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November 1, 2016

Auto Insurance Discounts

How can I save money on my auto insurance? 

This is a question that the insurance agent hears on a daily basis, thus the topic for my blog today! I wish I could tell you that there was some great secret
that I have to share, but alas, this is not the case!
  What I can tell you is this….these are the discounts most companies offer.

  1.  Multi-car  –  If
you have more than one car insured, you will get approximately 20% off the standard rate on each vehicle.  Some companies will even continue this discount if you have a car in dry storage with “comprehensive only” coverage. 
Some won’t.  Ask your agent!
  2.  Multi-Policy – If you have a home or renter’s policy with the same company that has your auto coverage, you will save approximately 15-20% off each policy. 
Sometimes, the cost of a small renter’s insurance policy is actually less than the savings on the auto, making the renter’s policy cost free!  Don’t assume it will cost you a lot of money for a renter’s policy, you may be pleasantly
  3.  Life Multi-Policy – Just like it sounds, this discount provides 5% off your auto policy if you also have a life policy with the same company. 
4.  Air Bags, 4-wheel ABS, Seat Belt, Alarm systems – These are all discounts that should pull automatically from your VIN (vehicle identification number) but be sure to check to see if you have them.
Senior/Mature Discount – offered for those who qualify.  While most start at age 55, check with your agent to see what the age is to qualify for your company.
  6.  Group Discounts –  Some
companies offer group discounts.  The group may be through a credit union or bank, senior club, business association or alumni association.  While these groups can give you a nice discount,
there are sometimes coverage adjustments as well.  Check with your agent to be sure you aren’t losing a valuable coverage limit you wanted to keep before you get this one.
  7.  Safe Driving – Some
companies offer a safe driving discount for those who have taken qualifying driving courses.  Check with your agent to find out how much you would actually save, but the course should be worthwhile either way!
  8.  Accident Free Discount – Some companies offer this discount if you have not had an accident in 3 or 5 years.  Check with your agent to see if you qualify, this may not automatically
come on your policy. 
  9.  Premier Driver – Similar to the accident free discount, just another name for it.  Again, if you have been ticket & accident free for 3 or more
years, ask your agent if you qualify!
10.  Good Credit Discount –  Most companies apply either a discount based on your credit rating or work that into your base rates.  The better your credit
rating, the better your insurance rates.  Why?  Because actuaries have found that those with better credit ratings are better drivers!  Don’t like this idea?  Write to your legislator! 
Every discount and rating factor has to be approved by the State.

Lastly, you already know – no tickets, no accidents – better base rates!  

Did I miss any discounts? 
If so, let me know!  I’d be happy to update my blog!  In the meantime, I’m….

Still yet…

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