People are calling our office looking for cheaper rates or ways to cut back their current cost. The important thing is to not give up coverage. Insurance companies typically have some discount that you can opt into that are not based of driving reports or credit score. These are things you can control and take advantage of now.
Payment Plan Discount
Payment plans are one of the easiest ways to lower your insurance. Companies offer discount for paying in advance for 6 months or a year. If you are paying monthly and that is your only option that makes sense. I recommend using a bank account payment method versus a credit/debit card. Card payments often have higher billing fees because of the cost to the insurer to charge a card.
Many companies have introduced devices or phone apps that monitor usage and driving habits. They normally can be very generous if your willing to participate. Ask your agent if the company you have has a program like this. Programs are different from company to company. That’s why it is crucial to ask you agent first because they will be able to tell you if you sound like a good fit and about the pros/cons.
Buying Life insurance/Bundling Policies
Some companies have substantial discounts for bundling auto and home. Sometimes even adding life insurance can bring down your monthly cost. I am amazed home many people don’t take advantage of the bundle discounts. Keeping your auto and home with the same company have many benefits beyond the discounts.
Shop Other Companies
Shopping your rate is a great idea especially if you are insured by a captive company. Calling an independent agent and having them compare rates among several companies at once is the easiest way to make sure you aren’t paying too much. Online insurers look great but the rates often changes after reports are ran and the service is typically sub par. Independent agents are the best way to get you polices compared quickly and professionally.
At our agency we have a variety of companies that can get you a competitive rate with the correct coverage. This quarantine has made all of us evaluate our monthly cost a little closer, but is crucial in tight financial times to maintain the necessary coverage. Insurance is meant to prevent you from a financial disaster and during these times likes this insurance becomes even more essential.
Original Author, Garrett Griffin
Top image by PicMonkey. Image cropped and modified from original.