Tips For Reducing Your Insurance Premiums
Article • 2 minutes
By Matic
1. Bundle your home and auto policies
Carriers often give significant discounts for having both policies in one place. If you’re currently insured by more than one carrier, consider consolidating into one to reduce your monthly insurance expenses 10%-20%.
2. Adjust your auto policy if your driving habits have changed
One major factor that affects your insurance premium is how much your car is actually out on the road. As your habits change, the risk of you having a claim also changes. If you are not driving as much as you were when you initially purchased your policy, it’s a good idea to speak with your agent about adjusting your expected mileage.
3. Increase your deductible
A simple way to reduce your monthly premium is to increase the deductible amount on the policy. This will increase your out-of-pocket expenses in the event of a claim, so it’s important you determine what the appropriate deductible is. If you decide to capture the additional savings now, you can always increase your deductible again at a later time.
4. Review your personal property coverage
If you have recently sold possessions or they have decreased in value, it may benefit you to reduce the amount of coverage you maintain for your personal property. In general, as you buy and sell items throughout the year, we advise you to review your personal property coverage amounts annually to ensure they still match your needs.
5. Check for a “customer loyalty” reduction
Have you been with the same carrier for 3+ years? If so, you may see a discount on your next year’s policy. Though this varies from carrier to carrier, oftentimes they will reward homeowners who have held a policy with them for longer periods of time.
Save up to 20% when you shop home and auto insurance
When Matic shops home & auto with 40+ carriers, customers save hundreds. We work hard to find discounts – even checking to see if using two carriers gets better rates than bundling.
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