Shop and Save

February 05, 2012

Shop & Save Tips

There are ways you can control the cost of what you pay for auto and home insurance. Here are some helpful hints:

Automobile insurance tips

Select your car with insurance in mind.
Cost, repairability and performance characteristics are determining factors in the premium you pay.
Coordinate Personal Injury Protection (PIP) coverage.
If you have other accident and health insurance that covers injuries sustained in an auto accident, consider coordinating your policies.
Choose higher deductibles on Collision and Comprehensive coverages
For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you 40 percent or more. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim.
Coordinate Personal Injury Protection (PIP) coverage.
Many companies offer discounts to policyholders for such things as insuring two or more vehicles with the same company, low mileage, safety belt use, air bags and anti-theft devices.
Consider dropping collision coverage for older vehicles.
If your car is worth less than 10 times the premium, purchasing the coverage may not be cost effective. Auto dealers and banks can tell you the worth of cars. Or you can look it up online at Kelley’s Blue Book (www.kbb.com).
Always shop for the best combination of coverage, price and service.

Homeowners insurance tips

Take advantage of discounts offered by your insurance company.
Discounts may be offered for installing smoke detectors and dead-bolt locks, insuring both your home and auto with the same company, maintaining good credit and living in a nonsmoking household.
Raise your deductible.
Covering small losses could mean a substantial reduction in your homeowners insurance premium. Higher deductibles could produce a savings of 15 to 25 percent.
Always shop for the best combination of coverage, price and service.