Want to Save Big on Insurance? Start with These Simple Steps
Another big discount comes from having a good driving record. Most insurers give a discount to drivers who go years without any accidents or other claims. You can also earn a discount for driving your car safely, which could include using an app or device that monitors your speed and other driving habits.
You can also save by paying your premium upfront, as opposed to in monthly installments. This saves your insurer on administrative costs, which they can pass on to you. Insurers also offer a discount for making electronic payments, which helps them avoid costly late fees.
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For example, a home-security discount is a great way to save on homeowners insurance. Keeping your house safe can prevent costly claims and qualify you for other discounts, including those for smoke detectors, sprinkler systems and leak-detection devices. Similarly, having a pool or trampoline can drive up your costs, but steps like installing a fence or taking down the kids' summer toys will reduce them.
Ask your insurance agent or broker about the discounts that might apply to you. You can often find a list of potential savings with the policy documentation that is sent out at the beginning of the year or that is attached to your monthly statement. You can also find information about available discounts online, but the best way to identify which ones you might be eligible for is to ask.
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Review Your Policy
The best way to ensure that you are getting the most value from your insurance policies is to review them annually with an independent agent. This process is free and helps to identify coverage gaps, opportunities for savings, and other changes that may be beneficial in protecting your family and assets.
The annual review also allows you to address any significant life changes that could impact your insurance needs. For example, if you have made home improvements or purchased new assets, it is important to update your homeowner’s policy to account for these changes. Similarly, if you have recently married or had children, your life insurance policy should be updated to reflect the increased financial responsibilities and liability risks.
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An annual review is also a good time to explore available discounts. Many insurers offer discounts for bundling home and auto policies, maintaining a clean driving record, installing security systems, and other factors. If you are not taking advantage of these opportunities, it is likely that you are overpaying for your insurance.
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