We have seen record increases in insurance premiums in Nashville, Tennessee, and Kentucky. The reasons your home and auto rates may have increased are many and varied. But inflation isn’t helping. In this climate, it is even more important to help you save money. Here are our top 5 tips.
Get an Agent
The best part of being brokers is we have lots of options on carriers, and we use that to your advantage when we quote your coverages.
–Buying an online policy yourself will truly cost you money in the long run. You may not know enough about coverages to accurately select what fits your needs, especially if you focus on just the price.
-BUT the costliest mistake is not having a real agent & advocate there for you, especially when it comes to claims. You need a real face to call or an office to visit versus a 1-800 number.
You need someone like us, who can follow-up on your claims process. We were able to get a major carrier to not only change their claims decision, but also agree to update their policy language to avoid future confusion. Only a great agency can make that kind of change happen.
Changes to Your Current Policy
If you aren’t in the position to change carriers, you can make updates to your policy that can help your monthly budget.
-Increasing deductibles is one easy way, if you can pay it at the time of a claim.
-Your annual miles driven & vehicle use may need to be updated, especially if you work remotely.
Ask for Discounts
There are many discounts out there that families aren’t taking advantage of.
-The newest one is signing up for the driver safety incentive programs, which can help save you up to 45% on your renewals. These programs are designed to give you a customizable rate based on your driving habits.
-Insurance carriers -like parents- love good grades, so claim that good student discount.
–If you get a new roof, let your agent know. Carriers offer significant savings for newer roofs.
-Homes with certain bulger alarms, smoke alarms, fire extinguishers, sprinklers, water & low temperature sensors are investments you made to minimize hazards. And many carriers give you credit for having them.
Paying Your Bill
How & when you pay your bill is key to saving money in the long run.
–Paying your bill on time will save you money in the long run. Any lapse in coverage will increase the next policies’ premium. For this reason, it’s extremely important to keep your mortgage information current on your policy, if you pay by escrow.
-Paying your premium in full will get you the most savings. Some customers use their tax refunds to make this possible. Some carriers will honor a pay in full discount on a bi-payment plan.
-Using your banking account over a credit card will also save you money as the carriers pass those fees on to you.
Shop Around
Every radio and tv station has been blasting advertisements about saving customers up to $100s on their insurance. Yup, it’s true. Even with historic rate increases, I helped a couple save over 50% on their auto insurance & saved another family save close to $2,000 simply changing up their home & auto bundle to a different carrier.
But be wary of those commercials, as they can be misleading. Talk to your agent before switching carriers or agents. A good agent looks out for your best interests and wants to minimize your risk.
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