Money-Saving Insurance Tips

Before you pay your next insurance premium, take a minute to think about what you’re getting for your money. Did you know, most of us overpay for insurance by as much as hundreds of dollars? So, a little time to investigate can go a long way in saving you money.

Did you also know, you don’t have to wait for your current policy to expire to switch insurance? So start comparison shopping today, using these helpful hints from Gateway Insurance Services.

Start with pricing, but consider more. Your insurer should offer a fair price. They should also offer ideas on how to lower your costs even more. In addition, look for quality of service. Your agent should be there for you when deciding on coverage and at the time of filing a claim.

Compare against your current policy. Have your current policy handy when shopping for insurance so you can compare apples to apples. If you do find a better policy, make certain your new policy is in effect before dropping your old one.

Use the same insurer for multiple policies. Whenever possible, buy your home and auto policies from the same insurer. Your Gateway Insurance professional can help you save on homeowners, auto and other personal insurance coverage when you buy two or more policies.

Maintain a good credit record. Insurers use credit information to price insurance policies. To protect your credit standing, pay your bills on time, don’t obtain more credit than you need and keep your credit balances as low as possible.

Auto Insurance

Get all the discounts you qualify for; some examples are:

• Safety and security – for features like antilock brakes, automatic seatbelts and airbags
• "Senior citizen” – for drivers age 50 and over
• Safe driver – those with records clean from accidents and especially moving violations
• Good student – for students with high scholastic achievement

Drive a car that is less popular with thieves, inexpensive to repair, and/or an older model. When shopping for a new car, check with your insurer about insurance before you drive it away.

Raise your deductible (the amount of money you have to pay toward a loss before your insurance company starts to pay a claim). The higher your deductible, the more you can save on premiums. Consider raising your deductibles on collision and comprehensive coverages to $500 or more. If you have an old car, think about dropping these coverages altogether.

Homeowners Insurance

Raise your deductible here too. Most insurance companies agree on a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 10 percent.

Get the right amount of coverage. Purchase enough coverage to replace the house and its contents. “Replacement” on the house means rebuilding to its current size and quality. Don’t confuse what you paid for your house with rebuilding costs. The land under your house isn’t at risk from theft, fire and the other perils covered in your homeowners policy so don’t include its value in deciding how much homeowners insurance to buy.

Improve your home security. You can save at least two percent if you install a smoke detector, five percent with a sprinkler system, or 10 percent if you install a sprinkler system or fire/burglar alarm that rings the police, fire department or other monitoring station.

Review annually. Review the limits in your policy and the value of your possessions at least once a year making sure your policy covers any major purchases or additions to your home.

Thank Goodness for Gateway!

The good news is…Gateway Insurance agents using a sophisticated rating plan to consider your personal history. This helps us individualize your insurance rate and apply all the discounts available to your unique situation.

Speak with a Gateway Insurance professional today. Get a free, no-obligation quote and learn more about how Gateway can help you save on your insurance and give you great service!