The easiest option to save money on insurance is making sure you get all the discounts you are entitled to.
Does your insurer have all the information they need to give you all the best discounts? Here are some items that many insurers will credit your policy for:
- For automobile, Conviction Free Discount (haven't gotten a ticket in years? why not benefit?)
- Credit Check - this is not a discount per se, however it results in favorable rates for many people. In our offices we have seen rate adjustments up to 50%. Make sure you have authorized your credit scoring - it could really help.
- Non-Smoking discount. Yes, you heard it, insurers even give discounts for things like being a non-smoker. It does not apply with all insurance companies, but its worth an inquiry. Not smoking is not only good fro your health, its good for your insurance too ! Every bit counts!
- Group membership discounts - many insurance companies have group discounts. Find our from your employer if you have a group insurance plan for home and auto. There are also group discounts for members of certain professions or organizations like CAA, as well as professional discounts, and even university degree discounts. We have one insurance company who even gives a discount if you work for a company with more than 5 employees. It doesn't hurt to ask. Not yet graduated? Students get discounts with some companies as well. Seniors and Retirees also have special plans with some companies. There is something for everyone somewhere.
- Alarm system discounts. Often people upgrade or install alarms and then do not think to update the insurance company. The difference between different home alarm systems can be from 5% to 40% depending on the insurance company. Make sure they have all the information they need to give you the best rate.
- Insurance to full value on homes. Depending on the insurer, sometimes they will allow you to "save money" by only insuring to 85% of the estimated reconstruction value of the home, however, some insurance companies will give a special discount to clients who recently allowed a review of their home reconstruction value and chose to insure to 100%. Your insurer has to indicate this in the policy to allow for the discount code. Make sure that if your insurer offer this advantage, you have that discount on your policy.
- Renovations: There are also discounts with some insurers when there are recent upgrades on the heating, hot water, oil tanks. Inquire.
- Multi Policy discounts. We have all heard about the idea that if you have all your insurance with one company, you will get discounts. You might be surprised at how this doesn't automatically get assigned every time. So make sure if you have your policies through different companies, you get quotes to see how much it would be to combine them, you will see savings. Then make sure once you have them all together, you see the discounts listed on your policy, or call to make sure they are there. This can save you up to 25% per policy. That's significant savings.
- Mortgage Free Discounts. People often forget to advise when they have paid off the mortgage. When you have no mortgage on your home, most insurers give a discount - don't forget to make sure you have this , if you are entitled.
- Winter Storage - People often put a car away for the winter and do not drive it at all. Did you know that insurance companies can often add a clause to your policy to limit the coverage during that time and therefore give you money back for the time the car was not on the road? A lot of people delete the insurance on their cars to save that money, however this leaves you unprotected for liability, or theft as well as many other possibilities. Find out about the storage discount, it will save you money but keep you covered.
Remember the insurance companies are very competitive and they are constantly developing plans to offer value and savings. They know no one wants to pay more for insurance than they have to. Take a few moments, review your insurance with your representative and there is a good chance they will have ways to give you great coverage while still saving you some cost.