In uncertain times, you should always be able to count on your insurance to safeguard your assets. We want our customers to know, without doubt, that their insurance carrier and agent has their back. With everything that’s going on in the world, especially with COVID-19, minimizing spending and saving money is an important way to future-proof your assets.
That’s why we’re giving you some of the ways you can save money on your insurance costs this summer. We want to help you pay the lowest possible cost, while getting the highest possible protection.
So let’s dive into the pool—of summer insurance savings!
Ways to save on your insurance this summer
1. Join a group in your community.
If you’re part of a club or group, you may be able to get a group discount on your auto, home, or other insurance. You might be surprised to find out just how steep discounts can be for those who are a part of certain groups. Some associations will negotiate with particular insurance companies to help get the best rate for their members.
Examples of groups in your community that may allow you to qualify for group insurance:
- AARP
- AAA
- Credit unions
- Alumni associations (undergrad, master’s, and sometimes even high school)
- Veteran’s clubs
- Local chamber of commerce
- Fitness clubs (yes, some gyms or membership health spas even provide insurance group discounts!)
There may also be specific insurance discounts based on the type of group. For example, your boating association may offer boat discounts with certain insurers. Or if you have a classic car, you may be able to find discounts on classic car insurance through some auto groups.
Note: This usually doesn’t mean you buy your insurance through the group, like you might with employer-offered insurance. It just means that if you are a part of these groups, your InsuraMatch agent may be able to offer you a discount on your policy.
2. Reconsider your auto deductible.
If you’re not planning to drive as much this summer due to COVID-19, you might want to think about raising the deductible on your collision insurance. In most cases, when you raise your deductible, you’ll get a lower insurance premium. That’s because you’re assuming more of the monetary risk, so your insurance company will reduce your premiums in response.
We don’t recommend changing or raising your comprehensive deductible over the summer, though. From torrential rainstorms to an uptick in theft, you want your car covered from all of the unexpected incidents in life (which is what comprehensive covers). Collision insurance only covers damages to your car in the case of a collision with an object or another car; if you’re barely on the road, the chance of a collision is a lot lower.
Keep in mind that you will have to pay your deductible out of pocket if something happens to your car. So, don’t pick a deductible that you can’t afford. Keep your risk manageable for you. We recommend storing the amount of your deductible away in a specific area of your savings as an “emergency fund” in the case of an incident.
Learn how to choose a comprehensive or collision deductible here.
Psst… You may also be able to qualify for low-mileage discounts if you’re not driving to work this summer! If you’re working from home or looking for a new job, chat with your insurance agent about your reduced miles. Driving less means a lower risk—so your insurance carrier may be able to give you a discount.
3. See what your insurance company is offering with COVID-19.
A lot of car insurance companies decided to pay back their consumers, at least in part, for the months during the COVID-19 lockdown. This was an effective way for companies to give back to their clients and demonstrate that they really are there for you in life’s most unexpected circumstances.
Not all car carriers offered this, but it doesn’t hurt to contact your insurance agent to see if they are sending out any refunds (or if they already did).
Even if your carrier isn’t giving any refunds, most auto and home insurers are providing extended grace periods during the coronavirus. In general, your insurance company can cancel your policy if you are at least 7 days late on a payment. Due to the financial struggles associated with COVID-19, many companies are extending these late payment periods up to 60 days. You still have to pay your insurance company before the grace period is over, but this period might help you better manage tight finances during this time.
Your insurance company wants to protect you, and they want to keep your business. So don’t be afraid to chat with your agent candidly about payment plans, late fees, and penalties.
4. Pay the year in full.
If you have some more money stock piled right now, whether it’s from a government check or for another reason, consider paying your insurance in full.
Many insurance companies offer a discount (usually around 10%) if you pay your year’s insurance upfront. It may feel like a lot upfront, but it will save money in the long run.
5. Make your home more resilient or your car or boat safer.
Summer is a great time to tackle some DIY projects around the house, especially those projects that make your home more resistant to disasters and theft. Most insurance companies will offer safety discounts if you can prove that your car or home is at a lower risk of being damaged due to weather, storms, theft/vandalism, etc. Anything you can do to lower your own liability will lower your insurer’s liability (which is one way insurers determine how much your premium costs).
Some ways to make your car safer:
- Anti-theft devices
- Anti-lock brake systems
- Electronic safety controls
- Passive restraint systems
- Airbags
- Automatic seatbelts
Taking a defensive driving course also proves you’re a lower risk, so they may offer you a safety discount.
Check out these 11 safety features that can lower your homeowners insurance premiums.
Have a boat? The same rules about safety discounts apply! Check out this boating safety equipment that can save you a boatload on your insurance.
6. Shop around.
Summer is a great time to shop around and compare quotes for your insurance. This is the best way to ensure you’re getting the most extensive coverage at the lowest possible price.
Most experts recommend receiving at least three comparable quotes when shopping around for car, home, and other insurance. Make it really easy and just use InsuraMatch. In just a few minutes, you can compare quotes from our panel of over 30 leading national and regional insurance carriers. It’s a fast and effective way to find the perfect coverage for your unique insurance needs – your match! Call our advisors today at (844) 300-3364.
7. Sign up for auto pay and email bills.
Some insurance companies offer discounts or incentives if you get emailed bills, instead of mail, and/or if you auto pay your bills through their website and direct deposit. See what your insurance carrier will offer in terms of paperless or automatic billing discounts.
Not sure what kind of coverage you need for your home, car, or other assets? Don’t do it alone. Our licensed InsuraMatch agents are here to help you throughout the process. Call us today at (844) 300-3364 to chat about the kind of coverage options that will work best for your unique situation.
8. Review the value of your possessions.
Your insurance costs are usually directly related to the value of the asset being insured, the policy limits, and the deductible. The higher your limits, the higher your premium. The lower your deductible, the higher your premium.
That doesn’t mean you want to just lower your limits or raise your deductibles to pay less, though. The purpose of your insurance is to ensure you are paid out enough in the case of a total loss of your home, car, boat, or other insured asset.
That’s why it’s so important to review your home contents as well as re-appraise the value of your assets themselves.
9. Bundle everything you can.
While you’re shopping around and/or updating your insurance, consider bundling multiple insurance policies with one carrier. Most insurers offer multi-policy and multi-car discounts, so you’ll likely get a good discount if you purchase several policies with them.
Learn more about the benefits of bundling here.
Save this summer
There are a lot of ways to save on your insurance. Reach out to one of our insurance advisors to review your policies and make sure you’ve taken advantage of all the available discounts, payment plans and ways to save possible.
Compare quotes and save by calling one of our expert insurance advisors today at (844) 300-3364!
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