submitted by Rick Meyers, AAA Insurance Broker/Nichole Meyers, Richboro Office, midatlantic.aaa.com/Agent/NicholeMeyers
Insurance should be thought of as a policy that provides protection by transferring risk in the event of a loss and not the common “something I have to have” mentality.
The amount of insurance needed depends on what one is looking to protect.
Consult an insurance professional to determine what coverages and discounts would best fit your needs.
Take advantage of all the discounts. Here are a few that can provide a big bang for their buck:
- Multipolicy – Lumping all of your policies with the same company can provide savings. Even life insurance can add to the bundle discount.
- Paid in full – The mode of how you pay matters. Paying in full provides the biggest savings, while paying monthly typically costs slightly more.
- Early shopper discount is a discount that you may qualify for if you shop usually two weeks prior to your renewal date, which typically comes 30-45 days in advance.
- Defensive driver course – Anyone over 55 can take this course and realize savings for three years. Teens can take a similar online class and see savings through age 25! Maintaining an A or B average may also qualify for discounts.
- Paperless – Sign up to receive documents electronically.
- Driver performance device – Can be a plug-in or smart phone application that sends the insurance company statistics regarding breaking, speed, and time of day the vehicle is used. Taking advantage of this discount can typically yield a 10% savings on the initial premium and up to 30% off that will remain in effect.
The policy should first and foremost, cover your needs and protect your assets.
Always remember to maximize discounts and set up an annual review. One final tip: finding an agent that has access to shop multiple companies may save you time and money.