Jessica Sautter is a Content Writer for CarInsuranceCompanies.com with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Sep 19, 2020

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Key takeaways...

  • Savings can also be realized depending on the size and type of the home and car
  • Checking insurance rates on an annual basis is a great way to stay on track
  • Consumers need to reasonable their insurance options before making a decision

Discounts translate into savings, and there are many ways consumers can obtain savings when purchasing car insurance coverage.

In today’s economy, everyone is trying to save money. Insurance coverage can be expensive, finding ways to cut corners is important.

Not only are savings available car insurance discounts, but consumers also save when obtaining the most and best car insurance coverage for the least amount of money.

Consumers must know the precise coverage needed and seek policies that offer only this coverage for the best rate possible.

Enter your zip code above and let us help you save money by sending your multiple car insurance quotes for FREE.

Table of Contents

Discounts on Car Insurance

The easiest way to get auto insurance discount rates is to purchase all insurance from the same insurance agency.

Up to 15 percent in savings can be obtained when “bundling” insurance products. Insurers give significant discounts to customers who bundle their auto, home, life insurance needs.

Here are some discounts that are offered for the following reasons:

  • Multiple Vehicles: Having more than one vehicle listed under the same policy
  • Accident-free Customers: Customers with driving records that are accident-free can garner significant discounts
  • Anti-theft Devices: Installing these devices means less risk of vehicles being stolen, and this means less risk for the insurer
  • Multiple Line Insurance: several types of coverage under one policy (i.e., liability, property damage, etc.)
  • Good Driving: Having few or no traffic violations on record
  • Choosing a higher deductible: Higher deductibles mean lower premium payments (but in the event of an accident, more money will be paid out of pocket)

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Discounts on Home Insurance

Regarding deductions for homeowners, the following is possible:

  • Installation of Protective Devices – Insurance companies consider homes that have protective devices such as security alarm systems, exterior door deadbolts, and smoke and fire alarms installed to be less of a risk, and they’re willing to offer discounts.
  • Owners 55 and Older – Seniors who live in a home that’s their principal residence are eligible to receive homeowner discounts with some insurance carriers.
  • New or Newly-Renovated Homes – Many companies offer discounts to owners in homes that are ten years old or less or homes that have been newly-renovated within the last ten years.

Although changing insurance companies involves a certain amount of inconvenience, it could also amount to sizable savings in the long run.

One of the main reasons why insurance rates are constantly changing is the number of claims submitted.

The more claims processed, the higher the rates.

This being the case, customers should regularly check the rates of different companies because they may find that other companies are offering the same coverage they currently have for less money.

Other Ways to Incur Savings

Savings can also be realized depending on the size and type of the home and car.

For instance, because of replacement value, the more expensive the car or the home is, the more will be paid for insurance coverage.

Keeping these facts in mind before purchasing cars and homes can help consumers to make more informed choices that will lower insurance bills.

Do Your Research

Of course, consumers must check with the insurer to find out what discounts are provided as each company has different offers.

However, being aware of the types of discounts that are offered means the consumer knows what inquiries to make.

Also, the availability and amounts of discounts can vary from state to state, and there may be terms, conditions, and exclusions that will alter the total savings.

Thus, the burden is on consumers to do a reasonable amount of research before discussion and selection of insurance coverage.

We make it easy to do the research, simply enter your zip code below, and you will receive multiple car insurance quotes for FREE.

References:

  1. https://www.progressive.com/auto/discounts/compare-car-insurance-rates/
  2. https://www.geico.com/save/discounts/car-insurance-discounts/
  3. https://www.allstate.com/tools-and-resources/car-insurance/ask-agent-premium-deductible-limit.aspx
  4. https://www.nationwide.com/homeowners-insurance-discounts.jsp
  5. https://www.libertymutual.com/auto/car-insurance-coverage/new-car-replacement-insurance