3 Easy Tips: Save Hundreds on Home and Car Insurance
I spent two weeks searching the internet and blogs on how to save money on home and car insurance. It can be overwhelming. So many opinions. I did the work so you don’t have to. Here are the easiest 3 tips that everyone should consider to save hundreds of dollars on your next home and car insurance.
Tip #1: Bundle Your Policies
This is often the easiest and most effective way to save, with potential discounts ranging from 15 to 35% depending on the insurance company. I see this often, clients have multiple vehicles with different insurers or different policies and not taking advantage of the multivehicle discount. Another way to increase your discount is to combine your home and car insurance. This is true whether you own a home or condo, or you are a renter. Depending on whether you own or rent, you could be missing out on a 5 to 20% combined home and auto discount. By combining all your vehicles with your home, condo or tenant insurance you could save 15 to 35% overall on everything. If your vehicles are registered to different family members, or your home ownership is complex it’s not necessarily game over. You might still qualify for these discounts and save big!. Speak to a registered Insurance Broker for advice on how to maximize these discounts.
Tip #2: Maintain a Good Credit Score
Most insurance companies now use a credit based insurance score to determine premiums. This is especially true for home insurance. Most clients I speak with are not aware they can save on average 10 to 20% by saying yes to the soft credit check. This does not impact your credit score and can save you hundreds of dollars especially for those with a higher credit score. Paying bills on time and managing debt can help your score and lower your insurance rates. If you are not taking advantage of this discount and have a decent credit score, speak to your insurance agent or broker.
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Tip #3: Shop Around and Compare Quotes
Insurance prices vary widely among companies. There are several reasons and I’ll do a separate blog post on this topic in the near future. But prices do vary and it usually pays to compare home and car insurance quotes for your needs. But what is the most effective way to compare quotes? There are many online quote comparison websites, but these quotes might not be reliable. Consumer reports recently ran an article on how safe and reliable comparison sites are. Most of these sites leave out key details. This means the actual insurance cost can be much greater than the online quote. Avoid the comparison websites. The best way to get reliable home and car insurance quotes is to check each insurance company. Yes, this is very time consuming but necessary if you want accurate quotes to compare. If you want someone to do all the leg work for you for free, consider calling an insurance broker.