Today we’re going to talk about everyone’s favorite topic, saving money. That’s right, we’re hunting auto insurance discounts at Square State Insurance. While a Colorado-licensed broker is used to shopping policies for customers, it still pays to know what discounts are out there and if you can take advantage of them. Make no mistake. Insurance brokers love to save customers money. It’s one of the most rewarding parts of the job. If you ask about one of the following auto insurance discounts, we’ll do our best to find a policy that offers it. So let’s look at the most common auto discounts available to most customers.
The easiest discount for any customer to receive is called multi-policy. You receive this whenever you purchase more than one coverage type from an insurance carrier. This is easy to achieve for most customers. Nearly everyone needs auto insurance paired with homeowners or renters coverage. (And if you don’t think you need renters, be sure to read Don’t Overlook Renters Insurance In Colorado). Insurance companies will reward you for bundling auto with home or renters, and you’ll receive a small discount as a result. In the effort to save as much as you can on insurance, every little bit counts! Don’t forget that other insurance policies outside of homeowners or renters are often considered as well.
2. Multiple Vehicles
Just like it sounds, you can receive a discount if you insure multiple vehicles with one company. For example, if you and your partner drive multiple vehicles, it makes sense to group them under the same policy. Often times customers may insure a second, older vehicle they use occasionally to receive this discount. Parents who insure teenage drivers under their policy may also be eligible for this deal. However, note that often the rates for new drivers will be higher than the rates you’re used to receiving as an established driver.
3. Safe Driver
If you think insurance companies aren’t paying attention to your driving habits (or speeding tickets), you’re dead wrong. That’s right, your driving record can have a big impact on your rates. It literally pays to slow down and drive safe. Not only will you ensure both you and your fellow motorists arrive home safely, you’ll receive a discount for a history of driving responsibly. Some companies may also offer small accident forgiveness where they won’t raise your rates just because you were in a small fender bender. So next time you see that reckless driver on the interstate, just think, you’re probably paying way less for your car insurance than they are!
4. Paid In Full / Paperless
Paid in full and paperless discounts are just as easy to receive as multi-policy discounts. If you aren’t taking advantage of these, you’re basically leaving money on the table. First, the term “paid in full” is a little misleading. It can make it sound like you have to pay for a full year of car insurance upfront. However, the majority of insurance companies break this down into two six month payments. (Note other policies like renters will need to be paid for the full year to receive this discount). We understand not every family can afford to pay for all their insurance upfront, but this discount is worth saving up for if you can make it work. The alternative of paying monthly is just going to cost more in the long run.
As for paperless discounts, insurance companies will reward you with a small discount if you agree to sign documents and receiving billing information online. Often they won’t mail ID cards to you either. However, with smartphone apps or the option print ID cards at home, this is a non-issue for the majority of customers. Make sure you still review all your insurance policies online and familiarize yourself with the coverage and policy limits.
Usage-based insurance, also called tracking device, safe driving app, or snapshot, allow insurers to monitor your actual driving habits to receive a deeper discount. Essentially the insurer uses a smartphone app or a device plugged into your car to track the times you drive, your speed, your braking habits and more. As you can guess, you’ll receive the best discounts if you drive slowly and avoid rush hour times if possible. While some customers may not like the idea of companies directly monitoring their driving, the potential savings are hard to pass up. Many companies offer 20-30% yearly savings on an auto policy after you complete a period of usage-based monitoring. That’s a serious chunk of change we’re talking about!
6. Military / Veteran/ Teacher / Good Student
Finally, there are several specialty discounts that you can only receive if you meet certain criteria. For example, many companies offer discounts for active military members and their family or veterans. Teachers always deserve praise for the hard work they do, and some insurers offer discounts as an extra benefit for teachers. Good grades can pay off as well. High school and college students may be eligible for good student discounts if they provide their grades to an insurance company. There are plenty more specialty discounts like this out there. Don’t be afraid to ask if you think you might qualify for one.
Final Thoughts – Auto Insurance Discounts
It’s important to remember that auto insurance discounts vary from company to company. Some insurers may offer the full gambit of discounts we outlined above, while others may only offer a few. The best way to break down what you can receive is to request a free quote at Square State Insurance. We’ll contact you shortly and dig deep to find you the most discounts possible. Plus, if you’re curious if you’d qualify for a discount, just ask and we’ll get to the bottom of it. Hunting auto insurance discounts has never been more rewarding.