The Insurance Guy: Tracking Down Discounts
So, what are some of those discounts you should be looking for ...I mentioned in the past that you may want to spend a little bit more time on your personal auto and homeowners and renters insurance, especially if the goal is to secure the most appropriate protection at the most affordable price. Especially in light of the changes that I outlined in last month's column, a bit more of your time may result in significant savings and value.
Many people still spend more time filling out their NCAA brackets (congratulations to the Kentucky Wildcats) than going over their insurance policies each year.
With car insurance, first and foremost should still be to make sure that you and your family have proper levels of insurance coverage in case of an accident that injures those in your car or others, as well as any property damage that is done. But there are certainly some enticing discounts that may help to decrease the bottom line on the annual insurance premium. Here are a few of them:Good Student Discounts: We all know that having younger and inexperienced drivers on our car insurance policies adds to the premium. Well, if one of your drivers is a full-time high school or college student, and is maintaining "good grades," (usually the equivalent of a B or 3.0, depending on the insurance company) there may be a 5 or 10 percent discount or more available on certain coverages. It is a good incentive to remind those precious youngsters that they can help mom and dad keep the premium lower by hitting the books harder.
Student Away from Home Discount: Again, with a student driver, here is a way to save some money. There may be up to a 15 percent discount if the student is residing at an educational institution more than 100 miles from home and does not have the car with him or her. Many colleges prohibit first-year students from having a vehicle on campus and this would be a perfect way to find some savings.
Paid in Full Discount: Some companies will incent insured's to pay their auto insurance premiums all up front by offering them a discount.
Companion Credits: If you have your homeowner's insurance with the same insurance company as your car insurance, you will most likely be entitled to a discount on the car insurance. In some cases, you may get the discount on both policies. It certainly makes sense to try and package your insurance if you can.
Customer Loyalty Credit: If you stay with the same insurance company for a number of years, they may reward you by providing additional discounts on your car insurance.
Hybrid Auto: Yes, some companies will reward you for driving a hybrid automobile by serving you up discounts on your car insurance premium.
Green Discount: If you are receptive to receiving your policy electronically instead of getting the paper printed out version, you may also receive a break on your premium.
These are just a few of the current discounts that are available to consumers these days. There are lots more including multicar discounts and anti-theft discounts and many others that have come into play these last four years. When you take the time to sit with a professional independent agent, you may be surprised at how much can be done to offset that original quoted annual premium.
There may not be gold in them there hills, but there are certainly a few bucks that can find other ways to be spent by those good young drivers in your house. Good luck.
Dave Bissaillon dabbles in real life while working daily as an account executive at Smith Bros.-McAndrews Insurance Agency in Adams. His occasional column will touch on insurance and other fun stuff.
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