Five Discounts That Will Lower Your Insurance Premiums
If you’re looking for ways to save money on routine expenses, reviewing your insurance policies is a great place to start. Insurance companies offer their policyholders many different types of credit, including paperless, multi-policy, and low-mileage discounts. It’s important to be aware of the following insurance credits that are widely available and to make sure the discounts you qualify for have been applied to your policy.
Discount for electronic customers – Many insurance companies now offer paperless discounts, giving you a way to not only save money, but also help the environment. Some companies will offer you a one to five percent savings for going paperless.
Low Mileage Credit – With some insurance companies, when you drive less you are rewarded by paying less. If you drive less than a certain number of miles, like 8,000 miles, for example, you may qualify for a 10 to 20 percent discount on your auto insurance.
Special Rates for Groups/Associations – Belonging to an association or professional group is another way to reduce your insurance premiums. Whether you belong to a credit union, alumni association, or military organization, you may be able to qualify for a special rate on your policies. Since these special group rates vary depending on the insurance company you choose, it’s helpful to contact an independent agent who will compare these different companies to see which one offers you the best rates.
Discount paid in full – Another way to reduce your premium is to pay the policy in full. Although this may temporarily hurt your bank account, you can be rewarded with up to 10 percent if you pay in full, saving you money in the long run.
Multiple Policy Discount – If you insure your car with the same company that insures your home, you may qualify for a multiple policy discount. If you currently have your assets insured with different insurance companies, it’s best to contact an independent agent, who will help you determine how much money you could save by moving all your policies to the same company.
If you’re looking to lower your insurance premiums, these are several common discounts you may qualify for, but they’re certainly not the only types of savings available. Other common insurance credits include safe driver, claims free, non-smoker, and good student discounts. The most effective way to ensure that all the credits you qualify for have been applied to your policies is to work with an independent insurance agent.
