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Insurance Discounts that Come with Next Purchase or Move
At InsuranceLevel.com we classify insurance discounts in one of four categories.
- Discounts you can receive right now
- Discounts that will come with time
- Discounts that will come when making your next purchase
- Discounts due to Situation / Employment / Lifestyle
Discounts that will come when making your next purchase or move
When you choose a home, or an automobile, the selections that you make will have a significant impact on your insurance coverage. Where you choose to live, and the type of home or vehicle that you purchase can have a significant impact on your insurance rates
- Where You Live
- In the case of your auto insurance coverage, where you live can be the factor that has the greatest impact on your insurance rate. Just about any insurance agent can provide examples of insurance rates that are 3 times higher in an urban location rather than a nearby suburb. In fact, when on a city line, one side of a street could be paying 67% less than their neighbor across the street.
- Where you live will also have an impact when it comes to home insurance, renters insurance, or, condominium insurance coverage.
- Multi-car Discount
You aren't going to purchase a second car just to obtain a discount on the insurance for your first car, but a multiple car credit can range from 15% - 25% of the premium on each vehicle. This might make the purchase of a second vehicle a little more palatable. In fact, if you are young, the company will likely apply an "adult" rate to one of the cars. That rating, along with the multi car discount, often makes the premium for an additional car nominal.
- Vehicle Specific Features and Insurance Rating Factors
Other factors that you can influence when making your next purchase have to do with the safety features a vehicle has and the average repair cost of a car. When shopping for a car, it can be a good idea to call your agent to ask if there is a big difference from one car to the next.
- Location, Location, Location!
When shopping for a home or apartment, call your insurance agent to see if one area will have a drastic difference over another. Ask about the rate for your home and/or property and also the change to your car insurance rate in each area. I have seen cases where the selection of an apartment was made based on a rental rate that was $75 less per month. However, the individual's insurance premium climbed more than $100 per month due to the urban location.
- New Home Discount
A new home is often much less susceptible to a loss than an older home. A new home discount can be as high as 25%. There are many reasons for this. One of the more obvious can be the new construction material makes the home less likely to be subject to a loss. A new roof, shouldn't suffer a leak that causes damage as easily as a roof that is 20+ years old.
Be certain to communicate with your agent. An insurance agent is there to guide you. Simply reviewing your insurance rates every couple of years will save you money in the long run.