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Discover 7 awesome ways to save on insurance today. Cut costs, bundle policies, and optimize coverage for maximum savings.

When seeking ways to save on insurance, be aware of practical strategies that can lead to real savings. To quickly address this need, here's a handy list of smart tips anyone can apply:

  1. Increase Your Deductible - Opt for a higher deductible to lower your premium.
  2. Bundle Your Policies - Combine home and auto insurance for a discount.
  3. Shop Around - Get quotes from multiple insurers to find better rates.
  4. Maintain a Good Credit Score - A better score often means lower costs.
  5. Leverage Discounts - Look for safe driving or low mileage offers.
  6. Review Your Coverage - Regularly assess and adjust your policies.

Securing the right insurance at the best price isn't just a dream; it's achievable with the right approach. In this guide, we'll explore effective techniques to lower your insurance expenses while ensuring comprehensive coverage. Your financial well-being starts with understanding the landscape of insurance savings.

As President of the Stanley Insurance Group, I, Brandon Stanley, have spent years helping families in Hilliard, Ohio, steer insurance. My focus has always been on providing personalized solutions that safeguard your investments. Let's dig into these ways to save on insurance and find the most effective approaches for your needs.

7 Awesome Ways to Save on Insurance Tips Infographic: increase deductible, bundle policies, shop around, maintain credit, discounts, review coverage, save initial steps - ways to save on insurance infographic infographic-line-5-steps-blues-accent_colors

Increase Your Deductible

One of the simplest ways to save on insurance is by increasing your deductible. This is a tried-and-true strategy for reducing your premium costs.

What is a Deductible?

A deductible is the amount you pay out-of-pocket before your insurance kicks in to cover the rest. By opting for a higher deductible, you agree to pay more upfront if you need to file a claim. In return, your insurance company typically lowers your premium.

How Much Can You Save?

Increasing your deductible can lead to significant savings. For instance, raising your deductible from $500 to $1,000 might reduce your annual premiums by 20% to 25%. That's a substantial cut in your yearly expenses!

Deductible savings infographic - ways to save on insurance infographic 3_facts_emoji_light-gradient

Is It Right for You?

Before you make this change, consider your financial situation. Can you afford to pay the higher deductible if an accident occurs? If the answer is yes, this could be a smart move.

Loretta Worters from the Insurance Information Institute notes, "The average motorist doesn’t file a claim more than about once every couple of decades." This means your chances of needing to pay that high deductible are relatively low, making it a potentially safe bet for many.

Real-Life Example

Imagine you're a driver in Hilliard, Ohio, with a premium of $2,329 a year. By increasing your deductible, you could potentially save up to $525 annually. That's extra money in your pocket for just a small change in your policy.

In summary, opting for a higher deductible is a straightforward way to lower your insurance costs. Just ensure you're comfortable with the potential out-of-pocket expenses if an incident occurs. This strategy, among others, can help you manage your insurance budget more effectively.

Up next, let's explore how bundling your policies can lead to even more savings.

Bundle Your Policies

Bundling your insurance policies is another effective way to save on insurance. By combining multiple types of coverage, like homeowners and auto insurance, you can often snag a multi-policy discount, reducing your overall premium costs.

What is a Multi-Policy Discount?

A multi-policy discount is a reduction in your insurance premium when you purchase more than one type of insurance from the same company. This could include a combination of auto, home, and even life insurance policies. Insurance companies offer these discounts because they want to keep your business for multiple policies.

How Much Can You Save?

The savings from bundling can be quite significant. On average, policyholders can save anywhere from 5% to 25% on their premiums by bundling their policies. The exact savings depend on the types of policies you bundle and the insurance provider's specific offers.

Bundling policies can save you 5% to 25% on insurance premiums. - ways to save on insurance infographic checklist-light-blue-grey

Why Bundle Homeowners and Auto Insurance?

Homeowners and auto insurance are among the most commonly bundled policies. Since most people need both, it makes sense to combine them for savings. Not only do you save money, but you also simplify your life by having one insurer to deal with, one bill to pay, and one point of contact for any questions or claims.

Real-Life Example

Consider a family in Columbus, Ohio, who has separate policies for their home and two cars. By bundling these policies with Stanley Insurance Group, they could potentially save hundreds of dollars annually. This not only reduces their insurance expenses but also makes managing their insurance needs much easier.

Is Bundling Right for You?

Before bundling, compare the bundled rate with the cost of separate policies to ensure you're getting the best deal. Some companies might offer fewer discounts, but still provide a lower overall premium. Also, consider the quality of service and coverage options when choosing an insurer.

