Money Saving Tips from Insurance Professionals

Fewer insurance products offer a greater ability for consumers to save money than auto and homeowners insurance policies. Nearly all property and casualty insurers offer significant savings for consumers who meet certain criteria, and all insurance shoppers can find better deals on their existing coverages by eliminating frivolous and unnecessary insurance options.
To help save potentially hundreds of dollars or more each year on insurance protection, Insurance-Website advises consumers:

• Insist on multiple-policy insurance rate discounts or search for a new insurance provider when insuring multiple vehicles or vehicles and a home. Most companies will offer significant savings to customers carrying multiple policies. If an insurer does not offer a discount, consumers should be wary of their financial standing and shop around for other deals.

• Insurance companies provide discounts for installing anti-theft devices and safety equipment in vehicles and homes before purchasing a policy. And as homes and vehicles are upgraded for safety and anti-theft measures, consumers should report upgrades to their insurance providers to ensure any applicable discounts are applied as soon as possible.

• When applicable, make sure teenage drivers complete an authorized driver safety course and maintain good grades to obtain any potential discounts offered by insurers. Having a teenage daughter licensed to drive can increase auto insurance rates by about half while licensed teenage sons can cause auto insurance rates to double.  And most insurers offer rate discounts for families whose licensed teens maintain good grades.

• Obtain rate discounts by informing their insurers of the limited access their college students will have to family vehicles in families with college-age children who are away from home for long periods of time during the school year.

• Pay bills on time and maintain a high credit rating to get significant savings on auto insurance and homeowners insurance rates. Most insurers utilize consumer credit reports when assessing risk levels and determining insurance rates.

• Install state-approved child safety seats when children are too young and too small to use vehicle safety belts. Many insurers provide auto insurance rate discounts for using child safety seats, which are required by law in many states.

• When purchasing auto insurance, ensure only the minimum amount of insurance coverage necessary for a vehicle’s use is purchased. Each state has a minimum required amount of liability insurance coverage, buy many auto insurance companies attempt to peddle higher liability limits than required by state law. While the greater amount someday might prove beneficial in the event of a bad accident, for most motorists, the additional insurance protection and cost is unnecessary.

• Whether purchasing homeowners insurance or auto insurance coverage, adjust the deductible level decrease monthly insurance premiums in exchange for a higher deductible amount that would be paid only in the event of an insurance claim.

• Pay for a new home appraisal to ensure current insurance coverage levels match a home’s likely decreased value given the recent housing market crash.  If a home is insured for more money than it is worth, many homeowners pay extra for insurance coverage they ultimately won’t receive in the event of a loss.

Although there are a number of ways consumers can save money on their insurance coverage, few methods can result in immediate savings more than using Insurance-Website’s free online tool to help locate the best insurance deal possible in your local area. About five minutes spent providing basic information on our secure site can help consumers find the best deals available without spending hours culling through local listings to find reputable insurance professionals.