Do you feel like you’re paying too much when it comes to your insurance premiums? While not all premiums can be lowered, there are a few ways you can get lower rates on your policy, keeping a little extra money in your pocket.
Ways To Lower Your Insurance Premium
1. Eliminate installment fees. If you are paying extra for conveniences, like monthly installment fees, in which many carriers will charge you an installment fee of around $5 per month for monthly payments, then you should consider the other options when it comes to making your payments.
For example, if you decide to pay your premiums in full, or possibly pay extra money every month, those installment fees can either be lowered, or removed completely, essentially putting money in your pocket.
Another option is to set up electronic funds transfers (EFT) which can reduce or eliminate fees as well.
2. Go Green! Choosing to receive your statements electronically, instead of being mailed to you, may also be a good way to eliminate extra fees.
3. Maintain good credit standings. Your credit score can play a significant role in your premium calculations. Some companies will even refuse to write a policy for someone with poor credit. In some cases, existing policyholders will see a premium increase at renewal time, perhaps even policy cancellation notices in the event their credit rating has worsened.
4. Avoid making small claims. Making a claim for minor damage can affect your premiums. In fact, it is suggested that small incidents should not be filed with your insurance company, especially if the damage is not significant enough, which can help you to avoid a premium increase.
5. Avoid getting a ticket. No one likes getting a ticket. Tickets for speeding and accidents can significantly increase your premiums, making it important that you follow the speed limit and ensure you are following the rules of the road.
Brazelton Insurance Group can work with you to determine how you can shave money off your insurance premiums. For more information, contact us today.