Many think that once they get an insurance premium quote, it’s set in stone. Thankfully, this isn’t the case. Did you know that there are many things that you can do to bring your premium down? No matter who you are or how old you are, here are five simple things that you can do to bring your insurance premium down:
#1 Pay Up Front
Did you know that the more you pay up front, the more you can save? If you’re paying month to month, you may want to ask your insurance provider if you can semi-annually or even annually. The more that you pay up front, the more that you’re going to be able to save.
#2 Driving Habits
I know it’s basic common sense, but sadly, many people don’t follow this golden rule. When you drive, try to abide by the speed limits and be alert when you drive. As a number one factor that insurance companies look at, if you don’t have a great driving record, you can plan on having some of the highest premiums on the block.
#3 Watch your Miles
The less you drive each year, the less you will have to pay in premiums annually. If you drive less than 10,000 miles in a year, let your insurance company know. What you’re going to find out is that they will give you a lower rate if you stay below a certain mileage threshold. To prove that you drive these miles, they will probably want an odometer report at least every six months.
#4 Reduce your Deductibles
Take a close look at your comprehensive and collision deductibles right now. If they are less than $500, you may want to consider upping them to a higher amount such as $1,000. As long as you can afford these deductibles, you can save at least 20% to 40% off your bill almost instantly. Remember to do this only if you can afford that deductible in case of an accident.
#5 Multiple Policies
The more policies you have with a company, the less you’re going to have to pay each month. For example, let’s say that you’re going to add homeowners, car and your boat. The more that you add, the more that you’re going to potentially save. What you’re also going to find out is that the longer you’re with a company, the more likely they will be willing to keep you on board. So if you want to haggle on your price, you could potentially find yourself getting a good deal.
These are all five great things that you can do to bring your policy down. If you haven’t done any of these, consider trying so now. Even if you don’t see any tips listed above, what you can do is always talk with your insurance broker. Since they want to keep you on board, they will be more than happy to help you save money.
Hannah runs the website www.howmuchisit.org. This website helps you find the prices on anything ranging from car insurance costs to the cost of a local babysitter.