The best time to review your policies & what to look for

As insurance agents, one of the most common topics clients ask us about is savings. There are many discounts available with each carrier. Some may be unique to the carrier, but, in general, there are common discounts to look out for. Here are the top discounts to review with your agent.

When is the best time to check?

30 days prior to your policy renewing, you will receive your renewal policy from your carrier. That is a great time to review your policy with an agent. Here’s what to look for:


Homeowner’s policies:

Entire replacements of these systems may qualify for a discount, depending on the year of update and the coverage you select:

  • Roof
  • Heating
  • Plumbing

The way you pay:

  • Paying in-full – When you pay for the year, you’ll receive the biggest discount
  • EFT – When you make your monthly payments through automatic bank drafts, you receive a larger discount than if you’d pay monthly via check, cash or card.
  • Mortgage-billed – When you pay your insurance through your mortgage (also known as escrow-billed), you will save time and money. Another thing to remember is: Did you pay off your mortgage? Let us know! It’s a common misconception that once a mortgage is paid off, the bank will notify the insurance company or agency. But, they don’t – so be sure to follow up on this with us.


Safety:

  • Fire alarm – If your fire alarm alerts the fire department, add this discount to your policy.
  • Burglar alarm – If your burglar alarm notifies the authorities, let us know to add this discount to your policy.

Auto Policies:

Occupation – Some carriers, not all, offer discounts based on your occupation and education level. Some of the most common careers that receive discounts are:

  • First responders
  • Teachers
  • Insurance professionals

Education – Letting us know your education level can also qualify you for a discount. For example:

  • College degree
  • Some college
  • Trade school
  • High school

Accident & Violation free – When you’ve remained free of accidents & traffic violations, you’ll continue to receive a discounted rate

Continuous coverage with prior carrier – Applying to newly-written business only, if you’ve been insured with another carrier or agency, let us know how long you’ve been with them.

Safety tech – If your car has manufacturer-installed anti-theft and automatic braking systems, you could receive a discount.

Good student – Students who receive at least a 3.0 GPA are eligible for this discount. A copy of their recent report card will need to be provided.

At school – If your student is in college, without a car, we can apply this discount

Usage-based tracking – Many carriers offer usage-based tracking programs that could qualify you for a lower rate. By downloading an app on to your smart phone, or using a plugin device, your driving habits will be monitored over the course of a few months. At policy renewal, you may receive a discount based on the data collected.

The way you pay:

  • Paying in-full – When you pay for the year, you’ll receive the biggest discount
  • EFT – When you make your monthly payments through automatic bank drafts, you receive a larger discount than if you’d pay monthly via check, cash or card.

 

Overall Discounts:

Multi policy – When at least your auto and home are written with the same carrier, we can apply this discount.

Advanced quote – When we quote at least a few days in advance of the requested effective date, this discount will automatically be applied


As always, if you have any questions, please reach out to our agents at 330-339-6413.