When it comes to insurance savings, every penny counts. Though a necessary expense in our lives, insurance costs have the potential to break the bank and completely change our financial situation. From car insurance to renters insurance to life insurance to health insurance, there are a dozen different bills to pay. Insurance discounts are like a present on Christmas morning, but far more valuable!
Finding Hidden Insurance Discounts
The trick with insurance discounts is finding them. Of course, insurance companies don’t want you to know every loophole that exists or each way to shave off a few bucks from your monthly or annual bill, so a bit of digging is required to find the best discounts and get them applied to your statement.
One of the easiest ways to get ahold of excellent insurance savings is by simply asking your insurance provider. Though they won’t offer the information unprompted, it’s usually required that they tell you their available discounts and eligibility requirements if asked – so don’t be afraid to see what they can offer you!
Types Of Insurance Discounts To Ask About
Most people qualify for many basic insurance discounts, just don’t realize that they are eligible. Here are some of the most common types of insurance discounts and savings that most people can qualify for. These savings add up quickly, so even if they seem low in the beginning, it’s worth applying to your statement to see the difference over time.
Bundling Insurance Types
Nearly every insurance company will offer massive discounts simply for combining insurance packages together with their agency. Deals on bundling personal insurance with business, or car insurance and life insurance, can bring major savings to your bill. It’s important to see what sort of discounts can be applied between insurance companies and bundle with the cheapest.
Loyalty Programs
Some insurance companies will have discounts for members when they reach certain milestones within their continued business. Discounts for a year, two years, fifteen years, etc may be applied to your statement. It’s a great way to motivate clients to stay with their company as new insurance agencies emerge and other deals are offered, so ask about upcoming milestones before making the decision to switch insurance coverage.
Paperless Options
Small discounts are almost always offered to clients who choose for a fully electronic billing system. Instead of receiving paper bills and statements in the mail, you will be provided with these documents through your email, and all payments and communicate is done virtually as well. This small discount is used to motivate clients to go green, save resources by using less paper, and also simplify operations for the insurance company.
Bulk Payments
Most of the time, you can find a small discount when you pay in full as opposed to smaller payments that are made over time. An example of this would be paying for 6 months in one large payment rather than 6, smaller, monthly payments. You can usually see a fairly sizable discount, which is used to help motivate clients to pay upfront rather than leaving the insurance company to worry each month about receiving your payment, charging late fees, and tracking you down for missed payments.