In conclusion, bundling your policies is a smart strategy to cut down on insurance costs. It’s not just about saving money; it’s also about convenience and peace of mind. Next, we'll discuss how shopping around for better rates can further improve your savings.

Shop Around for Better Rates

Shopping around is one of the simplest ways to save on insurance. By comparing quotes from different insurers, you can find the best deal that fits your needs and budget.

Why Compare Quotes?

Insurance rates vary widely between companies. Each insurer has its own way of calculating premiums based on factors like your age, location, driving record, and even credit score. This means the price you pay for the same coverage can be very different from one company to another.

How to Get Started

  1. Gather Information: Before you start, have all your information ready. This includes details about your car, driving history, and any current insurance policies.

  2. Use Online Tools: Many websites allow you to compare multiple quotes quickly. Just enter your details once, and you’ll get a range of quotes from different insurers.

  3. Check Different Types of Insurers: Some companies sell insurance through their own agents, while others use independent agents or sell directly to consumers online or over the phone. Be sure to check all these options to get a comprehensive view of available rates.

Real-Life Example

Imagine you live in Hilliard, Ohio, and are looking for auto insurance. By getting quotes from at least three different companies, you might find that one offers a significantly lower rate for the same coverage. This small step can lead to substantial savings over time.

Consider More Than Just Price

While it's tempting to go for the lowest price, the cheapest option isn't always the best. Consider the insurer's reputation, customer service, and financial stability. You want a company that will be there for you when you need to make a claim.

Use Your Findings

Once you have your quotes, use them to negotiate with your current insurer. Let them know you’re considering other options and see if they can offer a better rate to keep your business.

Shopping around for insurance might take a little time, but the potential savings make it worthwhile. Plus, you'll feel confident knowing you’re getting the best deal available. Next, let’s explore how maintaining a good credit score can further reduce your insurance costs.

Maintain a Good Credit Score

Keeping a good credit score is one of the smartest ways to save on insurance. Many insurance companies use your credit history to help determine your premium. This means that a better credit score can lead to lower insurance costs.

Why Credit Scores Matter

Insurers often use credit-based insurance scores to predict how likely you are to file a claim. Research shows that people with higher credit scores tend to file fewer claims. So, if you have a good credit score, insurers see you as less risky and may offer you a better rate.

How to Improve Your Credit Score

  1. Pay Bills on Time: Late payments can hurt your credit score. Make sure to pay all your bills by their due dates to keep your score healthy.

  2. Reduce Credit Card Balances: Try to keep your credit card balances low. High balances can negatively impact your credit score.

  3. Check Your Credit Report: Mistakes happen. Check your credit report regularly to ensure all the information is accurate. If you find errors, dispute them right away.

  4. Limit New Credit Inquiries: Each time you apply for credit, it can affect your score. Only apply for new credit when necessary.

Real-Life Benefit

Suppose you live in Columbus, Ohio, and have been working on improving your credit score. Over time, you notice your insurance premiums start to decrease. This is because your improved credit score makes you more favorable in the eyes of insurers.

Keep an Eye on Changes

Insurance companies don't update your rates every time your credit score changes. However, maintaining a good score can help you when it's time to renew your policy or shop for new insurance.

Improving your credit score takes time, but the potential savings on your insurance make it a worthy investment. Up next, we’ll discuss how taking advantage of various discounts can further cut your insurance costs.

Take Advantage of Discounts

Finding ways to save on insurance can be as simple as uncovering discounts you might already qualify for. From safe driving to group plans, these discounts can help lower your premiums without sacrificing coverage.

Safe Driving Discounts

Insurance companies love safe drivers. If you have a clean driving record with no accidents or moving violations, you might qualify for a safe driving discount. Some insurers offer programs that monitor your driving habits and reward you for good behavior on the road. For example, Liberty Mutual's RightTrack program can save you up to 30% on your premium just for participating.

Low Mileage Discounts

The less you drive, the less likely you are to get into an accident. If you drive under 10,000 miles a year, you may qualify for a low mileage discount. According to Douglas Heller from the Consumer Federation of America, reporting your mileage can save you about $116 a year. If you work from home or use public transportation, make sure your insurer knows about your low mileage to see if you qualify for savings.

Group Plans

Sometimes, being part of a group can help you save on insurance. Many companies, clubs, or associations offer group insurance plans that come with discounts. Check if your employer or any organizations you're part of provide such benefits. Group plans can offer substantial savings compared to individual policies.

