If you own a home or buying a home try to get your vehicle and home insurance with the same company and get a discounted rate for doing so. We not only checked with local agents, but also did online rate checks.
We have been a member of AARP since we were 50 years old and after reading yet another ad in the AARP magazine and getting the best quote online we decided to call them to see what the final rate would be. We found that we saved over $200.00 on the auto insurance and over $300.00 on the home insurance. The company is Hartford. We actually have better coverage for the vehicles and our home so we were pleased.
You don't have to be a member of AARP to be covered with Hartford, but it gives you additional discount for being a memeber plus other discounts. I guess it helped that we had good driving records and just minor accident in 25 year period. The quotes are free and you can find toll free numbers to call for it so if you are getting quotes get one from them. I had more problems getting to see our local agent than calling and talking to a rep of Hartford so don't be afraid to try this.
Remember to review your insurance coverages regularly. I put this off for a long time, because it confused me. But I made an appointment with our agent, and she was VERY helpful in finding ways to reduce our insurance bills.
My husband and I made some tough decisions, but we'll save some much-needed money this year. Make that appointment!
Check your credit before purchasing homeowners or auto insurance. Your credit it seems is an indicator of the risk you will be. It is less expensive to correct something inaccurate on your report before instead of after. If you have some bills that have not been paid on for some time start paying as much as you can. Insurance is expensive why pay the extra surcharge if you do not have to.
Most people are aware that you get a discount on your insurance if you bundle your vehicle insurance with your homeowner's or renter's insurance. But, many people are not aware that you can qualify for more than one discount for other reasons as well. Many companies also give discounts for:
students with good grades
your occupation (my husband and I get one for being firefighters/EMTs)
taking certain classes (such as my husband got one for taking a motorcycle class, and my daughter for Driver's Ed
paying with auto draft (from our checking account)
We also recently got a "bonus" for referring another customer to our insurance agent.
If it's been a while since you've reviewed your home and auto insurance, take look at your deductibles. Because if you've been with the company for a long time you might have deductibles that are lower than you actually need.
For example, you may now have some savings that you could pay for a $1000.00 or $5000 repair. Even a small claim will raise your premiums and the money you save with higher deductibles may be better used. It's one way to keep your insurance coverage exactly the same but with a lower monthly premium.
One of our 2012 family goals was to re-evaluate our homeowners and automobile insurance to see if we could save a few bucks. WOW! This effort netted us nearly $2500 savings annually! If you want to see if this tip would work for you-take the following steps:
Pull a copy of your current policy to make sure you shopped apples to apples and obtain the SAME coverage.
Find an agent who can sell you MANY types of products (not just State Farm or All State for example) I used Dave Ramesy's Endorsed Local Insurance Provider (which can be found using his website, www.daveramsey.com). These agents have the heart of a teacher and helped me understand the subtleties of insurance that I previously didn't know.
Tell the agent what you want to accomplish-we wanted the same coverage at a lower price.
Once the agent has a proposal, review the proposal AGAINST your current policy to be sure you understand the coverage you are purchasing.
Consider raising deductible IF you have the money in savings to cover your deductible when you need to make a claim.
Don't file you insurance on small claims that are not at least double your deductible (for a small deductible of $500, you may want to not file a claim unless the damage is $2000 or more) Not filing small claims keeps your insurance premiums down and can keep you from getting dropped by your insurance company for excessive claims. Higher deductibles work to your advantage in this area because you will not be likely to file a $600 claim when your deductible is $500.
Know what type of coverage you need (replacement value on your home?, sewer backup?, Earthquake?, etc.).
Understand the difference between collision (someone runs into you) and comprehensive (you hit a fence). We have a lot of deer and the possibility of hitting one caused us to re-evaluate our deductibles on our newer cars.
Paying your premium in full can net you a savings of several hundred dollars annually.
Don't squander your new found savings. We plan to transfer the monthly savings directly into our savings account!
Some television commercials say they can save you money but you may not have the coverage you need to protect your assets. Understand liability, what an umbrella policy is and why you need one, etc.
If you agent doesn't perform this REVIEW service for you automatically at least every 2 years, time to do it yourself!
Source: Recent experience with a new insurance agent.
Share Your Feedback: Once you try any of the above solutions, be sure to come back and give a "thumbs up" to the solution that worked the best for you. Do you have a better solution? Click "Share a Solution" above!
Do you have a question related to this page?
Here are archived discussions related to this page.
Save Money on Insurance
Buy insurance from a local agent because of the personal service. Do not just sign on the line for what ever they sell you. Do research. Ask questions and get an answer to your questions. Did you understand the answer? No? Ask again.