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Five Ways to Lower Home and Auto Insurance Costs

Insurance may not be the most exciting purchase to make, but it’s an important one. When it comes down to it, the purpose of insurance is to ensure protection of our assets. We have life insurance for ourselves, but home and auto insurance protect the assets we’ve worked hard for and assist us in our everyday lives.

When it comes to purchasing insurance – whether it’s home or auto, or both – everyone is looking for smart ways to save money. And you still want to receive the appropriate level of coverage to feel secure.

Below are five ways to make sure you’re keeping your home and auto insurance costs as low as possible.

Shop Around for Home and Auto Insurance

How can you know you’re getting the best deal unless you shop around? According to J.D. Power*, only one-third of consumers shop around for new car insurance rates each year*. On average, SelectQuote customers can save over $444 per year**. Whether it’s because of car depreciation, or a change in age or marital status, re-evaluating available policies can reveal potential savings.

The same goes for home insurance rates. Your home insurance coverage needs could change – and so could the market. By shopping around and reviewing coverage options periodically, you can be sure you have your best coverage for your best price.

At SelectQuote, we independently shop multiple over 20 trusted carriers so you can compare rates and get the right coverage for the best price. Besides saving money, it saves you the time and hassle of investigating individual companies on your own.

Pay a Higher Deductible

When you need to make any type of insurance claim, the deductible is what you have to pay before the insurance company coverage kicks in. If you have a higher deductible, the insurance company will see you as less of a risk to insure. So raising your car insurance deductible from $200 to $1,000, for example, could substantially reduce your monthly premiums.

Homeowners insurance deductibles may go up to $10,000, but some mortgage lenders may not allow a deductible to exceed a certain cost. Regardless of the deductible you choose, make sure you have enough money set aside to pay the deductible in case of emergency. However, talking with your insurance agent will help you get an idea of potential savings from higher deductibles, so you can find the right balance for you.

Buy Multiple Policies from the Same Insurance Provider

While it’s possible that some companies will give discounts for long-time customers, it’s more likely that you can save money by buying multiple policies from the same provider. Many major insurers offer discounts when you purchase two or more types of insurance – such as home and auto – from the same insurer. It’s common to find home and auto policies bundled together, but you may find more bundling options. Consumers who bundle home and auto insurance could save up to 30 percent***.

But bundling isn’t the only way to benefit from using one insurance company for multiple needs. You can also opt for a multi-car policy, which is also a common way to save money. If you have several cars in your family, you could purchase all auto insurance policies from the same insurer. 

Maintain a Good Credit Record

There may be additional discounts you are eligible for depending on your situation. When shopping around for different home and auto policies, be sure to ask about these discounts – and more.

Home Insurance

  • New construction or new home: You recently built the home or bought it within the past 12 months.
  • Monitored security system: Your security system deters thieves and allows the police to respond faster to any incidents.
  • Monitored fire alarm system or other fire safety measures: The fire department is able to respond faster, resulting in less potential damage to your home.
  • Non-smoking discount: Thousands of house fires are caused every year by smoking. If you don’t smoke, you’re less likely to have a house fire.
  • Home improvements: Making improvements to your home’s safety, structure, or longevity can reduce your chances of needing to make a claim.

Auto Insurance

  • Accident-free: You haven’t had made any auto insurance claims over the pass three to five years.
  • Good students: Available for high school or college students under 25 years old with a 3.0 grade point average or better.
  • New car: Your car is less than three years old.
  • Monitoring devices: Installing a device in your car that monitors your speed and driving style lets the insurance company know what kind of driver you are. This could translate into savings for you.
  • Safe driving courses: Attending an approved defensive or safe driving course may make you eligible for discounts. However, this may be targeted to only certain drivers such as teens or seniors.

Lower Your Cost with SelectQuote

No matter the type of insurance coverage you’re shopping for, SelectQuote can help. Whether you’re shopping for home, auto, or even life insurance.

Your licensed SelectQuote agent will help you find the best policy, from the companies we represent, that meets your coverage needs without compromising on cost.

Contact us or call to speak with a licensed sales agent at 1-855-217-2238 to receive your free, no-obligation quote today.

Sources:

*https://www.jdpower.com/business/press-releases/2016-us-insurance-shopping-study

**Average customer savings based on an average of new SelectQuote Auto & Home Insurance policyholders between 7/1/2016 and 6/30/2017. Individual savings may vary, and are not guaranteed. Coverages and discounts subject to state availability and individual eligibility. Savings do not apply in the state of Massachusetts.

*** https://abc7news.com/home/what-to-look-for-in-homeowners-insurance-/5589423/

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