Save Money on Your Insurance – Five Easy Steps to Big Savings
One of the questions I get all the time, whether it’s from an acquaintance, potential client, or just someone on the street who finds out I’m an insurance agent: How can I save money on my insurance? This is partly due to a handful of those low rate auto insurance companies that have built their advertising platforms trying to be the cheapest company. As much as this is a thorn in my side and I cringe when I see those commercials, most people I meet realize, as with everything, you get what you pay for.
So how do you find a balance? How do you protect yourself and save money? Here are some easy steps to lower your insurance rates.
1 – Increase your deductible. It’s not as scary as you’ve been led to believe. High deductibles are a great way to save money because they put you in a whole new category of policyholders who are less likely to file claims.
2 – Talk to your agent. There are tons of discounts available. They are different for every company, so I won’t list them here, but your agent should be able to go over them with you.
3 – Increase your credit score. That’s how it is. Just like everything else these days, your credit score will affect your insurance rate. However, most companies do not follow traditional scores. Insurers are looking to pay bills on time and see how long you stay with companies like cell phone carriers and credit cards because that is a good indication of your loyalty to a company.
4 – Use the same company for all your insurance. With some companies, this is the biggest discount they offer. Use an agent for your home, car, umbrella and life and you can see great savings.
5 – Secure your home. Deadbolt locks, burglar alarm, fire alarm, sprinkler system. All of these qualify for discounts with most insurance companies.
Follow these steps and the savings that accrue to you could be huge. The important thing to take away from this is that you don’t need to compromise your coverage to save some money on your insurance. Hopefully your agent has already gone over most of these with you and provides you with an annual insurance review to make sure all discounts you qualify for are in your policy.
