Is one of your financial goals to lower your insurance bill this year?
Insurance is a necessary protection, but you shouldn’t pay more if you don’t have to. You have control over some of the factors your insurer uses to create your policy, whether that includes auto, home, life or all three. By making changes in the following eight areas, you could see a drop in your annual costs:
1. Combine Your Policies
When you bundle your policies and use the same insurer, you may be eligible for a discount. Talk to your insurer — most companies offer a discount when you have two or more policies with them. You could also get a discount if you have two or more cars insured with the same company.
2. Get Fit and Stay Healthy
Life insurance costs rise when the insured is overweight and unhealthy. If you’re looking into a new life insurance policy, quit smoking, lose weight and start exercising. But don’t get healthy just for the life insurance exam — it’s vital to maintain your progress over time to see the full benefit of ongoing low premiums.
3. Sign Up for a Defensive Driving Course
When you’re trained to avoid accidents and limit damage and injuries to your car and yourself, insurers view you as much less of a risk. Submit your defensive driving course certificate and it could lower your insurance bill, depending on your insurer.
4. Maintain Good Credit
If your insurer uses your personal financial information as a basis for your premium quote, good credit could work in your favor. When you pay bills on time and manage debt responsibly, your premium may end up lower than when you have poor credit.
5. Consider Raising Your Deductible
If you have cash reserves on hand, you could raise your deductible and see a major decrease in your annual insurance costs. As long as you have the money available to pay for a claim and you’re willing to bet on your good driving skills, the lower premium translates to significant savings.
6. Low-Mileage Driver? Ask for a Discount.
Many insurers offer discounts for auto insurance policies protecting cars that are driven many fewer miles than average. If you use one car for local errands, give your insurer an accurate annual average and see if it will lower your insurance bill.
7. See if Paying Upfront Reduces Your Rate
Some people prefer to pay insurance monthly while some like to pay the annual bill all at once. If you have cash set aside, see if it’s worth it to pay the bill upfront — it could cut a percentage off your annual premium.
8. Install Safety Systems
When cars have anti-theft systems in place and homes have sprinkler systems, burglar alarms and smoke detectors, they’re less of a risk to insure. Submit proof of these systems to your insurer and ask about cost savings — you’ll likely find that these systems are worth the long-term investment.
For more information on how to lower your insurance bill and enjoy more room in your budget, call Four Seasons Insurance today. We’re ready to help you get the coverage you need for the right price.