If you're looking for ways to save money on your routine expenses, revisiting your insurance policies is a great place to start. Insurance companies offer their policyholders many different types of credits, including paperless, multi-policy, and low mileage discounts. It's important to be aware of the following insurance credits that are widely available, and ensure that the discounts for which you qualify have been applied to your policy.
E-Customer Discount - Many insurance companies now offer paperless discounts, providing you with a way to not only save money, but also help the environment. Some companies will offer you a savings of about one to five percent for opting for paperless communication.
Low Mileage Credit - With some insurance companies, when you drive less you are rewarding by paying less. If you drive less than a certain amount of miles, like 8,000 miles for instance, you may qualify for a discount of 10 to 20 percent on your auto insurance.
Special Rates for Groups/Associations - Belonging to a professional association or group, is another way that you can lower your insurance premiums. Whether you belong to a credit union, alumni association or military organization, you may be able to qualify for a special rate on your policies. Since these special group rates vary depending on the insurance company you choose, it helps to contact an independent agent who will compare these different companies to see which one offers you the best rates.
Paid-in-Full Discount - Another way to lower your premium is to pay for the policy in full. Although this may be temporarily detrimental to your bank account, you can be rewarded with up to a 10 percent by paying in full, allowing you to actually save money over the long term.
Multi-Policy Discount - If you insure your car with the same company you insure your home, you will likely qualify for a multi-policy discount. If you currently have your assets insured with different insurance companies, it's best to contact an independent agent, who will help you determine the amount of money you could save by moving all of your policies to the same company.
If you're looking to lower your insurance premiums, these are several common discounts you may qualify for, but they certainly aren't the only types of savings available. Other common insurance credits include safe driver, claims-free, non-smoker, and good student discounts. The most effective way to ensure that all of the credits you qualify for have been applied to your policies is to work with an independent insurance agent.
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