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No matter what you’re paying for your insurance premium, there may be ways to reduce it.
Local insurance companies like Bosworth & Associates in East Texas are committed to providing their customers with the most competitive rates.
The cost of insurance varies depending on your individual situation, but many insurance companies offer lower premiums if you meet certain criteria. Here are five tips that could help you lower your insurance premium:
Many insurance companies offer lower rates if you bundle your insurance. If you have different policies through separate companies, it’s a good idea to inquire about the cost of bundling your policies with one insurer. This applies whether you have renter’s insurance, homeowner’s insurance, health insurance, life insurance, or car insurance.
By combining multiple policies through one company, you can often receive a discount—sometimes a substantial one, depending on the number of policies. Bundling also simplifies your insurance management, with fewer details to keep track of, fewer phone calls to make, and less paperwork to handle.
Your deductible is the amount you’re responsible for paying out of pocket if you need to make a claim on your insurance policy. Increasing your deductible can lower your monthly premium, but it’s important to ensure that you can afford the higher deductible if you need to file a claim.
It’s a good idea to set aside savings equal to your deductible amount. This way, you can enjoy the benefit of lower monthly premiums while also having peace of mind knowing you can cover the deductible if necessary.
In many cases, you’ll need to inquire specifically about a “Good Student” discount—it may not be offered to you automatically. Being a good student can qualify you for a lower insurance premium.
To qualify, many insurers require a GPA above a certain threshold, such as a B average or being in the top percentage of your class. This discount can be especially beneficial for younger drivers, who typically pay higher car insurance premiums due to being considered higher-risk.
A good student discount can reduce your premium by as much as 15% or more. If you’re a student with good grades, contact your insurance company to ask about available good student discounts.
Enhancing your home’s security can reduce the likelihood of filing an insurance claim, which is something insurance companies favor.
While adding security measures such as advanced intruder alarms, smoke detectors, and upgraded locks can be costly, these investments may pay off in the form of lower insurance premiums. If your home is broken into or damaged, or if valuables are stolen, it could result in a significant insurance claim.
Similarly, installing smoke detectors throughout your home can help detect fires early, potentially saving you from costly damage. Contact your insurer to ask if they offer discounts on homeowner’s insurance for the security measures you’ve implemented.
Your driving record has a significant impact on your car insurance premium. Insurance companies prefer to insure drivers with clean records—those with few accidents and traffic citations. A history of poor driving can lead to higher insurance premiums, while maintaining a good driving record can help lower your costs. Talk to your insurance provider about any discounts they offer for having a clean driving record.
If you’ve recently moved, where you live can also affect your car insurance rates. As mentioned in a previous blog, vehicle insurance premiums are partially determined by your location. Urban areas with higher traffic volumes and greater risks of accidents and vehicle theft typically have higher premiums. If you’ve moved to a more rural area, contact your insurance provider to see if your premium can be adjusted accordingly.
Experienced local insurance companies, like Bosworth Insurance in East Texas, are committed to helping their customers secure the best rates. Contact your insurer today to find out if you qualify for lower premiums.
