
Yes, some insurance companies will provide discounts for students at the top 2% of their class. For some carriers, being a ‘B’ student is good enough. If a young driver maintains at least a “B” average in school, many insurance carriers will offer a discount to them or their parents for their auto insurance policy.
Graduate from school
College alumni associations offer discounted car insurance policies through major providers to their members.
Become a teacher
Various teacher’s unions and organizations provide discounted policies through large insurance companies as a benefit to members.
Join the army 
Geico and other companies offer discounts to members of the military. Whether active duty, retired, or a member of the National Guard or Reserves, qualified Geico military customers can be eligible for up to a 15% percent discount on their premiums. At-ten-tion!
Like your insurer
Like your insurance company on Facebook and you may save on your insurance. Some insurers in Arizona and Texas have a “Like to Save Discount” feature. 
Live in a retirement community
If you're 55 or older and live in an eligible retirement community in the United States, you might qualify for a discount. The discount varies and isn't available in every state.
Park in a garage
Many insurers will offer a discount if the policyholder’s car is parked in a garage at night. Garage parking decreases the chances that the car will be damaged or stolen at night.

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