Taking a Defensive Driving Course – Taking a defensive driver course can save you 10% off your liability and collision coverage for three years. The state offers in-person classes or online classes. They usually cost around $25 to take, but the savings you could have on your insurance is worth it! Not only will the course save you money on your auto insurance, but it can also take points off of your driving record. Click here to see a list of NYS Approved Courses.
Bundle your Home and Auto – One of the easiest and most common ways to save money on insurance is by bundling your home and auto insurance with one company. Combining your home and auto insurance under one carrier may lead to some serious discounts. Bundling typically saves consumers anywhere between 20% and 30% on their premiums. Plus, bundling insurance policies is convenient because billing information and coverage details can usually be accessed from the same account for all policies.
Improving your Credit – Insurance companies use risk assessment to determine how much premium to charge each client based on the level of risk that the client will have to file a claim. The greater the risk, the higher the premium that client will have to pay. Your insurance credit score is based in large part on your overall credit rating. This is because historical data reveals that there is a distinct correlation between one’s credit rating and the amount of insurance claims that they file. Some ways to improve your credit score are paying down debt, keeping unused credit card accounts open, paying bills on time, and keep credit balances low.
Lowering your Deductible – The insurance deductible is the amount of money you will pay in an insurance claim before the insurance coverage kicks in and the company starts paying you. By buying insurance you are asking the insurance company to “have your back” if you suffer damages that could hurt you financially. Increasing your deductible could save on your insurance premiums. Even though you pay more in the event of a claim when you have a higher deductible, the reality is that people do not have claims every year. So every year you do not have a claim and took a higher deductible, you could be saving as much as 20% or 30% on your insurance costs.
Sign up for Paperless Discount – Some insurance companies offer discounts for paperless billing. Paperless could save you money, but it will also saves you the hassle of having to file your insurance documents – especially because they are all kept online in a sole location. By using paperless billing, you get policy documents, cards, and even billing statements sent through your email. You can access everything online, usually insurance ID Cards. The environmental impact of going paperless may seem like just one insignificant drop in a very large bucket. But if just 20% of U.S. households committed to paperless billing and banking, the collective environmental impact is a staggering 1.8 million trees preserved per year.