4 Types of Insurance Discounts You Should Know More About

 In Blog, Buying Insurance, Saving Money

Insurance Discounts That Can Help You Save Money

Having insurance is necessary. It helps you protect your assets, your financial stability, and your future. When you purchase an insurance policy, you must make sure you’re getting nothing less than the exact coverage that you need, while also finding the best price.

Even with the best price, there are still ways you can save on your insurance, like insurance discounts. Here are 4 types of deductions that can help you cut back on your insurance expense.

Payment Discounts

Payment discounts are not huge, but hey, every penny makes a difference. Doesn’t it? Many insurance companies offer this type of discount when you choose to receive a paperless bill or choose to pay in full or via autopay.

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When you purchase various policies, like a home insurance policy and auto insurance policy, it is best to bundle them. This way, you could get up to 20%, in most cases. Another smart way to save money is by using the same insurance company if you need to buy several of the same types of insurance. For example, if you have four vehicles at home and all of them need insurance, using the same insurance company for all of them could give a multi-car discount. Not bad at all.

Low Incident Discounts

Insurance companies consider you less of a risk when you haven’t submitted claims for a specified period. That is true for home and auto insurance. Let’s say you haven’t had a single-car accident or received any tickets in the past three to five years. That means you could qualify for a good driver discount, which is especially beneficial when you have multiple drivers covered by the same policy. If all of you are good drivers, you may get numerous discounts. 🥳

Loyalty Discounts

If you’ve been with the same insurance company for quite a while and during that time you’ve had no claims or very few of them, you may be eligible for a loyalty discount. However, despite both conditions being true, you find that your premiums have increased, it might be that your home or vehicle is aging, which makes it more likely for you to submit a claim. Still, with a loyalty discount, you should be able to keep your premiums under control.

 

Insurance discounts may vary from one insurance company to the next. Talk to your agent to find out more about the types of discounts you could benefit from having.

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