If you want to reduce the cost of your home, auto or other insurance policies, sometimes all you need to do is ask! As unbelievable as this may sound, it’s actually true!
Let’s take a quick look at the simple steps you need to take to save money, by reducing the cost of your insurance premiums, without reducing your coverage.
1 The first thing you need to ascertain is exactly how much you are paying for your current insurance, and what specific coverage it provides. It doesn’t matter if you are paying monthly, quarterly, semi-annually or annually, the important thing is you know precisely how much your insurance is costing you.
2 Go out and get a free, no obligation, insurance quote from a different source. If you don’t know where to go we recommend you click on the following link to get a free, no obligation insurance quote. Make sure the quoted price is for identical coverage to your existing insurance policy; this ensures you are comparing apples to apples, rather than apples to oranges.
3 Assuming the quote you get is cheaper than your current insurance, (in most cases it is), you need to contact your current insurance company, or if you are using one, your insurance broker, and tell them you think you are paying too much for your insurance.
Be honest with them and tell them exactly what premiums you have been quoted elsewhere, then tell them, if they want to keep your business, you need them to beat the new price you have been quoted. Nine times out of ten your existing insurer will come through and give you a better price.
4 Although it can be inconvenient, if your current insurer will not beat, or even match, the premium you have been quoted elsewhere, then you should change your insurer and seek coverage from a new insurance company. Although changing your insurance company can be a hassle, in the long run, the money you will save will make the process very worthwhile.
By following these simple steps, you may be able to save hundreds of dollars per year, and if you can’t, all you have done is waste an hour or so of your time.
You can usually save even more money by insuring your home and your auto with the same insurance company.
Most insurance companies will give you a healthy discount if you insure both your home and your auto with them, on a combined policy.
To illustrate the potential size of the savings that may be available to you, below we are providing a quote from the Allstate Insurance website:
“Combine Your Home and Auto Insurance Policies to Save”
“If you're already protecting your home with Allstate homeowners insurance, it's time to think about making the switch to our auto insurance, too. Just by combining policies, you can save up to 35% on your homeowners insurance—and up to an additional 10% on your auto insurance.”
If you haven’t already done so, you should certainly take the time to explore what additional savings may be available to you if you combine your home and auto insurance.