With the way today’s economy is going, finding savings without compromising value is increasingly more important. Here’s an idea, look for ways to save on your auto insurance. It’s not a difficult as you are thinking, and many of you will be shocked by how much you can actually save, especially if you have teen drivers.
Below are six things to savings considerations when making your auto insurance decision.
1. Get Comparison Quotes
A 2004 survey of more than 100,000 consumers across the country, conducted by Progressive Insurance, found that rates for comparable coverage can vary by more than $1,000 per year! The fact is that it pays to shop around, but getting a quote takes time.
At IronPoint Insurance Services, we are authorized to sell products from several top rated insurers. As a result, we can do the shopping for you and provide you the information you need to make the right choice. Ask yourself, if your agent only sells for one company; are they really YOUR agent?
2. Get All Available Discounts
Discounts can vary and are based on the company, the person insured and state regulations. We regularly track the discounts that are offered by our partner companies and can match you to the company with the discounts that work best with you.
3. If possible, bundle all of your policies with one company
You can often save 15% to 20% in premiums if you insure both your home and auto with the same company. If you have an umbrella, personal article floater, or landlord policy, you can save even more. Even if you don’t have a home to insure, you can save big by combining two or more autos under one company, or purchasing your renter’s policy through the same company as your auto.
4. Increase Your Deductible
The deductible is what you pay out of pocket when making a claim for damages to your auto or home. Your liability coverage (the coverage that pays for damages to other persons or properties caused by you) does not require a deductible. While we generally recommend increasing your deductible to further lower insurance costs, it is critical that you have some savings to cover the cost of the deductible should an incident occur, and are fully aware of the implications of makeing this decision. Call an IronPoint agent today for more information.
5. Get the Right Car
Due to repair costs and theft rates, certain cars are more expensive to insure than others. If you are debating between two or three car models, give us a call and we can give you a free estimate of the difference in costs to insure.
6. Reduce Coverage
This should be done after careful consideration and discussions with your agent. At IronPoint, we strive to be your honest advisor. When the decision to lower coverage makes sense, we will be the first to tell you. On the other hand, if lowering your coverage comes with an increase in financial exposure, we consider it our job to make you aware of that too. However, in the end you are always in the driver’s seat when it comes to your insurance decisions.
When you’re thinking insurance, think IronPoint! You just might save some real money.
