Now that 2021 is here, many Americans are working on setting financial goals to save money and spend less. If you find yourself looking for ways to save money, look at your existing insurance policies. Just Protect Insurance focuses on providing quality insurance rates in your area, helping you compare insurance plans and save money. Use our insurance guide below to cut down on your insurance.
Tip # 1 - Pay Insurance Policies in Full
One of the best things you can do is take a look at your current policy to see how much you are paying and where you can reduce costs. Insurance companies commonly increase rates based on your age and risk level.
Some insurance companies reduce rates if you bundle your auto, home, and life insurance policy. Here are some things you can do to your existing insurance premiums to save money:
Pay your premium in full. Insurance companies charge a monthly fee but will reduce this rate if you pay your insurance policy in full or every six months.
Automatic payments. Another way to cut costs is to set up automatic payments. Going paperless can also save you money on your insurance costs.
Tip # 2 - Increase Your Deductible
Raise the deductible on your insurance premium to reduce your insurance costs. The deductible is the amount of money you will pay if you need to file an insurance claim. Consider moving your car insurance deductible to $1000 or more to reduce monthly expenses. One important thing to remember is that you will need to set aside at least $1000 or more to cover that deductible if you do need to file a claim in the future.
Tip # 3 - Bundle Up and Save
Insurance companies will reduce rates or monthly premiums if you bundle your insurance plans. Auto, home, and life insurance policies can be combined, reducing insurance costs. When customers bundle policies, they can often save up to 20% monthly on insurance costs.
Tip # 4 - Look for Discounts
Another great way to keep your costs down is to take a look at discounts offered by insurance companies. Here are some common insurance discounts to watch for:
Safe driver discount
Good student discount
Low mileage discount
Multiple car discount
Customer loyalty discount
Advanced renewal discount
Tip # 5 - Coverage Changes
If you have a vehicle with a loan, you will need full-coverage insurance, but once you pay off that car, consider switching to liability only. Dropping coverage like collision coverage can keep costs lower. Look into the coverage limits for your homeowner’s insurance or renters insurance to reduce your insurance costs.
Tip # 6 - Change Cars
Safety features such as daytime running lights or security systems can reduce insurance costs. Another way to reduce costs is by switching to an older vehicle. Older cars do not cost as much to insure and have less risk to insurance companies. Studies show vehicles older than five years are significantly lower to insure than a brand new car.
Using the above tips, we know you will find ways to cut down on your insurance costs. Use our free insurance comparison tool to review your current policies and find one that fits your budget. Follow Just Protect Insurance to keep up to date with insurance tips and the latest information!