As insurance rates keep increasing, everyone is looking for ways to make their insurance more affordable. Lowering your coverages is NOT the answer.
1. take the 6 hour defensive driving course (Try drivesafenyc.com) This saves you 10% off most major coverages on your auto insurance. This can be HUGE! And it's good for 3 years!
2. Are you retired? If you are over a certain age and retired, make sure you let your agent know!
3. If your young driver has good grades, they'll qualify you for some extra discounts. Typically, this requires a B+ or better and a copy of their most recent grade report.
4. If you drive under a certain amount of miles, your insurance company will reward you. This is another discount that has potential for some BIG savings
5. Check to see if your insurance offers any apps or devices that go in your car. They can track your low mileage, speed, and other driving factors to reward your for YOUR safe driving habits. Some companies give up to 30% in this type of program!
6. Go paperless! By receiving certain documents via email, you may be eligible for some decent discounts- hey even 5% adds up over time.
7. Most insurance companies will give you a discount for going on automatic payments. This is usually something you have to set up through your insurance agent, not the bank. If you have it set up through the bank, you're cheating yourself out of savings!
8. Do you own a home? Simply owning a house or a condo can help you save with a homeownership discount. Combine this with a multiline discount and you'll be looking at some of your insurance companies better rates.
9. Is your car 7-10 years or older? It's time to decide whether or not continuing to pay for full coverage makes sense. Collision and comprehensive coverage can be pricey, but is it easier for you to come up with a smaller monthly amount to pay for the coverage and your deductible versus having to come up with the larger size needed to get a new vehicle. Looking up the current value of your car and having a discussion with your agent can help you decide.
10. What are your deductibles? A higher deductible will lead to a lower premium. Also, raising your deductible in exchange for higher bodily injury coverage is an even better idea!
11. Are you getting the safety device discounts that your car qualifies for? Check with your agent if you have any alarms, VIN etching, homing devices (i.e. LoJack, on star).
12. Insure all your policies with one company. It's safe to say every insurance company offers multiline or bundling discounts. This is another one that has potential to keep a large amount of money in your pocket, as some companies offer up to 35%.
13. The biggest money saving tip doesn't have to do with the premium you're paying!!! It's your coverage! Not having proper coverage can literally cost someone tens or hundreds of thousands. Imagine totaling a brand new car that costs $40,000- now your policy only covers you for $10,000 in property damage. You just lost $30,000 in order to save such a small amount on premium over the year. Now imagine this in a multicar accident that caused $100,000 in damage. What if you have state minimum coverage on bodily injury and no personal umbrella policy. That's only covering you for $25,000 a person and $50,000 total per accident. Unfortunately, if you caused an accident gravely injuring 35 year old working father of 3. You just took away a lifetime of income; does that $25,000 seem like enough now?
Most people don't realize how important their insurance is, until it's too late. I can say with certainty that most of you reading this don't look at much past the price when your policy comes in the mail each year.
When's the last time you've called your agent to make sure your coverage's protect your world. You have a lot to lose, but you don't have to.
Christina DeSimone is a licensed insurance agent at The DeSimone Agency in Brooklyn, NY. Call or text her today for a no-obligation review on your insurance at 718-251-3301.