In today’s world, insurance premiums and related costs seem only to increase. That doesn’t change how important it is to maintain your coverage to protect yourself, your family, and your assets. So as you survey the market, consider utilizing these cost-saving measures that can lower your premium while maintaining all your current levels of protection.
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Most modern cars are equipped with a variety of smart technologies that can help you gather useful information about your vehicle. These “connected” features collect data from your driving habits and the vehicle’s maintenance needs. Understanding where to find and how to understand this data can help you spot issues early and repair your car before more serious and expensive issues arise. They can also help you achieve higher fuel efficiency to save you money at the pump.
Additionally, many companies offer incentives for good driving. If your insurer offers this type of program, they will send you a device that can be quickly connected to the information system in your car. The device will then observe your driving habits for a short period. At the end of the trial, your insurance premiums could decrease based on the data collected. In other words, if you drive safely, you could see a reduction in your monthly premium. Some companies offer upwards of 15% discounts for safe drivers.
As an extra tip, be careful with your quick accelerations and hard stops as this data could impact your savings.
Explore available partnership discounts
Nearly every insurer offers a wide range of discounts to members of various groups. Being a good student, part of a university alumni association, or a member of a partner organization could help you find savings. You can usually see a detailed listing of these partnerships and discounts on your provider’s website.
If you find you might be eligible for savings, contact your insurance representative to discuss applying the discount to your account. The company will be ready to help you with the process as they look forward to building positive relationships with their customers and partners.
If you aren’t a member of one of these groups, you can research their membership options. Sometimes even a small donation to a non-profit organization can earn you a discount with your insurer.
Lastly, most people carry a variety of insurance plans these days. Car, home, and rental are a few examples of policies that people own. Some insurers will offer customers a discount for carrying multiple policies with the same group. So if you own several plans, you should research options for combining each into one plan with the same provider. This small change won’t impact your coverage while potentially reducing your combined payment each month. If you end up switching companies, you might even qualify for a new customer bonus!