Save Money On Insurance: A Quick How-To

With the cost of nearly everything on the rise, it feels as though we’ve all had to channel our inner extreme couponing. From BOGOs and bulk sales, to stacking credit card points and joining reward programs; at the end of the day, it feels good, no, great to save a little dough. But how can you apply these methods to save money on insurance?

For starters, one of the easiest things you can do is call your insurance agent. Whether that’s us or not (we hope it’s us), your agent is to insurance what Meryl Streep is to acting: An expert in their field.

But to give you the full inside scoop, read our quick how-to on ways to save money on insurance.

Click here for the TL;DR visual version.

Bundle Away

Do you have insurance policies with multiple carriers? Bundle them up under one carrier and become the happy owner of a multi-policy discount. For real, a typical multi-policy discount with Erie is around 20%. Plus, having all your policies under one roof makes them much easier to manage. So why not?

Higher Deductible = Lower Rates

Another great way to save on your premiums is by switching to a higher deductible. For your car insurance deductible, you’ll want to think about your driving record. If you don’t have a long history of accidents, raising your deductible may be an easy way to save some money.

Cutting Corners Creates More Corners

While it’s tempting to cut corners where and when you can, it’s not always a good idea. With insurance, removing coverage may save you money in the short term, but you may end up losing money in the long term if you have to file a claim. At the end of the day, a reputable insurance company is usually able to strike a nice balance between solid coverage and great rates.

Paid in Full

If you pay monthly for your auto insurance, explore other options if you’re able to financially. Paying your premiums every six or 12 months is a cheaper alternative. In the words of Forrest Gump: “That’s all I have to say about that”.

Rates Based on Usage

There are quite a few insurance carriers today that offer usage-based auto insurance rates. For instance, Progressive’s Snapshot program utilizes either a mobile app or a plug-in device to evaluate when, how, and how much you drive. Once your driving information is collected, you’ll get a personalized car insurance rate. And even though your rate could increase because of high-risk driving, drivers who save with Snapshot save an average of $156 per year. Take a look at the video below for a brief overview.

Check Off Additional Discounts

Aside from the above mentioned multi-policy and annual payment discounts, there are other ways to save money on insurance. For instance:

• Multi-car discount
• Safe driving discount
• Reduced usage discount
• Safety equipment discounts (both home and auto)
• Driver training discounts for young drivers and those over 55

Be sure to check off as many of these discounts as possible in order to maximize your savings.

So, How Can You Save Money on Insurance?

If you’re looking to save money, it’s best not to cut corners on your insurance. This could end up costing you more money in the long run.

From bundling and changing your deductible, to paying in full and checking off additional discounts, there are a lot of money saving options at your disposal. If you’re an existing client, contact us to review your policy for discounts. If you’re shopping for coverage, our agents are ready to help.