Discounts, discounts, everywhere! Everywhere you look, someone on TV, some billboard, magazine ad, etc is promoting all the various discounts that their insurance company offers. It can get confusing and even overwhelming! Safe driver discounts, home ownership discounts, good doggy discounts…. it goes on and on and on!
And yet, one thing that we find over and over – most people aren’t taking advantage of the many discounts available to them! I can’t tell you how many times we will talk to someone who has their auto policy with one insurance company, for instance, but their homeowners coverage is with a different company. Multi-policy discounts are some of the most advantageous available, and yet we STILL have clients that don’t utilize them! Almost every company offers this to their personal lines clients, but are we all taking advantage? Are you?
The list goes on: people do not take advantage of life policy discounts, payment plan-related discounts (pay in full, quarterly payments, etc), Triple A (AAA) discounts, burglar/fire alarm discounts, sprinklered building, etc. There is something to be said about not always being aware what discounts are available, and more importantly – discounts offered (and their value) can vary widely from company to company and even from policy type to policy type.
Your best option is to take the time to talk to your agent about the various discounts that your current insurance company offers. If your agent is independent (they represent more than one company), ask about what kind of discounts OTHER companies offer, and if it would make sense to get a quote from them.
Another thing to consider – make sure to keep your agent up to date with situations & changes in your household and family. For example, how will your agent know to apply a driver safety course completion discount to your auto policy if you don’t tell him!
“But how can I know if something will save me money on my insurance?” you ask.
Sammy says, “there’s a very simple rule you can follow” – If you’ve made a change or completed a project that you feel may save you on your insurance – contact your agent to see if a discount applies!
Quick note for business owners: A lot of the discounts that apply in personal lines do not exist in commercial insurance. But take heart! The pricing structure in commercial lines is very different, and you can do things like add credits for being loss free that you cannot do in personal lines.