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Ways to Save on Insurance Costs

Let’s look at four quick and easy ways to save on your insurance premium and still get the coverage you need.

1. Increase your deductible

The deductible is the amount of money that you pay out-of-pocket before your insurance policy coverage kicks in. Increasing it will automatically make your monthly premiums lower.

Just be confident that you can afford to pay that higher deductible in the event of a claim — know what the deductible amount is and make sure you have reserves in the bank to cover it.

2. Review your policy every year

Lower your insurance premiums by reviewing your coverage regularly and dropping anything that you no longer need. For example, if you drive a car that’s ten years old, consider dropping collision coverage. And if you’re in the market for a new car, opt to buy a less flashy, pre-owned one — it’ll be less costly to insure.

You’ll also want to see if you qualify for any new or additional discounts. For example, some insurance providers offer discounts for having a good credit score, being retired or a senior citizen, having a clean driving record, or being in the military or other organizations. These can add up and help to lower your premiums.

3. Take safety precautions

Want to be proactive about preventing losses? By installing a security system in your home or anti-lock brakes on your vehicle, you can save money on insurance premiums and reduce the need to make a claim. This also works with health insurance: you may be offered lower premiums in return for healthy habits, like exercising regularly and not smoking.

4. Shop around (we can help!)

The easiest way to save money on insurance is to shop around and compare rates from different companies. Just as pandemic-era employees saw huge salary jumps by switching jobs, switching insurance providers can be the fastest way for you to get a better rate. Sure, it can take time to research and compare rates from multiple insurers, but Laureate Insurance has your back. Contact us today to get a quote or for a review of your insurance policy.

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