Best Insurance Premium Discounts to Lower Your Costs
In addition, it never hurts to ask your agent or company representative about any potential discounts you might be eligible for. Most insurance companies list their available discounts on their website, and you can find information about them in your policy documents or billing statements as well.
Keep Multiple Policies with
One Company
Typically, a customer will get a
lower rate on their insurance when they buy more than one type of policy. For
example, bundling home and auto can save a family of four $3,000 or more per
year. Similarly, many insurers offer discounts on life, health and homeowners’
policies that add up to significant savings.
Consumer Reports explains that
while it’s tempting for consumers to shop for the best rates, they often
overlook how much they can save by purchasing multiple policies from a single
company. For instance, customers who purchase car and home insurance with the
same company are able to save 20 percent or more, according to State Farm and
Progressive.
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In addition to bundled discounts, insurance companies may offer specific discounts for other aspects of their coverage that help to further reduce premiums. For example, drivers who consistently make a clean driving record can receive a discount on their automobile policy. Insureds who pay their premium in full can also save on administrative costs, which can be passed on to the insured through a discounted rate. Additionally, people who take a driver’s education course can often receive a discount on their automobile policy.
Insurance agents can encourage clients to take advantage of bundled discounts by conducting a comprehensive review of their current policies and explaining the long-term value of a consolidated policy structure. It’s important to anticipate objections, such as the fear of overpaying, and prepare persuasive responses that highlight the benefits of a long-term, bundled relationship with an insurer. This includes not only cost savings, but convenience, improved coverage coordination and a single point of contact for all their needs. This type of strategic approach can strengthen client loyalty, boost retention and enhance a business’ bottom line.
Take a Driver’s Education Course
A driver’s education course can
be a great way to save on your car insurance premium. In New York State,
insurers must offer a discount on liability, collision and No-Fault coverage if
you take an approved accident prevention course, either in a classroom setting
or online. While these courses may cost a little bit to take, they typically
pay for themselves in lower premium costs.
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In addition to the discount
offered for completing driver’s education courses, many insurers also offer
discounts for people who haven’t had traffic violations or accidents for an
extended period of time. These discounts can add up quickly and can really make
a difference when it comes to your premium.
It’s important to talk to your
agent about any potential ways you might be able to reduce the amount of your
premium. This might include installing safety and security features in your
vehicle, or lowering the number of miles driven each year. Other options might
include taking a course on driving skills and strategies, or even just having
an honest discussion about the current state of your policy.
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