Inflation is hitting everyone's wallet, and a hidden cost is the ever-increasing price of insurance from your car to your home. It feels like you have no control over your rising premiums, but you do. This article is your cheat sheet. We're not talking about the obvious tips like raising your deductible. Instead, we'll reveal seven surprising and effective "hacks" to fight back against rising premiums and save money on insurance and get money back in your pocket.
The common wisdom is that everyone should bundle their home and auto insurance for a discount. And while this can often be a great way to save money on insurance, it's not a universal truth. The surprising reality is that sometimes, separate policies from different providers can be cheaper, even with a multi-policy discount.
Actionable Tip: Don't just accept the bundled offer. Get quotes from at least three different companies. For each company, compare the cheapest home and auto insurance bundled prices to the cost of buying them separately. This extra step could uncover significant savings.
Insurance companies have traditionally based your rates on factors like your age and driving record. The surprising reality is that many insurers now offer usage-based insurance programs (telematics insurance) that track your driving habits. If you're a safe driver who avoids hard braking and late-night drives, this can lead to massive discounts that no other factor can match.
Actionable Tip: Ask your insurer if they offer a telematics program and what the potential savings are for safe driver discounts.
You might think you've already used all the discounts you qualify for. But the surprising reality is that companies constantly add new discounts you may not know about. Did you recently get a new roof? Start working from home? Is there a good student in your family? Are you part of a professional organization? Any of these could mean more savings for you!
Actionable Tip: Call your insurance agent and ask them to perform a full discount audit on your policy. You might be surprised by the number of insurance discounts you're eligible for!
Most people think an inventory is only for making claims after a disaster. The surprising reality is that a detailed home inventory for insurance can help you get a more accurate policy with the right coverage limits, preventing you from overpaying for items you don't have. It also demonstrates to the insurer that you're proactive, which can sometimes lead to better pricing.
Actionable Tip: Use your phone to take a quick video walkthrough of your home, documenting all your belongings. It's a key renters insurance tip for getting the right coverage.
You might assume your job title doesn't matter for car insurance. But the surprising reality is that in some states and with certain companies, your job title can significantly impact your auto insurance rates. For example, a "Software Engineer" might get a better rate than a "Programmer." This is also an often-overlooked car insurance discount.
Actionable Tip: If your professional title has multiple variations, ask your agent to check which one yields a better rate.
New car or home safety features are more than just a nice bonus. The surprising reality is that that new security camera system, fire alarm, or even your car's new lane-departure warning system could be a goldmine of discounts. You just have to tell your insurance company about them.
Actionable Tip: Make a list of every new safety or security feature you've added to your car or home in the last year and call your insurer to update your policy. This is a surefire way to get a home security discount.
Renewing your policy often feels like a passive process you get a notice, and you pay it. The surprising reality is that your annual renewal is a key opportunity to negotiate and get better rates. Your agent wants to keep you, so they may be able to find new discounts or re-evaluate your policy to lower costs. This is how to fight rising insurance rates!
Actionable Tip: When you get your renewal notice, don't just pay it. Call your agent and ask, "What can we do to lower this bill?"
You now have seven surprising ways to take control of your inflation insurance costs, even during times of high inflation. These hacks require a few phone calls or a bit of homework, but the savings can be significant. The best time to start saving is right now. Pick one or two of these tips and see what a difference they can make in your budget.
If you're feeling overwhelmed, don't worry. Majdas Touch Insurance is here to help. We can do the heavy lifting for you, from performing a full discount audit to finding you the perfect policy.
Contact Majdas Touch Insurance today for expert advice on any potential coverage gaps based on the season, and find the right solutions for your unique needs. We're here to help you understand all your insurance needs, from your pets to your financial future with life insurance policies.
We're here to make securing your insurance straightforward.
