Nobody likes to pay for insurance. I’m in the business and very aware of that so I am always looking for ways to help people get cheaper insurance rates. The critical part though is to minimize insurance costs while remaining protected with the right amount of coverage.
Under-insure and you might be left carrying the cost of damage, theft or loss of property. Over-insure and you will be paying more than you have to. The right balance will be different for each person depending on your assets, your risk profile and your insurance history.
One way to lower your premiums is to set a higher deductible, which means you accept more risk for covering small losses. Insurers tend to have deductibles ranging from $300 to $5,000, so if you are okay with paying a $1,000 deductible, your rates will be lower.
Ideally you want to reduce the risk factors that lead to claims.
For your vehicle:
In your home:
These are just a few examples of ways to reduce your risk, which means lower insurance rates for you. And combining your home and auto policies is always a good source for discounts.
If you experience a loss that exceeds your deductible, I always recommend you speak with your broker first to understand what the impact might be on your premiums if you make a claim. The best decision might be to cover the loss yourself in order to keep lower premiums long-term.
It’s always a good idea to shop around to find the lowest insurance rates but many people don’t realize that an insurance broker will do the shopping for you because brokers represent a number of different insurance companies. Instead of dealing with a bank or an agent who represent only one company, my best advice is take advantage of an insurance broker who will shop for you saving you time and money.
If you have questions about any type of insurance or would like a no-obligation quote, call Mitchell & Whale Insurance Brokers at 1-800-731-2228 or email us at firstname.lastname@example.org. We’d be happy to help!