Patsy is a busy mother of three. You could call her the jack of all trades – chef extraordinaire, expert housekeeper, soccer mom, cab driver … you name it! On top of it all, Patsy knows how to crunch the numbers so that she can cut the cost of raising a busy family. When it comes to her insurance, it can be such a pain to shop around for hours to save a few dollars off her rate.
Are there better ways to save?
Our Commercial Lines Service Manager, Lisa Hutchings, knows the ins and outs of taking care of business on the home front with her husband and two young daughters. She also has the insiders scoop on the best ways to save on insurance rates.
Insider’s Scoop to Reducing Your Rates
We get it. Understanding how insurance rates really work and shopping around for good and low-cost insurance can be such a headache. Clients often ask – “Are there ways to reduce my rates?”
Believe it or not, there are a few fast and easy ways to save on insurance, so here are my two-cents on the best ways to reduce your rates:
1 ) Raise Your Deductible
If you find that your premium is too high, you can lower the amount of the rate you pay by increasing your deductible (in the event of a claim – the deductible is the amount you pay before your insurance kicks in). Essentially, the higher your deductible, the more money you can save on premiums. However, you should ask yourself if you’re comfortable spending the extra dough up front if you need to file a claim.
A small claim increases your rate just as much as a large one (yep, the $500 fender bender in a parking lot impacts your rate just as much as the $15,000 write-off) You might as well carry the higher deductible if you are not going to make the small claims anyway!
2 ) Turn Your Home Into Fort Knox
There’s been a lot of talk about break & enters happening across the island lately, and locking your doors isn’t enough to deter unwanted guests from your home. Installing a security system could easily save upwards of 15% off your home premium – depending on your provider.
3 ) Bundle Your Home & Auto
One of the easiest ways to reduce your rates is to combine your auto and home coverage with the same insurance company. Insuring both with the same company will not only be easier for you to manage but could easily save you upwards of 15% off your insurance.
4 ) Be a Safe Driver
The last tip may seem like a no-brainer but the fewer the accidents and violations you have, the lower your rate will be. Your driving record is one of the biggest factors in determining your rate, and receiving a traffic violation will affect your rates for up to three years! And accidents can stay on your record for at least six. So put the brakes on bad habits, and steer towards safer driving – trust us, it’ll pay off in the long run.
Getting in Gear
Getting a lower insurance rate isn’t complicated – it just requires you take a little bit of time to review your policy and be aware of the changes that can give you a better rate and protection.
That’s why we’re here. As your broker, we aren’t tied to any insurance company, so we’re able to shop around to get you competitive prices with the best coverage.