There Are Ways to Save on Insurance: Just Ask
There are easy ways to save on insurance. Your insurance agent can be an invaluable help in finding ways you can save that are appropriate to your individual situation. So contact your agent at renewal time to discuss what may have changed in your life and how to save on insurance. Discounts are available for all policy types. The bottom line: just ask!
1. What discounts are available?
Multipolicy – Many insurers reward consumers who have multiple policies with them, sometimes saving you up to 10%.
Long-term customer – This discount is usually applied automatically once you’re eligible. However, do ask your agent if you’re eligible and if the discount was added.
Affinity – You can usually save 3% to 7% as a policyholder belonging to certain organizations, companies, colleges, etc. You don’t buy insurance from or through the organization, but from your insurance agent. Each insurer has its own affinity list; ask your agent about your insurer’s.
2. How to pay – and save
When you are billed monthly, you may end up paying “convenience” or “installment” fees. Paying annually or semiannually eliminates these fees and can add up to a considerable saving. If you do want to pay monthly, opt for electronic fund transfers (EFTs) or electronic checks to reduce or eliminate fees. Some insurers also offer paperless discounts, so have bills and documents sent via email. Being green can save green!
3. Work with your insurance agent
Dealing with an agent instead of directly with the insurance company is an important savings tip. Why? Your agent’s loyalty is to you – the client. It’s his or her job to find you the best insurance for your needs. If a policy isn’t right, your agent has leverage with your insurer to make it right. But most importantly, your agent knows you personally – which is more than you can say for the stranger at the end of a 1-800 number.