Latest

5 Tips For Reducing Your Insurance Costs

If you are wondering how you can start on saving on your insurance costs, the best way is to be proactive. You need to do research on the options as well as the discounts available for you. In this article, we are going to look at five easy tips that can help you reduce your auto insurance costs.

Tip 1- Bundle

While some companies only offer car insurance, narrowing down to such a field will only result in higher than average car insurance costs. You should take some time and speak to several insurance brokers who can give you more than one line of insurance quotes and package. An excellent insurance company is one that listens to the needs of their clients and offers the best deal in regards to their requirements. If you use the same insurance company for various policies, you can be certain that you will save a lot in premiums in the long term. Most insurance providers offer bundling packages for various policies such as homeowners insurance, car insurance and more.

Tip 2- Check and Get Rid of any Unnecessary Coverage

This does not happen often, but you may find yourself carrying too much insurance. A good example is covering collision for an older vehicle. If the car’s value is not substantially more than the deductible and the impact on your insurance rate would be bigger than the damage, then it may be time to eliminate that coverage. Also, if you do not drive your vehicle during winter then consider removing ‘road coverages’ to save some money on premiums. For cheaper car insurance you can consult a professional insurance broker to assess your policies and make recommendations on the right alterations to further lower your insurance costs.

Tip 3- Check for Car Owner Discounts

Your insurance company will be willing to work with you to create a policy that meets your specific needs. This should include any car insurance discounts that you are eligible for. As mentioned earlier, bundling your insurance coverage usually results to lower premiums. You can use this list to compare what your insurance company offers on your car insurance:

-Experienced driver insurance discounts

-Multi-vehicle insurance discounts

-Accident forgiveness with premium protection

-Short commute discounts

Tip 4- Inquire about Home Insurance Discounts

If you are not an SMK policyholder, you should check with your insurance provider to know all the home insurance discounts applicable to you. Keep in mind that if you let us handle your insurance needs, we can broker the most beneficial deals for you. Of course, we cannot speak for your insurance company, but SMK home insurance discounts apply to people whose property is:

– A non-smoking zone

-Mortgage free

-Remains claims free

-A Newer property

-Has a security system, particularly an alarm system

-Serviced by electric heat

Tip 5- Increase your Deductible

When it comes to insurance, the term deductible refers to the first amount of money that you, as the insurance buyer, agrees to pay on your own in case of an accident. Increasing the deductible usually means lower insurance premiums, and this allows you to save money on your coverage. However, this strategy is ideal for those who are certain that they can be able to pay a higher for the repair and replacement costs for any damage to the car or home.

Other techniques for reducing the cost of insurance is by having a good driver’s record and to ensure fewer drivers. You can consult your insurance brokers for other ways to reduce car insurance costs as they will assess your needs better than us. Just ensure that you’re using a reputable and reliable broker, especially when looking for the best deals out there.

 

Connect with us!

  • Follow on Facebook
  • Follow on Twitter
  • Follow on YouTube
  • Follow on Instagram