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You can save by reviewing your coverage from time to time, and following these suggestions:
The number one thing you can do to save money on insurance is to consolidate and bundle your insurance policies with one provider. At Gates Insurance, we have companies that provide discounts if you have multiple policies with them. Plus, this saves you the hassle of having to pay more than one company. Bundling your coverage is the number one way to save money with your personal insurance. At Gates Insurance, we call this service InsureLogic Coverage™, and it is why our customers renew their coverages year after year with us.
This means setting aside your own money to cover minor losses. Try raising the deductibles on your auto and home insurance policies. Then take the difference between your old premiums and your new premiums and put it into a “self-insurance” savings account every month. It won’t take long for you to have more than enough to cover the deductible.
As with all legal contracts, it’s important that you read your policy so you know what is covered and what isn’t. Pay attention to policy changes that come in the mail. If you have questions, ask us at Gates Insurance.
Know which policies provide which benefits. If you have an AAA membership, for example, you may not need towing coverage on your car insurance. If your credit card doubles the warranties on the things you buy, don’t pay for extended warranties.
Don’t file a claim for every little loss. If you do, it has the potential to raise your rates. Insurance is meant to cover unexpected large losses, not every ding your car gets from shopping carts.
The deductible is the amount you pay on a loss before the insurance company pays your claim. For example, if your car takes $400 in damage because you drive over a curb and you have a $250 deductible, you pay the first $250 and your insurance company pays the rest. It’s up to you where to set the deductible, but the lower your insurance deductible, the higher your premiums. Ask yourself how much you can afford to pay if something goes wrong; more specifically, how much is too much? Set your deductible just below “too much”.
One of the best forms of insurance is routine maintenance. A well-maintained car is less likely to have an accident due to mechanical failure. If you take care of your house, it will weather the ravages of time. And if you exercise and eat right, you stand a good chance of getting cheaper life and health insurance.
