When it comes to insurance, we believe no one is opposed to saving a little more money. At isure, we make having more money in your pocket our top priority. By doing all of your shopping for you to find the best rates, you can rest assured you are getting the best deal out there. In addition to using isure, there are many tips and tricks available to help you save money on your insurance. Luckily, isure has compiled a list to help you save even MORE on your insurance. Read below to find out the many ways to save on insurance like a pro.
1. Bundle Your Insurance Policies
This is the most highly recommended step you can take to save money. It is also one of the easiest steps to take. If your home or condo and auto insurance policies are with the same insurer, bundling them together in one policy is one of the most efficient ways to cut down your insurance costs. This can also be done with other policies, such as tenant, boat or cottage insurance. Additionally, having to deal with only one insurance company is a significant advantage and makes your payment process much easier.
2. Save On Insurance By Increasing Your Deductible
When it comes to increasing your deductible, this can be a great way to save on your insurance costs. By agreeing to pay more out-of-pocket in the event of an insurance claim, you can drastically lower your monthly premiums. By increasing your deductible, you agree to be responsible for a larger share of potential claim costs. However, when doing this, you must ensure that you can afford your deductible if you do need to make a claim.
3. Pay Your Premium Annually To Save On Insurance
Paying your insurance premiums annually is almost always the cheapest option. Many insurance companies will offer you a discount when you pay in full. This is because it costs an insurance company more to process monthly payments, as they must manually process each payment. Additionally, paying your premium annually reduces costs when your insurer charges financing or administrative fees. Remember always to ensure you can afford a lump-sum payment!
4. Always Inquire About Discounts
The only way you can find out if you are eligible for more discounts is to ask! There are many insurance discounts available; you just need to inquire about them. For example, did you know that if you don’t smoke, you can save on your home insurance? This is because you are significantly reducing your risk of a house fire or other fire-related damage. Similarly, you can often get a discount on your auto insurance if you have taken a driver’s course or have more safety features in your car.
5. Consider Telematics Insurance To Save Money
Telematics insurance, or usage-based insurance, is quickly becoming a great way to save on auto insurance. This works by demonstrating to your insurer that you are a safe driver with good habits by installing a device in your vehicle that tracks braking, cornering, speed, and overall driving habits. Therefore, you can be eligible for a lower premium. This is also a great option for drivers who need insurance but are having trouble acquiring it.
6. Look To Your Insurance During Big Life Changes
We don’t mean that insurance should take over your life. But, as your life changes, your insurance does, too. If you want to save on insurance, notify your insurance broker about your major life changes because you may see an impact on your premiums. Whether it’s a new home, a marriage, or a new addition to your family, big life changes are critical times when it comes to updating your insurance. Not only is being truthful to your provider necessary, but it also allows the opportunity for cheaper insurance!
7. Always Shop Around
Like any major purchase, you should shop around to get the best discount. When you’re in the market for a car, it’s unlikely you’ll walk out of the dealership with the first car you see! In many cases, young drivers enroll in the same insurance policy as their parents. While this can sometimes earn you discounts for loyalty, it’s always recommended to shop around and compare quotes to see if lower rates are available elsewhere.
8. Think About Insurance Costs Before You Purchase
If you don’t want to pay a lot for car insurance, a good rule of thumb is not buy something brand new or in the category of sports cars or luxury vehicles. This is because some cars have higher theft rates than others, a factor used to calculate vehicle insurance costs. The same can be said for homes, as well, if you want to save on insurance. In many cases, cities and postal codes can determine the cost of your insurance, so it’s important to do your research!
9. Only Purchase The Coverage You Need
This may seem obvious, but it’s easy to save on insurance. It’s common for people to end up overpaying simply because they purchased unnecessary insurance! In many cases, it makes sense for someone with a brand-new car to have comprehensive and collision coverage. But what if your vehicle isn’t worth much? If this is the case, it may be worth considering dropping that coverage to save money. That said, always carry adequate coverage; you don’t want to end up uninsured.
10. Don’t Miss A Payment
Arguably, the simplest piece of financial advice is that if you want to save on insurance, this one is critical. This is especially true for car insurance. In many cases, car or home insurance can be cancelled if a payment isn’t received. This could result in you having no coverage in the event an accident were to occur. To add to this, a missed payment can categorize you as a “high risk” driver when it comes to car insurance, resulting in much higher premiums when you renew.
Remember, if you are searching for any insurance, from auto to home, isure has you covered! Request a quote today.
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