NEW YORK (MainStreet) About 39% of Americans have auto insurance but many are missing out on discounts, according to a new study.
InsuranceQuotes.com found that 30% of drivers are not receiving any car insurance discounts.
"Some insurers are better at discounts than others--start by asking your insurer for a list of available discounts," said Laura Adams, senior insurance analyst with InsuranceQuotes.com. "There will be a maximum amount that you can claim after multiple discounts but the more you qualify for, the better."
A common discount that most people are not aware of applies for receiving statements by email. Only 33% of Americans know about this discount and nearly 50% have no idea that their credit score can affect how much they pay for car insurance.
"Most insurers won't inform consumers of the exact formula they use to factor this discount," Adams said. "However, in most cases if your credit score is excellent or good, you'll pay less for insurance than someone who has poor or even average credit because there is a direct correlation between the number of claims that are filed and credit score."
Statistics show that those who have poor credit scores are filing more claims, which makes them riskier as a customer to an insurer, according to InsuranceQuotes.com.
Another discount favors those who are coupled up, but only 57% know that car insurance also costs less for married drivers.
"There are dozens of possible discounts and many are easy to qualify for," said Adams.
While they tend to pay the highest insurance rates due to their inexperience, young drivers are the least likely to receive discounts.