“How to Save Money on Insurance: 7 Proven Tips”

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How to Save on Your Insurance Premiums

At O1ne Mortgage, we understand the importance of managing your finances effectively. Here are some practical tips to help you lower your insurance premiums. For any mortgage service needs, feel free to call us at 213-732-3074.

1. Shop Around for a New Policy

Insurance companies consider various factors when setting premiums, including their goals for customer growth. While loyalty discounts exist, it’s beneficial to compare quotes from different insurers. You might find a better deal elsewhere, and even if you’ve prepaid, you could get a prorated refund by switching companies.

2. Bundle Your Policies

Many insurers offer discounts if you purchase multiple policies from them. Bundling auto insurance with renters or homeowners insurance is common. You can also bundle other types of insurance, such as life, boat, or RV insurance, to save more.

3. Look for Other Discounts

Insurance companies offer various discounts that you might qualify for. Some common discounts include:

• Safety systems discounts: Installing a home security system or an anti-theft device in your car can lower premiums.
• Affiliation discounts: Alumni groups, military service members, and employees of certain organizations may receive discounts.
• Payment-related discounts: Signing up for automatic payments or paying premiums annually can also save you money.

Contact your insurance agent to discuss potential discounts you might already qualify for.

4. Increase Your Deductible

Raising your deductible can lower your premiums. However, ensure you have enough savings to cover the deductible in case of a claim. Consider keeping this money in a high-yield savings account to earn some interest.

5. Lower the Coverage Limits

Reducing your coverage limits can decrease your premiums. However, be cautious as lower limits might not cover all your losses in a major incident.

6. Change Your Coverage Types

Dropping certain types of coverage can also reduce your premiums. For instance, you might not need a roadside assistance plan or collision and comprehensive coverage if you don’t have an auto loan. Evaluate your needs and adjust your coverage accordingly.

7. Improve Your Credit

In states where insurers use credit scores to determine rates, improving your credit can lead to savings. Focus on making on-time payments, paying down balances, and settling collection accounts to boost your credit score.

Monitor Your Credit

Regularly check your credit reports and scores to monitor changes. A better credit score can help you qualify for better offers if you need a loan or new credit card. You can also compare auto insurance offers through Experian and get quotes based on your current coverage.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to help you with all your mortgage requirements.

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