5 Ways to Cut Insurance Costs on Your Next Purchase
If you drive a car in Massachusetts, you have insurance. In fact, you probably carry insurance on more than just your car. Many people need an insurance policy to protect their home, business, cars, possessions, pets, and other valuables. When you’re looking for a way to lower your cost of living, finding ways to cut your insurance costs is a great way to start. Here are 5 easy ways to lower your insurance costs.
Cut Auto Insurance Costs By Planning Ahead
- Drive defensively. It’s true that you can’t do anything about other drivers on the road, but making a conscious decision to practice safe driving can lower your insurance. By avoiding accidents, you avoid filing claims which keeps your insurance premiums from going up. Additionally, your insurance provider might offer discounts for safe drivers.
- Get all your insurance in one place. When you work with an independent agent, you can a variety of insurance options in one place. This means you can find policies that fit your lifestyle and budget while still taking advantage of multi-policy discounts.
- Consider insurance costs when you purchase a vehicle. If you’re planning on buying a new car, the cost of your insurance should be a part of your final decision. For example, sports cars or vehicles with special safety considerations (like high roll-over risk) often cost more to insure.
Lower Home Insurance Costs With Safe Thinking
- Add safety features to your home to minimize risks. Certain safety features can help you minimize risks of damage, theft, fire, or other unexpected events. For this reason, your insurer may be able to help you get lower premiums. Some features to consider include security cameras, fire and carbon monoxide detectors, fire extinguishers, and a reinforced roof.
- Purchasing a newer home or investing in updates can lead to cheaper insurance. Many of the biggest issues related to home insurance prices are more likely to occur in older homes. You are likely to get a lower price on homeowner’s insurance if your roof is under 20 years old and your HVAC system is less than 10. Other important updates include an updated electrical system and new plumbing.
Drop Insurance Prices With an Independent Insurance Agent
An independent insurance agent works with a variety of insurance companies to provide you with more choices and the lowest prices available. This means you have the opportunity to get all of your insurance products in one place without the restrictions of working with one company. Answering certain questions about your insurance needs provides your agent with an opportunity to help find policies that fit your lifestyle and your budget.
Shrink Business Insurance Costs With the Right Strategy
- Drop unnecessary coverage. Some insurance companies automatically stick every business with a one-size-fits-all policy to cover a variety of risks. This is great if you actually need the coverage, but you never should have to pay for insurance you don’t use. For example, not every business owner needs professional liability, building insurance coverage, or loss of use. Discuss the features of your business insurance policy with your insurance agent to ensure you’re not paying for more coverage than you need.
- Find packages or custom coverage options. It’s common for a business to require more than one type of commercial insurance. You may need business property insurance and worker’s compensation insurance, or a combination of other plans. Many insurance providers offer the opportunity to bundle the commercial policies you need into a business owner’s policy (BOP) or help you customize a commercial package to suit the needs of your unique business. Packaging insurance policies together often leads to a cheaper rate than buying each policy separately.
- Reduce risks with programs and training. Filing insurance claims often lead to insurance hikes. While you can’t (and shouldn’t) avoid using your insurance when it’s needed, you can take measures to minimize risks and prevent accidents. Theft prevention programs and disaster preparation plans can help you and your employees prepare for the unexpected and minimize damage when an issue arises. Investing in additional safety training can prevent accidents before they occur, and keep your insurance premiums down. Additionally, some insurance companies might provide discounts for business owners who participate in risk prevention efforts.
Don’t Be Afraid to Consider Changes
You don’t have to wait until the end of your policy’s term to consider making changes. A lot happens during a year and changes in your lifestyle can mean changes to your insurance. Schedule a meeting with your insurance agent to discuss changes in your lifestyle, business, or family. Changes in your coverage can lead to opportunities for new discounts or choices that fit your budget. These are a few reasons to schedule a meeting with your insurance agent.
- Your family is growing. Having a new baby, adopting a child, or inviting a family member to move into your home can change your insurance needs.
- You can’t afford your premiums. If you have difficulties paying for your insurance, talking to your agent can lead you to cheaper options. Discounts, new choices, temporary changes, or bundling policies can help you save money.
- You got a new car or sold the old one. Changing your vehicle means changing your car insurance. Different cars have different insurance requirements. If you’re making payments, you’ll have additional insurance requirements as well.
- It’s been a long time since you actually reviewed your coverage. It’s easy to think of insurance as a set it and forget it responsibility, but it’s actually the opposite. Insurance should change with your lifestyle. If you usually rush through your annual insurance review (or skip it completely), talking to your insurance agent could lead to changes that actually lower your bill.
Learn More About Cutting Insurance Costs
Insurance is essential. High insurance costs aren’t. Careful choices, safety updates, and taking the initiative can save you money on all your insurance policies. Choosing the right insurance company can help you save money too. LoPriore Insurance provides you with insurance that fits your lifestyle at the most affordable prices in your area. Get in touch today to learn more about our available insurance products and discounts, get answers to your questions, or get a quick quote for the policy you need.