5 Easy Ways to Save Money on Your Insurance
First of all, thank you for taking time to read our post. My goal is to help you save the most on your insurance. Let’s be honest, no one wants insurance. Whether your bank or your state requires it, we all have to have insurance of some kind. I want to help make sure that you are protected and that you are able to save the most money possible with these simple steps.
Number 1: The most common way to save money is to bundle all of your insurance. I don’t mean just bundling your auto and home, but bundling your home, auto, life, boats, ATV’s, trailers, pets; or whatever else you have insured with the same company. By putting it all under one roof, you are able to get the most amount of discounts on every policy that you have.
Number 2: Your education level. Not many people know it, but some companies offer discounts depending on your highest level of education. Whether you have an associates, bachelors, masters, or doctorate make sure you ask your agent or company if they have a discount for this. You will be surprised how many companies offer this discount that could save you money.
Number 3: Where you live could impact your rates. Most of the time it is outside of your control, but if you are planning on moving soon, it is a great time to shop because every company has different rating structures depending on where you are moving to.
Number 4: Remain claim free. The longer you can remain claim free the better your insurance rates will be going forward. The purpose of insurance is to take care of the catastrophic claims while you take care of the smaller claims to keep rates low. You always want to weigh out the total cost of the claim verses your deductible. So, if you have a $500 deductible and $700 in damage, it is probably better to pay the entire claim out of pocket rather than submitting a claim. The reason for this is that some companies can surcharge you up to 20% more over the next 3 to 5 years, which would cost you more than just paying for it out of pocket. This includes emergency road side service claims and glass only claims. If at all possible, pay for these claims yourself to help keep your rates lower long term. Insurance companies not only look at the type of claim you experienced, but they also look at your claim frequency to determine your rates.
Number 5: Evaluate your deductibles. Ultimately, the higher you have your deductibles, the lower your premiums will be. When reviewing deductibles consider how much you have saved in your emergency savings and what would be the maximum you could afford without causing you a financial economic loss. So, if you can save $100 a year and have been claim free for several years, it might be worth increasing your deductible to the next level and stash your savings away in your emergency fund to cover, if and when you do have a claim.
These are just a few ways you can save some money on your insurance. If your agent or company has not talked to you about these things or other ways to help you save on your insurance, it is probably time to start looking for a new agent or company. They are not giving you the best service, which means they are probably not giving you the best rate either. If you are looking for an honest agent that wants to do the best they can for you, and will shop around for your best possible rate, please give Jim or myself a call right away. We would love to help you!
Call us today at 515-961-4545