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Home & Auto Insurance: 8 Ways To Get The Best Prices

Last updated 02/26/2024. 6 min.

 

Insurance is a crucial aspect of financial planning, whether you’re a future-focused individual, a family person, or a business owner. At Green Brook Insurance, we believe that everyone deserves the best insurance coverage at the most competitive prices. Let’s explore eight effective ways to get the best insurance prices.

1. Bundle Your Policies with Green Brook Insurance

Are you aware that you can often save money by bundling multiple insurance policies? You can combine your auto, home, life, and other insurance policies in the same “package.” It’s a win-win situation as you not only get cost savings but also streamline your insurance management with Green Brook Insurance.

Why it matters: Bundling policies with Green Brook Insurance can lead to substantial savings while simplifying your insurance portfolio, making it easier to manage.

2. Pay In Full

Oftentimes, you can receive a discount for paying in full. Insurers prefer receiving payment upfront because it reduces their risk of non-payment over the policy period. This reduced risk may translate into lower premiums. Further, processing multiple payments can incur administrative costs for insurers, which they may pass on to customers who opt for installment plans. Paying the 6-month or annual premium up front can save up to 15%.

Why it matters: Paying in full takes financial strain off of insurance carriers which translates to additional savings for you.

3. Maintain a Good Credit Score

Your credit score can have a significant impact on your insurance premiums, and Green Brook Insurance understands the importance of affordable coverage. Insurance companies often use credit scores as one of the factors to determine your rates. A good credit score and the financial responsibility it represents help insurance companies see you as a better risk and charge you less. Maintaining a good credit score by paying bills on time and managing your debts responsibly can help you secure lower insurance premiums.

Why it matters: A good credit score signals to insurers that you are a responsible and low-risk customer, which can result in lower insurance payments over time.

4. Increase Your Deductibles

Your deductible is the amount you pay out of pocket before your insurance kicks in, and Green Brook Insurance is here to help you make informed decisions. While it might be tempting to opt for a low deductible, choosing a higher one can lead to lower insurance premiums. By accepting more financial responsibility in the event of a claim, you can reduce the insurer’s risk, which often results in lower costs. 

Why it matters: Increasing your deductible can lead to significant savings on your insurance premiums, especially if you have a good track record of responsible behavior, and Green Brook Insurance can guide you through this process.

5. Stay Incident/Accident-Free

When it comes to insurance premiums, every interaction you have with your insurer matters. An ‘incident’ can range from a speeding violation to simply initiating a home insurance claim process, even if you don’t end up filing a claim. Insurance companies assess risk when determining your premiums. Individuals with frequent incident/accident and claims interactions, even when not at fault, are often viewed by insurance carriers as higher risks. Of course it’s advisable to use the insurance when you actually need it—that’s why it exists; yet, we understand the importance and benefits of maintaining as clean a record as possible. Putting extra caution towards staying incident-free can not only ensure your safety but can also lead to more favorable insurance rates. By avoiding accidents, living and driving responsibly, you signal to insurers that you’re a lower risk, which can translate into lower premiums.

Why it matters: A history free of incidents and accidents demonstrates to insurance companies your commitment to safety and responsibility. This perception of lower risk can lead to reduced insurance premiums, reflecting your prudent behavior and stability as a policyholder.

6. Utilize Telematics for Personalized Rates

A new way to save on insurance premiums is by utilizing telematics technology. Telematics typically measures safe driving habits: how often and abruptly a driver steps on the brake or gas, the time of day they drive, the distances traveled in a period of time, etc. Safe and responsible driving can lead to personalized discounts and lower premiums. Green Brook offers products with telematics to lead to safer driving!

Why it matters: Telematics allows insurance carriers to offer you rates based on your actual driving habits, rewarding safe practices and potentially reducing your insurance costs.

7. Consider Increasing Liability Coverage

At Green Brook we consider insurance a “necessary expense,” and find it important to save money on insurance premiums as well as ensure you have adequate coverage. As counterintuitive as it may seem, one way for some people to ultimately save money on their insurance is to increase their liability coverage limits. Oftentimes, initially increasing liability limits causes the premium to increase; however, people who remain accident free and have higher liability limits are considered by insurance carriers to be more responsible. People who are more responsible cause less accidents and therefore are charged less for insurance. And on top of paying less, your higher liability limits can provide you with additional financial security in case of a significant accident or liability claim. 

Why it matters: Increasing liability coverage can provide peace of mind and protect your assets, but it can also make the insurance carriers see you as a better risk causing them to charge you lower rates.

8. Maintain Continuous Insurance Coverage

Insurance providers consider the length and consistency of your insurance history when evaluating risk. Continuous insurance coverage demonstrates stability and responsibility. We recommend maintaining uninterrupted insurance coverage to help secure better rates. You can always feel free to schedule an appointment for a quick take on whether to cancel a policy and what the implications might be. Gaps in your insurance history can be seen as red flags by insurers, potentially leading to higher premiums.

Why it matters: Continuous insurance coverage is an indicator of financial responsibility and stability. Maintaining uninterrupted insurance can help in securing more favorable insurance terms and pricing.

Getting the best insurance prices is achievable with some proactive steps, and Green Brook Insurance is your trusted partner in this journey. By bundling policies, paying in full, maintaining a good credit score, increasing deductibles, staying ‘incident’ free, utilizing telematics for personalized rates, increasing liability coverage and maintaining continuous insurance you can make the most of your insurance investment. 

We are committed to helping you secure the coverage you need at the best prices possible, aligning with our philosophy of respect and care for all our clients’ unique journeys. Remember, insurance isn’t just about protecting your assets; it’s also about securing your peace of mind. Green Brook will help you do that at a competitive rate.