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Tips to save on your home and auto insurance

Last update: October 04, 2016, at 08:25 pm

Get informed—be a smart consumer and lower your insurance rates.


When you choose insurance, your priority is getting the right coverage. And the right coverage doesn’t have to be expensive. Here are some tips to help you save on your car and home insurance.

 

Auto insurance

Whether you’ve had auto insurance for years or are shopping for your very first insurance policy, here are a few helpful tips that can help you save big.

Shop around

Get at least three quotes from three different insurers and compare the prices. Make sure you find out the coverages, deductibles and liability limits. A policy with a lower premium that doesn’t cover your needs could end up costing you more money in the long run.

Be a safe driver

The better your driving record, the lower your premium. If you have several speeding tickets, claims and at-fault accidents on your record, your premium will increase considerably.

A free program like AjustoMD rewards good driving with insurance premium discounts. It can also help you improve the way you drive.

Increase your deductible

A deductible is the amount you pay when you make a claim. The higher your deductible, the lower your insurance premium. But before you choose a high deductible, make sure you can pay that amount in the event of an accident; otherwise you might regret your decision.

If you have an old car, you may want to think about removing the coverages Collision or Upset and Comprehensive from your policy. This may be the more cost-effective thing to do if your vehicle is not worth much more than the deductible required for these coverages.

Choose a car with lower insurance rates

Generally speaking, the older the car, the lower the premium. It’s also worth knowing that some models get stolen more often and others cost more to repair. Before buying or leasing your next car, have a look at the list of vehicles with the lowest insurance costs. You can also compare premiums for different models using quote tools available on most insurance company websites.

Choose a hybrid vehicle

Several insurers offer premium discounts for hybrid or electric vehicles.

Install a certified anti-theft or tracking system

Most insurers offer premium discounts for clients who have anti-theft or tracking systems installed in their vehicles, no matter how old the vehicle is! Talk to the insurance company to get a list of their eligible anti-theft systems.

Insure more than one vehicle or combine your home and auto insurance with the same company

Almost all insurance companies offer this type of discount. These savings bundles can have different names like multi-vehicle discount, double contract discount or multi-product discount.

 

Home insurance

Insurance for your home is generally less expensive than insurance for your car, whether you rent an apartment or own your own home. Have a look at the following tips to see how you can save on home insurance.

Install a centrally monitored alarm system

This is a guaranteed way to save on your premium, no matter who you’re insured with.

Be claim-free

Just like with auto insurance, you’ll be entitled to lower premiums if you’ve never made a claim.

Insure your car and your home with the same company

By bundling your insurance, you could be eligible for multi-product discounts and free services such as legal assistance.

Keep your home smoke-free

Having no smokers in your household significantly lowers the risk of fire.


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