How to Save Big on Insurance

Don't you wish that on a lazy Sunday morning, as you clip out your weekly grocery coupons, you grab a nice 20% off of your homeowners insurance premium or a $5.00 coupon off your next auto policy?  Or how about around the holidays, when all of the big department stores are having their Black Friday sales, you score a great savings off of your next monthly insurance premium? 

Unfortunately, there are no magical coupons or sales when it comes to insurance.  But knowing what discounts that are available to you can actually save you a bundle off of your insurance.  There are many discounts that are automatically applied such as the multi policy discount - most companies that offer this discount automatically apply this discount when you purchase several policies with the same company.  It is however suggested that you still check your policy and make sure you are still getting this discount just in case the company doesn't automatically apply it. Then there are discounts that are more commonly reviewed and applied when you are purchasing your policy - such as anti theft discounts on autos or fire and/or burglar alarm discount on a home policy.

Here are a few discounts and rating factors that some companies offer that can help you save on your insurance premiums:

• Non smoker discount on a homeowners policy when there are no smokers living in the house
• Defensive driver course - a discount that is applied after you've completed an approve Defensive Driver Course.  Please visit New Jersey's Department of Motor Vehicles website for a list of approved courses http://www.state.nj.us/mvc/Licenses/Defensive.htm
• Affinity Credits and Occupation Discounts- some companies will offer discount for certain occupations, employers and prior educational institutions you attended
• Homeownership discount - many companies now offer a discount or different rate for someone who owns their home as opposed to renting.  Most likely you will need to provide a copy of your homeowners insurance policy as proof of being the homeowner
• Preferred Homeowner - perhaps you don't have your home insured with the same company as your auto or the company your auto is insured with doesn't even write homeowners insurance; some companies may give a discount if your home is insured with a particular homeowner carrier.
• Auto with the same agent - as stated above, perhaps your homeowners carrier doesn't write auto, but some companies will give a discount if you should at least have your auto insured with the same agent
• Education - the level of education can be a rating factor and save you money

These are just a few possible discounts some companies offer.  Our office has some carriers that even offer a discount for having a AAA Membership or have a checking and/or savings account with a particular bank.  Knowing what discounts are offered by your insurance company can sometimes save you a considerable amount of money.  Instead of lowering your coverage to save money, find out what discounts you could be eligible for - save money for things you already have or have done and not by reducing and taking away valuable coverage. 

Does your agent simply ask you questions like what cars you have and who are the drivers, or just the style and age of your home? Or do they ask you questions that could reveal discounts like are mentioned above?  If they don't, they should be and are doing a disservice to you!