It’s also a good opportunity to review your coverage and reevaluate your deductibles or coverage limits. These changes can also help you save money by reducing the amount of coverage you need.
Ask for a higher deductible
Having a higher deductible is one of the most effective ways to reduce your insurance costs. This is because your deductible is the amount you will be required to pay out of pocket before your insurance policy begins to pay on a covered claim. Raising your deductible can lower your collision and comprehensive coverage cost by up to 30 percent or more. However, you should always make sure you are comfortable with the financial risk of choosing a high deductible. For example, if you are planning to file a lot of claims or don’t have an emergency fund that could be strained by a large out-of-pocket expense, it may not be the best option for you.
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Another way to save on car insurance is by signing up for a driving safety program. Many top-rated insurers, including Amica and NJM, offer programs like Driveology(r) that reward safe drivers with discounted premiums. By enrolling in these programs, you can save as much as 10 percent on your car insurance premium, according to auto insurance survey.
While bundling your policies can help you save on insurance, it is important to remain an active insurance shopper and request quotes on both bundles and separate policies. This will allow you to find the best deal on your car and home insurance while still having adequate protection for your most valuable possessions. Also, consider the potential benefits of a dividend policy, which can offer additional savings through a portion of the company’s profits returned to the policyholders.
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Review your policy regularly
The best way to ensure that your policy meets your current needs is to review it regularly, at least once a year or after significant life events. These include things like buying or selling a car, moving, getting married, and having children. You should also review your policy if you experience what insurance companies call “insurance-qualifying events” that aren’t necessarily reflected in the typical policy renewal time frame, such as a home renovation, job promotion or loss of a loved one.
