Save Big on Insurance Premiums: Proven Strategies You Can’t Miss

A regular policy review can also be an ideal time to assess your business needs and make any necessary adjustments. If you have a growing business, for example, it may be a good time to discuss workers’ compensation coverage or to consider expanding your business liability limits.
You don’t need to sacrifice coverage or settle for less than you deserve. Whether by reevaluating your policy, bundling policies or taking advantage of hidden discounts, there are smart ways to save without losing out on protection.
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Be a smart insurance shopper by shopping around regularly. This isn’t just about finding the best price; it’s about renegotiating your terms with each new milestone, such as improving your credit score or having a ticket or accident fall off your record. Those small changes could prompt your insurer to offer more competitive rates.
A good comparison site allows you to do apples-to-apples policy reviews so you can see what each option is really offering. You should also be sure to get quotes for the same year, make and model of vehicle for a truly fair comparison.
Another way to cut costs is by combining your home and auto policies with the same provider, which can typically save you 10-25%. Additionally, many insurers promote programs that monitor your driving habits to reward safe drivers with additional savings of 5-40%. This is a great way to help you save on your car insurance while helping to improve roadway safety. Be sure to ask your agent about these programs and how they can benefit you.
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Your deductible is the amount of money you agree to pay out-of-pocket before your insurance coverage kicks in. Raising your deductible is one of the fastest ways to lower your premium—as much as 15-30%, depending on your insurer. But you’ll want to make sure that you are comfortable with the extra risk, and have enough money saved in an emergency fund, before making the switch.
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