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15 INSURANCE HACKS TO SAVE MONEY




BUNDLE HOME INSURANCE WITH OTHER POLICIES (home & auto)


If your home and auto insurance policies are with the same insurer, bundling them together in one policy is one of the quickest and easiest ways to save money. You can save up to 20% on your premiums depending on your insurer.


RAISE YOUR DEDUCTIBLE (home & auto)


Your deductible is the amount of money you would pay if you have an incident at with your home or auto and need to make a claim. Raising your deductible decreases your monthly insurance premium.


However, it’s important to note that you should be able to afford your deductible in the event of a claim. For example, if a tree falls onto your roof and sustains $5,000 in damage, and you have a $2,000 deductible, you will be responsible to pay the first $2,000 before your insurance will pay the remaining $3,000.


RAISE YOUR DCPD DEDUCTIBLE (auto)


Your DCPD deductible on any policy is set at 0$, this means that when the third party is at fault in an accident you don't have to pay a deductible. Raising your DCPD deductible means that even if you are not at fault you will still have to pay. This is something you would have to ask for as it is not something offered most brokers like to do as the saving are generally low.


TAKE EXTRA SAFETY PRECAUTIONS (home)


With homeowners insurance, it pays to be prepared! Installing security alarms, smoke detectors, carbon monoxide detectors, deadbolt locks, or water detectors are all ways you may be able to further reduce your insurance premium because it lowers your overall risk.


ASK ABOUT OTHER DISCOUNTS (home)


Don’t smoke? You may be able to save on your insurance. That’s why you should ask about additional discounts that could apply to you. For example, you may qualify for a premium reduction if you are retired, employed by a certain organization, or you and other members in your home do not smoke.


PAY ANNUALLY (home & auto)


Paying your premiums in one yearly payment (if you can afford it) avoids financing or administration fees.


WHEN SHOPPING FOR A NEW HOME (home)


The condition of your home impacts your insurance premium. For example, brand new homes are often less expensive to insure because the heating, plumbing, and electrical systems are in top condition.


Location is also important. Buying a home in a low-crime area, near fire stations, or near regular water sources impacts your premiums. If you’re in the process of purchasing a new home, keep in mind the insurance conditions in order to pay less in premiums.


RE-EXAMINE YOUR POLICY (home & auto)


While it’s definitely best to be prepared, consider which coverage is truly the best fit for your home.


For example, do you live near a large body of water that is prone to flooding? Definitely make sure to have water damage and flood coverage. But if you don’t own a large amount of expensive jewelry or art, you may not need any valuables coverage.


USE TELEMATICS TO SAVE (auto)


It goes without saying that insurers favor drivers with good driving habits—but it’s not just about your driving record.


Take advantage of this simple car insurance hack by asking your carrier about telematics. Many insurance companies now offer discounted rates in exchange for you using a telematic device that monitors your driving.


Safe driving habits like accelerating slowly, driving defensively and within speed limits, and not braking hard can net you significant savings—sometimes up to 30%!—on your insurance premium, depending on your provider.


PARK IN YOUR GARAGE (auto)


You may not realize it, but where you park your car has an impact on your insurance rates.

Insurance companies see public garages and street parking as higher risk, as the chances of something happening to your vehicle are fairly high. This risk is reflected in higher insurance premiums.


Parking your car in a private garage overnight can help you save. Vehicles parked in a garage are less vulnerable to being stolen or being damaged by hit-and-runs, which will mean lower insurance risk


GROUP RATE (home & auto)


If you’re a member of a professional or alumni association, credit union, or the military, your insurance company may be able to offer you a group rate. Some companies also secure group insurance rates for their employees.


BUY A SAFE CAR (auto)


As fun as sports cars and luxury vehicles may be to drive, they’re some of the priciest to insure. Choosing a standard car that gets good safety ratings can help keep your insurance costs down.


USE WINTER TIRES / STUDDED (auto)


Snow tires have different treads, which allow for better traction when stopping. This gives your car a good grip and makes it easier to drive on snowy and icy roads.


Equipping your car with snow tires through the winter months lessens your risk of a weather-related accident—and that means a lower risk for insurance companies.


Many insurance companies will deliver savings of 5% or so simply by swapping out your all-season tires for a winter set during the colder weather.


DEFENSIVE DRIVING COURSE


Whether you’re just getting your license or a seasoned driver, taking a defensive driving course can help make you safer on the road.


Having this kind of course under your belt makes you a lower-risk driver in the eyes of the insurance company. And lower risk equals lower rates!


PREVENT CLAIMS FROM HAPPENING


It's no secret that claims impact the price of your insurance. You may be one of the lucky people who had claims forgiveness and rates didn't increase after a claim, but for most one claim can raise your rates by 75%.


The best way to beat the system is to prevent claims from happening. Here are some ways to prevent claims from happening.





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Home &

Auto Insurance 

And 

Much More...

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