You may have heard that insurance rates are going up across the industry. What can you do to help keep your premiums low? In this article we will discuss actions you can take to help keep your insurance costs down. It may be the time to start shopping for new insurance and with many carriers raising their rates the time has never been better to shop with an agency to guarantee you’re getting a great rate, and as efficiently as possible. Rather than calling each carrier individually or racking up several online quotes, an agency can shop multiple carriers for you while helping to get you covered for all your insurance needs.
To learn more about the benefit of using an insurance agency click here
How can I lower my Auto insurance premium?
Telematic programs
Certain carriers will offer telematic programs that collect information about driving habits and mileage which can help lower rates for safer driving and lower mileage. It is important to note that riskier driving and higher mileage may result in increased rates. Check with your insurance provider to see if they offer any telematics programs that can be connected to your vehicle or if they are using any type of mobile app.
Deductibles
If you are currently carrying comprehensive and collision coverage, raising your deductible can also lead to savings on your premium. The higher your deductible, the lower your insurance premium will be typically. With a higher deductible you will be paying more out of pocket in the event of a loss, so keep that in consideration when raising deductibles. If your vehicle is financed, you will want to double check with your lender to see if you can raise your deductible. With certain lenders they might have restrictions with how high of a deductible you can carry.
Pay in Full
When you pay in full many carriers will offer a discount. This can also help alleviate any additional fees that may be included in monthly billing while also removing the stress that can come with monthly payments.
Paperless
With many insurance companies, there’s the option for paperless documents. If you’re interested in receiving only electronic documents, you can reach out to your insurance provider to see if they offer a discount for going paperless. If you have an online account with your insurance provider, you can typically sign up for paperless online rather than having to call into customer service.
Safety Features
Security features that help prevent theft or could help locate the vehicle if it were stolen can also help lower your insurance premium. Again, this might depend on the carrier so double check whether they offer a discount, and to make sure they have your safety features listed on your policy. If you take a defensive driving course and can provide the certificate of completion, insurance companies usually offer a discount that can typically be applied to the policy for up to 3 years.
Degrees/School/Occupation
Certain carriers can also provide discounts for having college degrees or if you have a younger driver listed on the policy, they might be able to add a good student discount to the policy. Depending on the carrier, they might also offer discounts for certain occupations, so it never hurts to ask just to make sure you aren’t missing anything that could contribute to additional savings.
Low claim history
Having a claims free record tends to help keep your rate down. With some states and certain carriers, the amount of time a moving violation or a claim can affect your rate will vary.
Another way to save on both auto and home insurance is to, of course, bundle! Here's some additional benefits to bundling.
How can I lower my home insurance premium?
The discount opportunities mentioned for auto policies- paying in full, going paperless, and a low claim history can also help reduce the premium on your home policy. Here’s some additional ways to save with homes.
New Roof
Getting a new roof can get you a new roof credit. As soon as you get the roof updated, you’ll want to let your home insurance provider know so the credit can be applied to eligible policies.
Security systems
When you add a hard-wired smoke detector or security/burglar alarm to your home you may be able to save with a safety discount.
Here's some additional safety features that can lower your homeowner’s insurance premium.
Location
Considering moving? Check out quotes in that area before you make a move. Different states and even different zip codes within the same state can be rated vastly differently. If you’re planning on moving, make sure to check out what the premiums in that area look like first. Insurance companies tend to offer lower premiums when your home is closer to fire hydrants, fire stations and other emergency services. If an ambulance or fire truck can get to you quicker your home isn’t likely to be considered as much of a risk as a home in a more rural area where it would take them longer to get to you.
If your premium has gone up, there’s no better time to shop the carriers again to see if you could be saving on your insurance policies. Give our agents a call at 844-232-2700 to get additional comparison quotes today! Don’t have time to speak on the phone? Get started on an online quote here!