Monday, August 20, 2012

Saving Big on Insurance Costs

I’ve been with the same insurance company for nearly two decades now. And once I met my wife, she eventually switched over to my insurance provider as well.  Since then, we’ve used their services for our automobile, renter’s, and eventually homeowner’s insurance coverage.

Over the years that we’ve been with our particular insurance provider, we’ve recognized some significant savings by way of a variety of policy discounts. Here is how we saved nearly $2,000 in insurance costs in just five years.

Auto Insurance Savings
The greatest savings we found came by way of discounts on our auto insurance policies. During this time, we recognized savings from several different reductions on our premium. Here is the breakdown of these discounts:

• Multiple Line – $754.35
• Multicar – $210.30 (we only had this discount for two years since we eventually downsized to one vehicle)
• Antitheft – $19.55
• Good Driving/Accident Free – $363.37
• Vehicle Safety – $25.12

The total for all our discounts on this policy during the five-year period was almost $1,400.

Renter’s Insurance Savings
Before we ever bought our home, we rented an apartment for a number of years. Our renter’s insurance was fairly cheap, typically ranging right around $100 a year. Over the last five years, we rented for two of them before buying our home for the next three. Since our policy payment was low to begin with, it kept our savings in this area low as well; however, they were savings nonetheless.

• Home Alert Discount – $8
• Home/Auto Discount – $29
• Claim Free Discount – $23

Our grand total in renter insurance policy savings for the two-year period came to $60.

Homeowner’s Insurance Savings
After renting, we bought a home, which we held onto for three years before selling. As with our other insurance policies, we recognized some good savings in this area as well.

• Home/Auto Discount – $274
• Claim Free Discount – $265

Our total savings on three years of homeowner insurance policies came to $539. This brought our overall savings for all our insurance policies over the past five years to almost $2,000, which is a tidy lump of change that I never even realized we had saved until I totaled it all up for the writing of this article.

1 comment:

  1. Wow. Thats awesome. Great photo of you and the kiddo!