1. Quote and compare every 2 to 3 years
- Let agents and companies compete for your business.
- Save time, money and effort by submitting information online and receiving multiple quotes at the same time.
- If you don't want to switch, contact your agent and ask if you qualify for any new discounts; however, if you have to ask or if you are offered a lower rate only after you threaten to leave, you might question if the agent really has your best interests at heart.
- Why don’t insurance companies want you to compare? Because they count on consumers being complacent and settling for what they have. By comparing, you will find a company with a better rate.
2. Quote and compare if...
- Your traffic violation is 3 or 5 years old
- Your auto claim or at-fault accident is 3 or 5 years old
- Your homeowners claim is 3 or 5 years old
- You've completed 3 or 5 years of continuous liability coverage
- You turn 21, 25, 30, 50 or 60 (Happy Birthday!)
- Your child just got a drivers license and made the honor roll
- You got married (Congratulations!)
- You bought a house (Again, congratulations!)
- You bought a new or new-to-you car (Get a new policy to go with it.)
- You moved into a new apartment (Premiums can vary by zip code.)
- You are new in town (Welcome!)
- You retired (You are our hero and we also envy you.)
- You successfully completed a drivers training course
3. Package, package, package
- The easiest way to reduce the cost and increase value is to package your home/renters and auto coverages. Some insurance carriers give you a bigger break by packaging auto, home and life insurance. Why don’t some auto carriers want you to package? Because they can only insure your car and nothing else.
4. Buy no less than 100/300/100 liability limits
- If you’re currently insured for state liability minimums you put at risk your financial future. Often times, for the same cost of a cheap pizza, you’ll buy an additional $250,000 of liability protection. You’ll be glad you made the decision to go with higher limits, if you’re ever the defendant in an injury lawsuit.
- Why don’t insurance companies want you to know this? Because it won’t cost you much extra, but their liability exposure is a lot more.
5. Increase deductibles from $50 or $100 to $500 or $1,000
- Consumers are realizing that the purpose of insurance is to cover the big disasters in life--like losing your home to a fire or having a car totaled in an accident, not just filing a claim for a broken window or a $50 windshield chip repair. By avoiding small claims, you’ll pay 50% of the average premium over your lifetime because you’ll always qualify for any company’s best rates.
- Why don’t insurance companies want you to know this? Because lower deductibles means you pay them higher premiums, even if you never file a claim. And if you file small claims, you’ll never qualify for their best rate.
Check out the news
5 things auto insurance companies
don’t want you to know about reducing your premium & getting a better value
(When companies compete for your business, You win!)