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I have many people ask me "why is Insurance so expensive" and "how can I save money on my insurance". So, I decided to write blog and help explain the many discounts. Also I may help explain what you are doing wrong when it comes to your insurance needs. 

1. Most companies give loyalty discounts. Stay with your company for 6 months and upon renewal you should get what insurance agents call "a proof of prior discount (POP). It's the equivalent of showing good credit to insurance companies. Insurance companies feel the more responsible you are with making your insurance payments, then the more responsible a driver you must be. It just makes sense right? 

2. Always take defensive driving. Defensive driving is really cheap and you can even take it online (like I did) for 25 bucks. It's actually way easier online because you can take it over the course of a week. Do a few hours here and a few hours there and you are done. Don't waste your whole Saturday and even worse don't ignore it completely, because it may make your insurance rates higher. My customers will tell you, it does make a difference. 

3. Make sure you THINK before you file a claim. I've had people who had a $500 deductible on their insurance policy, and want to make a claim because their side window got busted. They got an estimate and was told it would cost $300 dollars to fix. Let me do that math here, let's see now.... If it cost 300 dollars to replace the window, and you have a $500 deductible then, $300 damage - $500 deductible = you didn't get nothing back and now you have comprehensive claim on your record. This means that if you try and go shop around and they ask you, (in my big insurance voice) "Do you have and tickets, accidents, or claims in the past 3 years?" Yes you do. This may make your insurance rates a little higher. 

4. Email address! We have some companies that give you a 5% discount for giving your email address to them. You may ask: "why would they give you a 5% discount?". The reason is instead of sending you letters in the mail to let you know when your monthly payment is and when it's due, it is much more cost effective to send you an email. email= free, mail = more cost to to the company which means more cost to you! I personally like this because I get a ton of letters in the mail (mainly credit cards telling me I've been selected for a loan) and sometimes I forget where I had my important mail. I never forget where my important mail is in my email. Think about it! 

5. Direct withdrawal. In the insurance business we call this EFT (Electronic Funds Transfer). Having your monthly payments come out of your checking account, debit card, credit card etc, can really save you money. (also save you time) When I talk to my clients about how to save money, I always make sure I tell them about EFT. If you are a person who likes to pay every month in stores, think about how much more you spend a year. First by declining to have your payments drafted you may lose a 10% discount. Also,  you may have to get off work and pay your monthly insurance, which means you are losing more hours from work. Next, you have to drive over to the insurance agency and pay which means you are spending more money on gas. So this may cost you $20 more a month. $20/ month x 12 months = $240 per year.  I feel like Dave Ramsey!

6. Pay it in full. When you pay your insurance premiums in full for the 6 months you really save the most money. You avoid billing fees, late fees, cancellations fees and etc. I've saved people up to $120 just by paying it in full. If you have the money then the smart thing to do is pay for it. 

7. Combine your policies. Don't have one car on one policy and a different car on another. Combine policies together to get a multi-car discount. Also, if you own a Home, Boat, RV, motorcycle, Travel Trailer, etc, you can save money by combing policies together. I've seen people save up to %15 by combining these policies together. 

8. Call us at Trevco Insurance today. With 6 convenient locations we have been saving money for the past 20 years. We are a family business with the idea that everyone should be treated with honesty, respect and equality. We represent over 25 different insurance companies to provide you with the best company for your insurance needs. Call, quote online or stop by any of our convenient locations. 

1-866-4-Trevco 
www.Trevcoinsurance.com


-Michael Trevino
Posted 12:00 PM  View Comments

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1 Comments

John said...
Great post. I read some really valuable things on your website.
FRIDAY, JULY 29 2011 2:35 PM

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