There are better ways to save on your insurance bill then lowering your insurance coverage. Considering asking your agent about any discounts that are available to you and these will vary by company and by state. The largest savings that usually can be obtained is by combining your auto(s) and home all with one company. However, there are consumers that feel when it comes to insurance “don’t put all your eggs in one basket” is the best case scenario. That is not the case for they are paying more in the premiums in the long run having their insurance separate.
Here are some ideas to consider.
- Raise your deductible amount – This is what you would have to pay out in the event of a claim, BEFORE your insurance kicks in. So, if your deductible is $500 and the costs of the damage runs around $400, then you would have to pay the $400. If the damage is more than your $500 deductible, the insurance will pay anything over the $500. The higher your deductible the lower your insurance premium will be. But a word of caution, you must make sure you can afford to pay the deductible amount if and when the time comes.
- Install Alarm and Burglar Systems – If you have a burglar alarm installed it can help reduce your premium. Same goes for sprinkler systems.
- Stay with one insurer – In most cases if you spend your time bouncing from one insurer to another, your premium will end up being higher because of you are considered a risk for losing you as a client. So if stay with one insurer that you become comfortable with, they will in the end be able to offer you credit in the form of a long term customer discount.
- Obtain your credit rating – Always knowing your credit score can help you with just about anything. Car loans, insurance premiums, etc. The higher your credit score the better your rate is going to be.
- Combining the auto and home insurance – Once again, this will offer you the largest of the discounts overall whether through combined billing and the discounts for the multi-policies. Ask your agent about combining your auto and homeowners insurance and see the savings on your premium.
- Lastly, if you have switched over to a company that was able to save you a significant amount on your premium, do yourself a favor and check to be sure it isn’t a 6 month policy period. Also, take the time to compare your new and old policies to make sure you didn’t compromise on coverage.
Here at Donald J. Medeiros Insurance Agency our goal is to try to help our viewers by suggesting solutions for all insurance needs. By no means can we address each reader’s specific concerns in every incident. So, we strongly advise to check with an insurance representative to address your specific needs. However, you can also contact us for any questions or concerns and we will be happy to help you. We can offer a complete line of personal & commercial insurance products for all of Massachusetts, Rhode Island and New Hampshire.
Come visit us at www.donmedeirosinsurance.com or give us a call at 508-678-1271. We look forward to hearing from you! If you have a Facebook account, fan us at http://www.facebook.com/donmedeiros.
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