Inflation is hitting everyone very hard. Many people feel the increased prices of goods and services in their pockets. If you are looking for ways to save, consider contacting your auto insurance agent. There are ways they may save you on your policy costs and may even be able to provide you with better coverage. Here are a few of those ways.
1. Review Your Policy
Asking your car insurance agent for a policy review is one of the first steps. Your agent will review your coverage and make suggestions.
For example, if your vehicle has a lien against the title, the lien holder will usually require you to carry full coverage. Once you pay your loan off in full, you will no longer require this coverage. You can then decide if the additional coverage is worth the cost you are paying.
Your agent may also identify other small add-ons to your policy that may be providing duplicate coverage you have in other areas. An example of this may be the few dollars you pay on your auto policy for roadside assistance. Roadside assistance may be a service you have through another carrier.
2. Bundle Your Policies
Carrying your homeowner's or renter's insurance with a company different from your auto insurance company could cost you extra. Many companies offer significant discounts for having all your insurance products with the same company. Ask your agent what the cost will be to bundle your policies together under the same carrier.
3. Increase Your Deductible
Your agent can price how increasing your deductible will save you money in the long run. Often, increasing your comprehensive and comprehensive deductibles from $500 to $1000 may be worth the savings in the long run. Take the money you save when you make your policy payment and bank it to ensure you are prepared to pay the increased deductible in case of an accident.
4. Update Your Information
Updating your information with your insurance agent is a very simple way you may be able to save money.
Some money savings updates may include:
- Removing drivers who are no longer living in your home
- Adding additional education degrees you received
- Changing the miles that you no longer drive to and from work
- Going paperless
These are just a few suggestions. Your agent can also assist you with finding additional ways for you to keep money in your pocket.