We all look to save money on our insurance premiums, but if you don’t have an experienced agent to review your policies with, you could be paying too much by missing out on valuable discounts available to you.
Here are 8 of the easiest ways you can save on your insurance premiums without skimping on the coverages you need or carrying coverages you don’t.
Multiple Policy Discounts
If you have a homeowners or a renters policy and it isn’t with the same carrier as your auto insurance then you are likely paying too much for both. Insurance companies who write both auto and homeowners insurance offer big discounts for having them packaged together. If you are insured with a company who only writes auto or only writes homeowners they will likely still offer you a discount if you have both policies with the same agent.
Raise Your Deductible
Deductibles are the amount you are responsible for paying in the event you have a claim, the higher the deductible the greater the discount. Consider how much out of pocket you can afford and review the different scenarios with your agent. If it makes sense for you financially then adjust your deductibles accordingly.
Protective devices can save you money on your homeowners insurance. If you don’t have them installed, contact a Pennsylvania Fire Watch Company to the find the measures you can take to keep your home safe till you get the essential mentioned next installed. Central station reporting fire & burglar alarms, backup generators, low temperature monitoring systems, and gated communities are a few examples of how you can save big on your homeowners insurance. Vehicle tracking devices, alarm systems, window etching, and vehicle disabling devices are all great ways to save on your auto insurance.
Car Pools & Commuting
Did you know many auto insurance companies will give you significant discounts if you car pool or use mass transportation daily to get to work? Talk to your agent to see if you’re eligible for this discount generally you will need to provide a copy of your monthly train or bus pass to qualify.
Many insurance companies use credit scores as a major factor when determining your rates. Even if your driving record isn’t perfect an excellent credit score can still save you money and get you a better rate. Call your agent; sometimes you can also save money by applying for a new policy with the same insurance company due to changes in their rating models.
Defensive driving courses aren’t only for drivers with points on their licenses. Many courses are available online and are very affordable. Just makes sure the course is approved in your state and once you’re complete get a copy of your certificate to your agent for a discount that lasts for 3 years with most companies.
Renovations = Reductions
The math is simple: old home + old wires = fires. Depending on the age of your home you will need a roofing contractor or an electrition, but the plus point is that you may qualify for renovation credits if you’ve updated your electrical system. Many companies also give renovation credits for updating your plumbing & heating systems as well as replacing your roof. Each company is different so talking with your agent about your policy is essential to saving.
Before buying a new vehicle check with your agent to see what the potential increase in premium may be. Insurance companies use rating symbols to determine premium. Generally speaking, the higher the symbol the higher the premium. The MSRP of a vehicle, its safety features, & its attractiveness to thieves are all factors that determine a vehicle’s rating symbol.
Things to consider when buying a home that will impact your homeowners insurance premium are the age of the home, the age of its plumbing, heating, & electrical systems, and if the home is in a flood zone. Flood insurance is not covered under your homeowners policy and you must purchase a separate policy for flood coverage. Depending on what flood zone the home is in your mortgage company may require you to carry flood insurance and what flood zone you are in will also heavily determine the cost of your policy. It’s always best to discuss purchases with your agent; that way you have an idea what your total expenses will be before signing on the dotted line.
I hope you have found these tips to be useful and I advise you to review your policy at every renewal with your agent. For more information on the discounts available to you or to obtain a competitive quote please contact Couch Braunsdorf Insurance. We are a full service agency headquartered in Liberty Corner, NJ and have been serving our customers since 1903. We offer a wide variety of insurance solutions and can service all of your insurance needs from auto, home, and your other assets to employee benefits, commercial insurance, professional liability, and title insurance.
Toni M. Sweeney