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by Melissa Gilbo, CISR on Nov 28, 2016

In today's unsettled economy, many people are looking for ways to save money or stretch their money—but sometimes this includes altering insurance coverage's to dangerously low levels or eliminating coverage entirely. If you are thinking about changing your MA or NH Home and/or Auto insurance coverage to save money, consider these key issues below — and give us a call. We can help make sure you have got the right protection at a price you can afford!

  • Make sure you’re getting the appropriate discounts and credits: Most insurers offer a variety of policy credits and account discounts that can translate into significant savings — without endangering the level of protection you need for your home, autos and other valuable property. And often, if you purchase multiple policies through the same insurance company, you’ll an account credit. A few other discounts that come to mind are families with teen drivers who earn good grades in school may qualify for Good Student a discount, most companies will offer low mileage discounts if your annual mileage is low, paperless discounts are available and some carriers even provide a discount on personal auto premiums for its customers who use telematics technology to monitor their driving behavior.
  • Increase deductibles for cost savings: Only a small percentage of homeowners have claims in any given year, so you might consider increasing your deductible to save some premium.
  • Full payment on policy: Depending on your financial circumstances, you may be able to make lump-sum payments instead of partial premium payments, such as monthly or quarterly. Partial payments often include small transaction or installment fees, so paying the full amount can eliminate those extra costs. Some carriers even offer an additional paid in full discount.

Some decisions to avoid! It is just as important to understand what not to do as you look for cost savings. Here are some scenarios you should avoid:

  • It may be unwise to carry only the minimum state-required amount of uninsured/underinsured motorist coverage on auto policies, or to cancel it entirely if it is not required in your state: When the economy is struggling, more people go without insurance. You want to make sure you’re protected in this instance.
  • Ignoring renters insurance: This coverage is often overlooked no matter what shape the economy is in. Landlords’ policies generally only cover the structure, not the individual renters’ contents. Imagine having to replace furniture, clothing and other personal property out of pocket because you excluded this essential, affordable coverage and then suffered a devastating loss from a burglary or other covered event.

Saving money is important, but so is making sure that what you’ve got is protected. If you’re looking for ways to save, or want to review your coverage's, give our Agency a call we are happy to help!


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