5 No-Nonsense Strategies to Slash Your Insurance Costs
Insurance is essential, but can be costly. However, there are a few strategies that you can use to slash your insurance costs.
- Shop around for a better premium rates. Learn to compare rates without losing any benefits – compare apples to apples and oranges to oranges. Once you find a comparable policy, ask your current insurance provider to match or beat the premium. Are they willing to offer you a multi-line discount for multiple policies? Can they offer you a student or good driver discount? This strategy could help you shave hundreds of dollars off of your current premium.
- Bundle policies with one carrier. When placing multiple policies for your home, boat, car, liability, or special collectibles with one carrier, customers can take advantage of package discounts of at least 10%.
- Install safety devices. Many insurance companies will offer you credits on premium if you install safety devices. For instance, homeowners can install burglar alarms, water leak detection systems, battery backups for sump pumps, and automatic standby generators. Car and boat owners can install an alarm or an anti-theft system such as the On-Star System.
- Increase your deductibles. Consider raising your deductible from $500 to $2000 to gain substantial savings. Or consider cancelling collision coverage on older vehicles.
- Get an annual insurance checkup. Regular consultations between an agent and insured are perhaps the most important strategy to better manage premiums. Your life and needs will change over the course of the year, be sure to discuss these changes annually with your agent.