With inflation and insurance costs on the rise, many seniors are looking for ways to keep their insurance spending under control. The following are three immediate ways that may be available to you to save some money on your insurance premiums without having to sacrifice policy coverage.
Switch to an insurance company that has better rates for older customers
Just like some companies have better rates for teenage drivers, some insurance companies have more favorable rates for older drivers and homeowners as well. More experienced homeowners tend to have more favorable credit history which translates to a more favorable insurance score and rate. Older drivers also tend to drive less miles overall. Certain companies on the market favor these factors more heavily than others and therefore may have a better rate for seniors.
If you have not compared rates other companies in a number of years, Connect with us for an insurance review to make sure you are receiving the best rate possible.
Evaluate increasing your deductibles
In the current insurance market, it may make sense for most consumers to evaluate going with a higher deductible on both their homeowner’s and auto insurance policies. Slightly older homeowners especially may have had a policy for several years with what is considered a low deductible by today’s standards. Most insurance companies have minimum new policy deductibles for homeowners at the $2,500 level for at least wind and hail losses. If you look at your policy and you have a $1,500 deductible, it may make sense to look at the pricing for going slightly higher.
A higher deductible may also make sense since it’s not advisable to turn in claims for smaller losses in the current insurance climate. You want to save your claims for something larger such as the next big hailstorm or auto accident.
Add a digital auto insurance driving program to your auto insurance policy
Most insurance companies on the market today have discount programs available on auto policies under the category of telematics. A telematics program is a way to earn a larger discount on your auto insurance policy in exchange for electronically sharing some of your driving behavior. The idea behind these programs is if you are a safe driver, then you should qualify for a better rate on your insurance. Telematics programs are completely optional and may not be a fit for everyone but they are a very good option to help manage your overall insurance costs. Insurance companies with these programs may offer up to a 10% discount just for signing up. These programs are a great fit for older drivers who tend to score very well and earn higher discounts with conservative driving habits.
Working with families as their trusted insurance advisor is what we do every day. Connect with us for an insurance review to make sure you are receiving the best rate possible. We are committed to having a long-term relationship with you and making sure you receive the best value on your insurance portfolio in the years to come.
At Flury-Hinderks Insurance, customer education is very important to us, and we are happy to take the time to review coverage and provide counsel for our customers. If you do not have a great relationship with your current insurance agency. Connect with us for an insurance portfolio review today.
