There are many factors that are used to determine the cost of your auto insurance and homeowners. A source of frustration for many is the belief that you have no control over these costs. While some factors that affect your insurance rates are not in your direct control, like the weather, others are. Here are some things within your control, you can do to reduce the cost of insurance.
Increase your deductible. Some companies can make significant savings on your premium if you're willing to take a higher deductible.
- Homeowners policies franchises . Some carriers offer separate deductibles for wind and hail, earthquake, and emergency water covers that are higher than the standard font franchise. These higher deductibles can lead to reductions that result in significant savings on your premium. Increasing your deductible every danger the policy is another option to consider.
- Auto policy franchises . If you carry comprehensive coverage on your vehicle, you may be able to reduce your premium by increasing your deductible comprehensive and collision. You can also talk with your agent about full coverage against liability coverage and is good for your insurance needs.
deductible loans can vary widely by the company so be sure to check with your agent for available options. A word of warning ... increasing your deductible will save money on your premium, but it will also make you responsible for paying more to a covered loss. Something to consider when weighing your options.
eliminate billing costs. billing costs can be substantial, but are easily overlooked. When reviewing your insurance costs, be sure to consider these costs in your analysis. Having a separate bill for each policy when you have multiple policies may result in significant costs. Many companies allow you to place all of your policies on a billing statement. In addition, companies often will waive the fee if you are willing to pay your premium by electronic funds transfer (EFT). Using EFT is not only a gain of cost but also save time that the company will process your payments for you. This will also ensure that your payments are made on time and you are not assessed the costs of expensive delays. There are often great flexibility with EFT payment plans when it comes to frequency. Common choices are monthly, quarterly and half.
multi-policy discounts. It is usually much easier and cheaper to put all your policies with a carrier. Most carriers offer discounts for bundling blankets.
For extra savings option, see Central tip sheet "How to save on insurance," or view the savings options available to policyholders Central for their cars and homes.
Take control of your insurance premium! Contact your agent and learn what discounts may be available for you.
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