What Insurance Companies Do Not Want You To Know

In these tough economic times, people are trying to cut corners in many different ways, especially when it comes to dealing with their vehicles. People are traveling less, waiting longer to fix problems, searching around for the cheapest gas, and/or buying more fuel efficient cars. Cars are a big money investment, particularly car insurance.  Did you know that car insurance companies have a large amount of discounts available to their customers? These discounts can drastically reduce the amount a policy holder must pay annually for their car insurance.

Though these discounts are available, insurance companies don’t offer them right away and to receive these benefits you more likely than not need to inquire about them. It is estimated that on a yearly basis, insurance companies collect millions of dollars on premiums they would not receive if their customers took advantage of all discounts available to them. Therefore, here are a few suggestions on how to save on your premiums. Never forget to inquire is these are available to you because they change depending on where you live and what company provides your insurance.

A couple more well known discounts are “good driver” discounts and anti-theft discounts. “Good driver” discounts are given to policy holders that make no claims on their records. They are essentially trying to help their customers drive more carefully on the roads in hopes of preventing accidents by giving them incentives in the form of discounted insurance. Most companies will increase that discount percentage for every year you go accident free.  Putting anti-theft devices in you vehicle is another potential discount.  Insurance companies want drivers to put these devices in their vehicles in order to decrease the millions the companies shell out for their customers’ cars that are burgled each year. Do not forget to ask about this discount if you have these devices in you vehicle.

Another discount that may be available is based upon advanced driver training. The insurance companies believe that a more highly trained driver runs a lower risk of accident than a less experienced driver. Therefore, if you have taken an advanced driver training course, it may entitle you to a discount, especially if you are newly licensed.

Things such as anti theft devices and advanced driver training will often pay for themselves over time, through the reduction they will offer to your premiums. Because the insurances companies want as much business as they can get, if you have auto insurance and home insurance with the same company they will more often than not offer you a discount for both your home and auto insurance.

Similar to the above discount, many companies will have a multiple vehicle discount. If you are a multi-vehicle family and insure all the automobiles with the same company, you are eligible for this discount.  Say you do not use one of these vehicles often; ask about the low mileage discount. Those who drive 5000 miles or less a year may qualify for this discount as well.

These are just a couple examples, but I’m certain you get the point. Insurance companies will offer discounts for behavior and items that lower their risk and increase revenue. However the will almost never give this information up freely, you will have to ask.

Tagged with: Auto Insurance • automobile insurance • car insurance • Vehicle Insurance

Filed under: Auto Insurance Comparisons

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