Insurance markets are always changing – companies now a days are starting to be more selective about the clients and driving history they are willing to take on. As these market factors change, so do prices. When prices go up, there are some ways you can keep your insurance price a little lower. Don’t miss part one of this blog – here!
Away at School Discount
If you have a student on your policy who’s away at school and doesn’t have regular access to the insured vehicle, you may qualify for an “Away at School” discount. This acknowledges that the vehicle is not in frequent use, or that this driver does not drive the vehicle as frequently as the other drivers, reducing the insurance risk. Students are eligible if they live away from home (on campus); some companies offer up to a 50% discount on the premium for that driver.
Credit Consent Discount
Many insurers offer discounts when you grant them permission to check your credit. A good credit score is often associated with responsible financial behavior, and insurers may reward you with lower premiums. If you agree to a credit check with an insurance company/brokerage, your credit score is not impacted by the check (“soft” credit check) and your premium cannot go up due to your credit. If anything, the premium would stay the same as having no credit check, or it could go down!
Hybrid/Electric Vehicles Discount
Going green doesn’t just help the environment; it can also save you money on insurance. Some providers offer discounts for owning hybrid or electric vehicles, recognizing their positive impact on the environment and typically lower repair costs. As the world changes over to electric and hybrid vehicles, this can save you some money on insurance.
Conviction-Free Discount
Maintaining a clean driving record is a surefire way to cut down your insurance costs. A conviction-free discount rewards drivers who steer clear of traffic violations and accidents, showcasing responsible and safe driving habits. A better price on insurance is as simple as not speeding, wearing your seatbelt, and following the rules of the road!
No-Commute/Work from Home Discount
While this isn’t really a discount, it will save you money on car insurance. The rise of remote work has changed commuting patterns. If you no longer have a daily commute or your annual mileage is significantly reduced because you work from home (or you have retired), you might be eligible for a discount. This acknowledges the decreased risk associated with less time on the road.
Remember, discounts can vary between insurers, and eligibility criteria may differ. Always check with our flock of knowledgeable brokers to explore the specific discounts available to you. Drive safely and let your smart choices on the road translate into savings in your pocket!
