Actionable Tips to Cut Your Insurance Premiums
When it comes to insurance, a little research can go a long way. It's important to shop around and get quotes on a regular basis, ideally before your renewal period or after significant household or lifestyle changes.
Since each insurer calculates
risk differently, comparing rates will help you spot potential savings. Read on
for a few things to keep in mind when shopping for your next policy.
Multi-Policy Discounts
A multi-policy discount is an
insurance company incentive offered when a customer buys multiple policies with
the same insurer. This discount can save a significant amount of money and may
offer additional benefits beyond just the discounted premiums.
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Insurers typically offer this
discount as a way to reward customers for their loyalty and business. This type
of discount can apply to multiple types of policies including auto and home
insurance, or more complex combinations such as renters and umbrella coverage.
These discounts can be a great way to save some extra cash while also
simplifying your policy management by having everything under one roof.
However, it’s important to
understand that while bundling policies can save you some money, it doesn’t
necessarily always provide the greatest savings. In fact, bundling is just a
small part of many insurance companies’ overall discount program. It is still
crucial to shop around and get quotes for all of your car, home, life and
umbrella coverage needs to make sure you’re getting the best deal on your
premiums.
Multi-car insurance policies can
be a good option for families or individuals who own more than one vehicle. By
putting all vehicles under the same policy, you can usually take advantage of a
multi-car discount which can significantly reduce your annual car insurance
premium. However, there are some insurers that require specific criteria to be
met in order to qualify for a multi-car discount.
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If you are considering a
multi-car insurance policy, it’s always wise to talk with an experienced and
knowledgeable insurance agent about the coverage options that best suit your
needs. Our team can help you decide whether a multi-car policy is right for you
and explain the various benefits of doing so.
In addition to saving money,
there are other ways that you can save on your car, home and umbrella policies
such as safe driving discounts, continuous insurance, anti-theft devices and
more. For more information on how to maximize your insurance discounts, contact
a Horace Mann agent. *Discount eligibility varies by state and policy
characteristics.
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Discounts for Good Drivers
Insurers recognize that safe
drivers are less likely to file a claim, so they often reward them with lower
rates. The most obvious good driver discount is a clean driving record, which
can save you 10% to 30% or more. Companies may also offer discounts for
avoiding accidents and traffic violations over a certain period or for taking a
defensive driving class. Some insurers even offer a good student discount for
full-time high school or college students who maintain at least a B average.
Other common discounts include a new car discount, anti-theft equipment
discount and pay-in-full or electronic billing discount.
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