How to Get Insurance Premium Discounts: Expert Tips & Strategies
Having a full conversation about all of the different ways you can save money on your insurance premium will help you find the best deal possible. It’s also a good idea to keep your insurer in the loop about any major life changes that might affect your policy. Things like getting married or buying a home can indicate stability to an insurer, which could result in lower rates in the future. If you have a young driver on your policy, there are also ways to save with GEICO that are specific to them. These discounts range from reward programs for good grades to full-time student discounts.
Auto insurance providers offer a
range of discounts to help reduce premiums. These vary by provider, but some
examples include:
A clean driving record can unlock significant savings from many insurers. Some even provide safe-driving discounts if you take a course. Other lifestyle and personal details can also reduce your premium.
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Bundling Discount
Bundling is the practice of
purchasing multiple policies, such as home and auto insurance, with the same
provider. Insurance companies offer discounts to encourage this behavior. This
practice not only saves the client money, but it also simplifies billing and
makes management easier. It can even reduce the chances of forgetting a premium
payment or missing a renewal date.
The amount saved depends on the
specific policy coverages and how many policies are bundled together, and not
every insurer offers the same discounts or perks for bundling. The simplest way
to calculate the potential savings is to compare the cost of separate policies
to a combined policy on an instant quote calculator or online. In most cases,
the savings are significant. However, it’s important to remember that dropping
a product line from the package may not be worth the loss of the bundling
discount. For example, dropping jewelry coverage in order to obtain a lower
rate on a home insurance policy is unlikely to be worthwhile.
Some clients are unaware that
they can bundle policies and are missing out on a great opportunity to save
money. Others are concerned that they will be “locked in” to a single insurer,
making it harder to switch to a new provider if their current insurance rates
increase significantly.
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Use an email campaign, social
media post or website landing page to educate your clients on the benefits of
bundling. Ask open-ended questions to understand what their concerns are and
frame your explanations around the value of long-term loyalty over a short-term
price difference. In addition to saving money, clients enjoy a simpler
management experience with a single agent who knows their entire portfolio.
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