When your auto or homeowners insurance policy comes up for renewal this year, do an insurance checkup. It could save you hundreds of dollars.
We’re serious. In 2017, NerdWallet found that drivers could save as much as $416 by shopping around for the best car insurance rates. And the Insurance Information Institute reports that homeowners insurance rates are on the rise year over year.
Here are three ways to slash your insurance bills:
- Shop around for insurance quotes.
- Look for all available discounts.
- Don’t be afraid to walk away.
Shop Around for Insurance Quotes
Insurance rates can vary widely based on location, gender and the extent of your coverage. But insurance carriers weight these variables differently, so make sure to get at least three quotes before signing up.
For auto insurance, if you’re young, have a poor driving record or live in a high-cost state, rates could differ by thousands of dollars. And Floridians can expect homeowners insurance to cost almost double the national average, according to ValuePenguin. In either event, it pays to shop around.
Look for All Available Discounts
Insurance carriers offer loads of valuable discounts. Have a student in your home? Many insurance companies will give you a “good student discount” of 15 or 20 percent if you qualify. And for homeowners insurance, adding a security system can mean big savings. Finally, see if the company you work for or any associations you belong to (like AARP or AAA) qualify you for a perk.
Don’t be Afraid to Walk Away
Even if you’ve already sent in your premiums for the next six months, it’s not too late to jump ship. You don’t have to wait until your renewal to switch to a lower-priced insurance carrier: You can always get your money back at a prorated level. Start comparison-shopping today, and see the savings pile up!
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