Can an insurance policy marry another insurance policy?

Do you hate giving more money than you need to just to get the same service you would get if you paid less? Recently I posted about our Challenge where we aim to save clients $480 or more each year on their insurance. Here are some of the strategies we use to make that happen.

You don’t need a Supreme Court ruling to have your auto & home insurance policies hitched.

In fact if you have a separate company for each policy you may be missing huge discounts. At the very least you should be buying them from one independent agency. Often times this is called a “bundle” discount. A bundle discount is not as large as a “package” discount (both policies bought from the same agent AND with the same insurance company) but it is much better than no discount at all. Bundle or package discounts are one of the biggest ways to save money but did you know that Home and Auto policies are not the only two policies that compliment your check book?

Toys are for adults too.

You are all grown up now but you still have your “toys”. They are just usually attached to a motor of some kind. A motorcycle, boat, RV, ATV, personal watercraft, hover craft, air plane; these are just a few of the many toys you can have that could be giving you more discounts on your insurance. If you already have them combined with one independent insurance agent then you are in elite company. Less people than you might expect remember to do this. It is a sneaky way to slip in some extra money into your pocket.

What is your life worth?

Life insurance is very often on an island unto itself for many of our clients. Some insurance companies offer discounts for Life Insurance when it is purchased through one of their sibling companies. The thing that a lot of people don’t realize is that the discount is available for their new policy even if they already own the Life policy. When you are buying insurance it is always wise to mention what companies you already have a policy (any policy) through already. If the discount is available your independent agent can look for a company that offers a Life insurance cross policy discount.

Where does it end?

There are even more multi-policy discounts so I would recommend calling us to review your total policy integration. For now I want to highlight a few more tricky discounts that a lot of people overlook.

• Billing discounts
–> Paid In Full
–> Automatic Payment
–> Auto Renew
–> 2 Pay Plan

• Coverage discounts
–> Certain companies give you discounts for higher coverage. For our clients we always look for one level above their current limits. Sometimes they can more coverage for less money

• Claims Free discounts
–> Some companies have a three year while others have a five year period. In either event if you had claim in that period when you bought your policy and it is now longer than 3 years it is a great time to see if you can have that discount applied to your policy.

• Ticket Free discount
–> Just like Claims Free but no tickets of any kind

• Low mileage discount
–> It used to be that calling a car a “Pleasure” use vehicle was all it took. Not anymore. Now insurance companies want to know how little you use the car. The fewer miles you put on the car the greater the discount.

• Multi-vehicle discount
–> Sometimes we have clients that for whatever reason they have their car on one policy and a spouse or significant other has their own policy. This is a pretty big discount. Don’t pass it up. If you qualify get them on one policy

• Deductible discount
–> In some instance a high deductible makes sense. In just about every instance we are a little surprised that someone doesn’t know how much extra they are paying to have the “peace of mind” of a low deductible. For us it comes down to math. If the discount for carrying $1000 deductibles is greater than $500 over the next 2-3 years then we feel that you should at least consider this discount. Most of us have gone years without an accident. If you had all those years of savings in your pocket right now how easy would it be to come up with a little higher deductible?

• Double deductible discount
–> Some insurance companies will give you a discount if you accept a double deductible for the first 90 days of your policy. If you do not have any claims for the first 90 days the deductible automatically lowers and for the entire term you get a discount. Of course we would recommend that you don’t combine the Deductible discount with this strategy but on it’s own it can add to your windfall.

Believe it or not there is even more ways that we save our clients money on their insurance but I have to get back to work. One thing to be cautious about when trying to save money on your insurance: Don’t lower your limits as a way to save money without much deliberation. The savings are rarely worth the risk.

If you want to see how an independent agent like All Your Insurance, inc can use the power of #MoreChoices or if you are an existing client and you want to make sure you are getting all of the discounts you deserve (Did you forget to tells us you were married now?) just call us at 602-438-9733. Stop by our office at 4531 N 16th St ste 122 Phoenix AZ 85016 or visit us at our main site.



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