Real-Life Example

Let's say you live in Hilliard, Ohio, and drive less than 7,000 miles a year. By reporting your mileage and maintaining a clean driving record, you could see a noticeable decrease in your insurance costs. Additionally, if you're part of a local business association that offers group insurance, you might qualify for even more discounts.

Check with Your Insurer

To maximize your savings, ask your insurance provider about all the discounts they offer. Even if they don't advertise certain discounts, they might still be available to you.

By taking advantage of these discounts, you can reduce your insurance expenses significantly. Next, we'll explore how reviewing and adjusting your coverage can lead to further savings.

Review and Adjust Your Coverage

Regularly reviewing your insurance policy is a smart way to find ways to save on insurance. Often, we pay for coverage we don't need or that no longer fits our situation. Here's how a policy review can help you cut costs:

Policy Review

Start by taking a close look at your current insurance policy. Check the details and make sure they match your current needs. Did you know that many people pay for coverage they don't use? For instance, if your car is older and paid off, you might not need collision coverage anymore. This simple check could save you money each month.

Optional Coverage Reduction

Consider reducing optional coverages that aren't essential. For example, if you have towing insurance but already have roadside assistance through a different service, you might not need it on your policy. Similarly, rental car coverage might be unnecessary if you have access to another vehicle.

Real-Life Example

Imagine you're living in Columbus, Ohio, and recently paid off your ten-year-old car. You decide to cancel the collision coverage after finding out the car's value is less than the cost of maintaining the coverage. This decision could save you hundreds of dollars a year.

How to Get Started

  1. Schedule a Policy Review: Contact your insurance agent to discuss your current coverage. They'll help you identify any unnecessary coverages.

  2. Use Online Tools: Many insurers offer online tools to help you see what you're paying for and where you can cut back.

  3. Compare with Other Providers: If you're not satisfied with your current policy, don't hesitate to shop around. A different provider might offer better options custom to your needs.

By reviewing and adjusting your coverage, you can ensure you're not overpaying for insurance. This proactive approach helps you keep more money in your pocket while staying adequately protected.

Next, we'll tackle some frequently asked questions about saving on insurance.

Frequently Asked Questions about Ways to Save on Insurance

How can people reduce the cost of their insurance?

There are several ways to save on insurance, and one effective method is by increasing your deductible. A deductible is the amount you pay out of pocket before your insurance kicks in. By opting for a higher deductible, you can significantly lower your monthly premiums. Just make sure you have enough savings to cover the deductible if you need to make a claim.

Maintaining a good driving record is another crucial factor. Insurance companies often offer lower rates to drivers who have a clean record, free of accidents and traffic violations. This not only keeps you safe on the road but also helps reduce your insurance costs.

Is $100 a month for insurance a lot?

Whether $100 a month is a lot for insurance depends on several factors, including your location, the type of coverage, and your personal circumstances. In some areas, especially those with higher living costs, $100 might be considered a reasonable rate. However, in other locations, it might be on the higher side.

It's essential to compare your rate with the average in your area and consider the coverage you're receiving. A lower premium might mean less coverage, so ensure you're adequately protected.

Can you really save on insurance?

Absolutely, there are numerous strategies to save on insurance. Adjusting your deductible is one way to see immediate premium savings. By increasing your deductible, you can lower your monthly payments, but do keep an emergency fund ready for potential claims.

Additionally, regularly reviewing your policy and comparing quotes from different insurers can uncover better rates. Even small changes, like removing unnecessary coverages or bundling policies, can lead to significant savings over time.

By taking these steps, you can effectively manage your insurance costs while ensuring you have the necessary protection.

Conclusion

At Stanley Insurance Group, we understand that saving on insurance is a priority for many individuals and families. Our commitment goes beyond just providing coverage; we offer personalized service custom to your unique needs. Being based in Ohio, with locations in Columbus, Hilliard, Dublin, and beyond, we are deeply rooted in the community and dedicated to helping our neighbors find the best insurance solutions.

Our agents are here to guide you through every step, ensuring you have the right coverage while exploring all the ways to save on insurance. Whether it's helping you bundle your policies for a discount or advising on deductible adjustments, we aim to deliver value and peace of mind.

We believe that understanding your insurance options shouldn't be complicated. With us, you get not just a policy, but a partner who cares about your financial well-being and security. Our local presence means we're always here for you, ready to provide support and advice whenever you need it.

Thank you for considering Stanley Insurance Group. We look forward to serving you and helping you achieve your insurance savings goals.

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