Insurance coverage allows businesses and consumers to protect themselves and their assets from risks associated with loss. For an annual payment, insurers will issue policies on almost any asset or individual, and they pool those risks along with numerous other policies. The concept of insurance is simple, but there are many options to think of when buying a policy. Although premiums are typically less than the replacement cost of insured items, those premiums can vary based on the situation and provider. Below are several ways to save on the cost of insurance coverage.
Comparison Shop
As with any major purchase, buyers should do their research in order to find the best Insurance Quote in Edmond OK. When shopping for insurance, customers should get a minimum of three quotes and compare each policy to determine whether it fits their needs. Contact AIP Insure to make it easy to compare prices and options while receiving personalized service.
Buy Direct
An insurance agent can help customers find affordable coverage and available discounts, but they are typically paid on commission, which is included in the coverage cost. Some insurance companies sell directly to consumers, cutting out the middleman. A direct policy may not be the cheapest option when getting an Insurance Quote in Edmond OK, but it can be a good choice as commissions are removed from the equation.
Increase the Deductible
Higher deductibles lower the amount for which the insurer is liable and, therefore, they lower the customer’s monthly premium. $250 is a common amount, but some opt to raise it to $500 or more. The insurance agent can easily compare costs associated with different deductibles, and the savings can be significant.
Bundle Multiple Policy Types
Most insurers offer discounts if a customer bundles home, life, and auto policies, and many larger carriers offer multiple types of coverage. Companies are willing to offer discounts because administrative and customer service expenses decline as customers buy more policies, and customers tend to stick around when they have more than one kind of coverage through the same company.
Avoid Making Claims if Possible
It might not always be possible, but it’s good to avoid making small claims against an insurance policy. These small claims are more likely to raise coverage rates, suggesting customers should try to pay them out-of-pocket if possible. Raising the deductible can make it harder for customers to file minor claims.
