If you have multiple insurance needs, such as home and auto insurance, consider bundling your policies with the same provider. Insurers often reward loyal clients with discounts for holding multiple policies.
Benefits of bundling:
- Save up to 25% on your premiums.
- Simplify policy management with one insurer.
- Gain potential perks like a single deductible in case of claims affecting multiple policies.
Tip: Bundling can save money, but make sure the policies still offer competitive rates even after applying the discount.
Improve Your Credit Score
Your credit score doesn’t just impact loan approvals; it can also affect your insurance rates. Many insurers use credit-based insurance scores to help determine risk. Individuals with a higher credit score are often rewarded with lower premiums because they’re perceived as less risky.
How to improve your credit score:
- Pay bills on time, including credit card payments and loans.
- Keep credit utilization low by using less than 30% of your available credit.
- Review your credit report for errors and dispute inaccuracies.
Even small improvements in your credit score could lead to noticeable savings on your next insurance quote.
Review Your Policies Annually
Your life changes, and so should your insurance. Take time to review your policies annually to ensure your coverage matches your current needs. You may find opportunities to save by:
- Eliminating unnecessary coverage. For example, do you still need comprehensive car coverage on an older vehicle?
- Switching providers. New customer discounts are often available to those willing to move their policies.
- Updating your coverage. For instance, if you’ve paid off your mortgage, you might no longer need private mortgage insurance.
Tip: Don’t hesitate to ask your current insurer if they can match a more competitive quote you found elsewhere. Loyalty can sometimes lead to additional discounts.