Now more than ever, it’s difficult to meet the financial demands of our families and households. It can be tough to find ways to decrease expenses and save money.
While insurance is a necessity, there are some simple things you can do to help control the cost of your home or auto insurance without sacrificing your coverage options.
For your home:
- Increase your deductible. If you assume a larger part of the risk by increasing your deductible, you can lower your premium.
- Protect your home. Install a monitored fire and burglar alarm in your home – most companies will reward you with a discount.
- Insure to Value. It’s important to know the replacement value of your home so you don’t underinsure. If you’re not carrying enough insurance and you have a loss, you stand to lose more money than you will ever save through a lower premium.
For your auto:
- Increase your deductibles. Again, if you assume larger portion of the risk by increasing your deductibles, you can lower your premiums.
- Choose your vehicles carefully. If you are considering buying a new car, check with your agent to see how the rate for the car you want compares with other models. Premiums are often higher for most luxury and sport model cars because of higher accident repair costs, high performance engines, or auto theft.
- Become a defensive driver. One at-fault accident or violation can increase your rate and place you in a higher-risk category.
- Be aware of how and where you park. Often, the cost of vandalism and auto theft is overlooked and these factors drive up the costs of auto insurance for everyone. Be sure to lock your doors at night and don’t leave your purse, wallet, or other valuables inside the car, and especially not in plain sight.
- Talk with your agent before you decide to file a claim so you know all of your options.
- Pay your bills on time. Insurance companies consider your credit history when determining your premium.
- Consider paying your premium in full or by an automatic draft. Many companies offer discounts if you pay in full or have your payment deducted each month vs. them having to bill you.
- Place all of your coverage with the same company when it makes sense to do so. Many companies offer multi policy discounts, so if your home and auto are not with the same company, you could be missing out on potential savings.
Hopefully these tips are helpful. Please remember that we are here to help with your insurance questions as well as your client’s needs.