Savings Premium Strategies for Steady Financial Growth

Taking a defensive driving course or maintaining a clean driving record can help you save on New York car insurance. These safety-related discounts are similar to multi-policy discounts, and they can lower your policy premium by as much as 23%. Other ways you can secure a safety discount on your car insurance include: installing an anti-theft device, having factory installed daytime running lights, and purchasing a vehicle that has air bags, seat belts, or other safety features. Purchasing a newer vehicle that has advanced collision avoidance technology also qualifies for a discount on liability, collision, and no-fault coverages. Lastly, there is an auto insurance discount available to drivers that install a telematics device, such as DriveEasy, which uses your phone to autmatically measure and score your driving habits.

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Renewal Discount

Many insurance companies offer renewal discounts, such as electronic-billing and automated-payment discounts, that can reduce your premium by 4 percent to 10 percent, depending on the carrier. These discounts help insurers save on administrative costs, and are generally advertised in the policy or billing statements. It’s a good idea to talk with your agent about these cost-saving options at policy renewal time, and also periodically to assess your coverage and make any changes that are appropriate for your life circumstances. These include removing adult children from policies, changing home or car ownership status, adjusting the number of drivers and adding low-mileage discounts for retired or telecommuters. Some fully insured health plans also offer rebates if claims are lower than expected, and tiered networks that can help with cost savings by encouraging employees to use in-network providers.

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Savings Account Discount

Just like drinks on the secret menu at Starbucks, many insurance discounts are not advertised. Instead, they may be tucked away in the FAQ section of an insurer’s website or listed in a blog post. For instance, some carriers offer a discount for college students who live far from home, which can help parents lower their auto premiums. Setting aside a small portion of your paycheck each month can also reduce the overall cost of your annual insurance bill.

Loyalty programs in insurance are a bit more complex than those found in retail or travel, but the best insurers are developing innovative strategies that reward loyal customers with real value, such as Vitality, which combines health and life insurance by linking everyday behavior to tangible perks. This type of engagement and personalization is the key to reducing churn, and can also help insurance providers build strong relationships based on relevance and trust. If you’re thinking of switching to a new insurance company, be sure to request a quote from a few competitors before making a decision. This will give you the information you need to negotiate a better deal or switch altogether.

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