Car insurance discounts

There's a lot of math and statistics that go into your car insurance rate when you are looking to get your vehicle insured. While having a great driving record will most certainly help your rate plummet, there are other things that are important to know toward saving on your car insurance rate.

For some, having a perfect driving record might seem impossible, but knowing about these five not-so-common car insurance discounts could help you save some extra cash:

1. Safe passenger discounts
Something that a lot of people tend to forget about on their car insurance is what role the passengers in the vehicle play. According to a report by Bankrate, out of the 10 car insurance companies surveyed, only one insurer did not offer a discount for having passive restraint features.

Some of the things that are included in passive restraint features are passenger airbags, motorized seatbelts and other passenger safety add-ons. Most people think of protecting themselves and other drivers when attempting to get a lower rate, but informing your car insurance agent about your extra passenger safety features could be worth it.

2. Driver improvement courses
Sometimes car insurance companies tend to provide additional discounts for those who complete driver improvement, accident prevention or defensive driver courses, Esurance reported. While some companies only offer these benefits to older age groups (typically 50 or older), other agencies only require you to be 25 to take these courses to get a lower rate.

Before you enroll, make sure your course is approved by your state's Department of Motor Vehicles. While the course might seem like the same information you learned when you were 15 years old, the course refresher shows auto insurance companies that you make safety a priority, which they will reward you for as well.

3. Loyal customer discounts
If you are considering switching auto insurance providers, you should look into customer loyalty programs or discounts that could help you save in the future. According to Market Watch, auto insurance providers love loyal customers and sometimes they even give discounts for those who have been with the company for more than 36 months.

In the Market Watch survey, the average savings was approximately 6 percent for drivers who entered loyalty programs or saw continuous customer discounts. If you've been with your car insurance company for this long, contact them to see what discounts you could receive, and if it's none, maybe it's time for a new insurance company.

4. Auto payment discounts
Much like the majority of your other bills, many companies want you to enroll in automatic payment plans. Simply put, insurance companies want to get paid on time and for the full amount, and nothing says you'll be doing this more than enrolling in auto payments, Market Watch reported.

When you enroll through electronic funds, the money will be taken out of your checking account each month, which could help you save in the long run by avoiding late fees or insurance premium hikes for late payments. Additionally, many companies offer discounts if you enroll in auto payment plans for several months or even years.

5. Student achievement discounts
According to FOX Business, several auto insurance companies offer discounts for those in their early 20s that show they can get good grades and be safe while driving on the road.

"The data [shows] that the better a student does in school, the less likely they are to have an accident," said Brad Hilliard, a spokesperson at State Farm, according to the source.

Some of the discounts can change depending on age, marital status and gender, but you can often find discounts for good grades that go between 10 and 25 percent. Also, while it can be rare, some car insurance companies provide extra discounts for students who receive their master's degree or Ph.D., or for those who attended vocational schools.

Even though the savings is typically only around 4 percent, it's a not-so-popular discount that you could be earning if your insurance company knew, Market Watch reported.

To find the best car insurance rates on the Web, use CoverHound to discover all of the discounts and to save time and money.

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