Top Insurance Premium Discount Programs Every Policyholder Should Know
Insurers offer a variety of discounts for policyholders to encourage loyalty and provide incentives to reduce risk. These include loyalty discounts and no claim bonus, both of which can help reduce insurance premiums. Other policy-specific discounts may include safety features like home security systems and defensive driving courses, anti-theft devices or workplace safety programs. Additionally, telematics devices can be used to reward drivers for good driving behaviors by lowering their car insurance rates.
Insurer loyalty discounts are
given for purchasing multiple policies from the same provider, and typically
result in a lower premium. The discount can last for a set period of time,
usually three years, before it needs to be renewed. This is an excellent way to
get a feel for the insurance company and whether it is a fit for your personal
or financial situation before making a commitment to buy a policy.
The no claim bonus (NCB) feature
is similar to the loyalty discount, as it rewards policyholders for having a
claims-free history. However, this incentive is not based on the number of
years you have been insured, but rather the total sum insured that has been
paid out in the form of claims and payouts over a specific period of time, such
as three to five years.
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Some insurers also offer a multipolicy discount for buying auto and home insurance or auto and umbrella coverage from the same provider. This can result in significant savings, and it can make it easier to manage your policy and payment information by having fewer accounts with the same provider. GEICO, for instance, offers a 10% discount on its auto insurance to customers who bundle their policy with homeowners or renters insurance.
Paid In Full Discount
Many insurance companies offer a
discount for policyholders who pay their premiums in full instead of paying on
a monthly or quarterly basis. This is a great way to save on your car insurance
as it reduces administrative costs and allows you to lock in a lower rate for
an entire year. This is also sometimes referred to as a “bundle discount,” a
“multi-policy discount” or even a “family plan discount.”
Some insurers don’t specifically
advertise how much you can save with this discount, but Travelers and
Progressive both advertise up to 15% savings. This can be a significant
savings, especially if you can afford to pay the full amount upfront, and it can
also help you avoid those pesky installment fees.
Other discounts you may be
eligible for include discounts based on your occupation and professional
affiliations. These are designed to reward low-risk behavior, which can result
in lower rates for you. Make sure to update your insurance company about any
changes in your employment or memberships so you can take advantage of these
discounts.
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