Ever noticed how high insurance premiums can be? We don’t blame you if you want to knock some money off of that. However, you should always still be looking to get a great deal on your insurance no matter how much coverage you need. Here are some top tips to help you reduce the cost of your insurance without compromising the coverage you need.
The easiest way to grab yourself a great deal is to shop around! Don’t be afraid to look at what the smaller insurance companies have to offer. They might have a great deal like affordable business auto insurance at a price which a big national competitor far exceeds.
You should also not be afraid to abandon your loyalties. Yes, you have stayed with one company for many years now but at the end of the day that doesn’t mean anything. If someone offers you a better deal, you should take it. If you are up for some negotiation, you could mention the new deal to your current provider before you leave. They may be prepared to undercut the competition if it means keeping you as a customer.
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Don’t Make a Claim
If you have an existing policy which you are satisfied with, there are ways you can drive your premiums down a little so you are paying less. One of the major ones is to not put in a claim. If you do have an accident which you would call on your insurance for, sit down and work out whether it would actually be worth your time. If you can cover it on your own, do so. It will be much better for you in the long run.
Many companies run a good driver bonus scheme. This means that they will give you a discount for every year you stay with them but don’t submit any claims for accidents. It can be a great reward if you are willing to be loyal to a company to reap some added benefits. Some companies even allow you to move your no-claims discount when you come to them. This offer isn’t available in every state so make sure to check to see if it is available to you!
Raise Your Deductible
When you make a claim, you will always have to pay a certain amount before receiving the money from the insurance company. This amount is known as your deductible and it helps to dictate how much your premium is going to be.
If you raise your deductible, it makes sense that the you would pay less on your premium overall since you are paying more in the event of a claim. It may be a smart way to cut down on your costs in the present. Speak to your insurance broker if you think it might be a smart idea for you.
These are just some of the routes you can choose when attempting to cut your insurance premiums down. Take a loot at your policies today and see if there is any wiggle room. Your bank balance will thank you!