There are many ways to save money when buying a Greensboro insurance policy. Shopping around for and looking at multiple providers for the best coverage at the best rates is an easy way to do this. With the assistance of an insurance broker with access to inside knowledge of what’s available you, can find what you need with minimum hassle.
Once you’ve selected your preferred insurer and are determining the specifics of your policy, you can reduce premium costs on your vehicle coverage or homeowners policy by raising your deductibles. If insuring an older vehicle, you can also cut premium costs by dropping optional coverages you may not need.
Insurance Premium Discounts
The best way to save money when taking out a Greensboro insurance policy is to avail yourself of the many discounts offered by insurance companies. Almost all insurers offer at least some discounts on their policies and some offer as many as twenty or more. The best way to find out about these discounts and learn which ones you may qualify for is to consult your insurance agent. You may not find out about a discount unless you ask! Some examples of what’s available include:
- Safe driving discount
- Usage-based insurance (UBI) programs, which encourage safer driving, typically come with premium discounts to encourage participation
- Defensive driving program attendance discount
- Low mileage discount
- Good student and distant student discounts
- Paperless billing discount
- Auto-payment discount
- Payment-in-full discount
- Customer loyalty discount
- Profession-based discount
- Veteran or military discount
- Safety equipment discounts
- Anti-theft feature discounts
- New vehicle discount
- Policy bundling discount
Policy Bundling Discounts
Policy bundling is when you buy two or more insurance policies from the same insurer. The most common bundle is vehicle coverage together with homeowners insurance, although any two types of coverage could represent a bundle. Insurers offer discounts when you bundle policies, which is the main inducement for you, with companies often offering discounts of 5% to 25%. For them, it provides a continuing source of revenue.
Here are some of the pros and cons for bundling policies:
PROS
- Potential cost savings
- Convenience in handling billing and claims
- Security. Your insurer is less likely to drop you for having too many claims if you have multiple policies with them
CONS
- Doesn’t always save money if policy rates were originally high compared to competition
- Not all insurers offer the same quality of coverage. Don’t sacrifice quality just to save money