- October 12, 2016
- Posted by: Liam Dai
- Category: Uncategorized
Discounts for Auto Insurance
Every U.S. state requires drivers to carry auto insurance if they intend to be out on the road. Most people tend to know this is a mandatory cost of living, but few are aware of how they can save money by finding discounts on their insurance policies that the public simply isn’t aware of.
In this article, we’ll discuss some common discounts for consumers to take advantage so they spend less on insurance and more on enjoying the scenic highways that make up our great country.
If you’re purchased your car insurance and made timely payments to the same company, your customer loyalty can work to your benefit; most companies want to retain customers and their competitors offer discounts for “jumping ship.” Use this as a bargaining strategy when discussing a renewal (or upgrade) of your policy.
In order to prevent their customers from seeking out other companies and to keep those same customers happy, many auto insurance companies offer discounts to policyholders who renew their car insurance. Some companies offer what is known in the insurance industry as a flat fee reduction. This reduction may take off $50 – $100+ off of your annual premiums.
Early Renewal Discounts
Related to previous topic, you can pre-empt the end of your policy by renewing your policy before its termination. Some insurers may take off a significant percentage of your premium simply for signing your renewal early.
Waiting to renew or switch your insurance provider should be a deliberate decision, however; if your auto insurance lapses and you are caught driving uninsured, you may face fines, a revocation/suspension of your license, and jail time.
Staying with a company can also reap other rewards. Loyal customers can take advantage of a multi-car discount, where insuring multiple vehicles under the same policy would save you 20% off of the total of the combined policies.
There’s also the multi-policy discount. By having multiple insurance policies, like a homeowners’ or renter’s policy through the same company, you can take advantage of bundling your policies for savings.
- To take advantage of these discounts, you’ll need to ensure that you’re:
- Insured by the same company,
- The policy is under one name,
- The vehicles are only driven by the policy holder or family members in the household, and
- The vehicle is in use (not in storage).
One scenario where this helps a great deal is if there’s a teenage driver in the household. By combining the teen’s policy with yours, you can simultaneously reap the discount and help your children afford the typically high-priced and risky policies.
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These are just the beginning of the amount of discounts that are available to the educated consumer. However, there is no substitute for a qualified insurance advisor to find every discount available to you and your and your family. Contact the insurance advisors at RiskBlock today to begin finding out how much money you can save!