Insurance Discounts that You Can Receive Right Now
Call your insurance agent or insurance company, the list below includes discounts that you can receive on your insurance coverage right now! Most of the discounts listed below pertain to auto insurance and home insurance. While you are reviewing these, speak with your company regarding discounts that you can receive on any other form of insurance coverage.
Discount fit in one of the following four categories. The discounts you receive right now allow you to act right away to lower your insurance rates.
- Discounts you can receive right now
- Discounts that will come with time
- Discounts that will come when making your next purchase
- Discounts due to Situation / Employment / Lifestyle
There are certain insurance discounts that you can receive by taking action right now. Examples of the discounts that you can obtain right now are:
- Defensive Driving / Accident Prevention credit
For anywhere from $25-$50 you are able to take an accident prevention course that will immediately reduce your car insurance premium. In most cases the discount is about 10%. This is typically a 6 hour course and can be taken online in most states.
- Driver Training Course
For younger drivers, a driver training course accomplishes the same as an accident prevention course.
- Affinity Discounts
Affinity discounts are those received when you are a member of a club, organization, or particular occupation. One of the more common examples of an affinity discount can come when you are a member of AAA. Some companies will offer programs for teachers, RN's or municipal employees. Be sure your agent is aware of where you work and ask if any of the agency companies offer special affinity discounts. Often times, the discount will cover the cost to join the club (particularly in the case of AAA).
- Multiple-policy credit
This would provide a discount on your insurance policy if you insure more than one form of coverage with the company. This discount is offered by most insurance companies and generally ranges from 5%-10% off of your policy premium.
- Credit for adding an alarm to your house or car
Obviously, a home or vehicle alarm can be a good thing to do for safety and security. In the case of your car insurance, the discount is typically 5%-20% of the comprehensive coverage cost. It usually amounts to a few dollars a year.
A more significant discount can be the discount received when installing a home security system. This discount can range from 3%-20% and generally applies to your entire policy premium.
- EFT Discount (Electronic Funds Transfer)
Many companies will reward you for the certainty of premium dollars reaching the company on a known date. Companies will often give a discount when you agree to have your premium automatically drawn from a checking account. Even when an insurance company is not approved to provide a discount for EFT, they often waive (or reduce) the installment charge that comes along with your premium payment.
- Paid in Full Discount
Many companies, such as Allstate Insurance Company, are offering a discount to policy holders who pay in full. This discount can be significant (often 5% of your entire premium).
- Insurance Deductible Credit
You can reduce your insurance cost today by simply increasing your deductible. This is the case for home insurance or auto insurance. By increasing your deductible, you are taking on more of the risk and reducing the likelihood that an insurance company will have to pay out a smaller claim. Be sure that the deductible you select is one that you can afford to pay right away. If you aren't the type of person that would even file a small claim, why not carry a higher deductible. Ask your insurance agent about the options and the possible discount.
- Home Renovation Credit
This renovation discount isn't instant, but if you are planning a renovation, or have recently renovated your home, ask your agent about the discount. The requirements to qualify for the renovator credit vary from one company to another, but it is worth asking before you begin your renovation work. Typically the renovation will involve replacement of old wiring and plumbing and will generally include updates to roof and/or exterior finishes.
- Non-Smoker Credit
Statistics show that a smoker's home is more likely to be involved in a fire than a non-smoker's home. Because of that fact, there is a non-smoker credit that can be applied to any property insurance policy (homeowner, condominium, and renter).
Always speak with your insurance agent, or insurance company, to be sure you are receiving all discounts that you, your home, or your vehicles qualify for.