Few tips for saving on your car and home insurance
Listen, I’ve been in the insurance business a long time now and I have read a ton of articles telling people how to save money on their insurance. While these articles are pretty good, they really don’t give you any insider tips. I’m going to give you a few “insider” secrets in this article that could help you save a ton of money on your car and home insurance in Arizona and all I ask in return is that you give me a chance to help you and then also refer a friend or family member to me if I do help you.
I could go over all the tips you have already heard like, bundling your home and auto together, or making sure you shop multiple carriers, but since you already know that, and we already do that at our agency, I want to share a couple of tips with you that you probably have never heard before. I kind of feel like that magician who showed everyone how all the magic tricks were done. My only hesitation is I don’t want my competitors to know my secrets, so I hope they aren’t spying on my webpage.
So what are the tips? First, you need to understand that insurance carriers use credit when determining your insurance rate. But it isn’t just your financial credit score, it is an insurance credit score, which is made up partly of your financial credit score and other factors. So, secret number 1. Your spouse’s insurance credit score and your insurance credit score could be vastly different and make a huge difference in your insurance rates. I’m going to use myself as an example. When I purchased my car and home insurance policy from the carrier that I use, I listed my name first on the quote. Listing my name first meant the insurance company would use me for the person for who they would run the insurance credit score. It just so happened that all the debt that my wife and I carried was in my name. She was not on a lot of our loans. Our debt was not bad, it was for things such as our home and cars but I had purchased those things in my own name as for as the loan goes. This brought my insurance credit score down even though my financial credit score was high. So, being an agent, when I learned how things work, I re-quoted the same insurance but listed my wife first; I was shocked when our annual rate dropped by about $750, with that same carrier and coverages. Nothing else changed except that I listed my wife first. That was the easiest $750 I ever made. Since that time, I have used that trick numerous times and I have saved many of my client’s hundreds of dollars that they would have not saved if they used another agent. Many other agents are not even aware of these kinds of industry secrets. Now, not all companies do it this way; some of them use an average of the two. But knowing which ones do one or the other can make a big difference in how much you pay for insurance. That is why using a good agent who knows these kinds of secrets can make all the difference for you.
Ok, next secret. If you have bad credit or no credit, chances are your insurance credit score is bad. So, what if there was an insurance carrier who didn’t use credit at all as part of the rating process. Although you won’t get any benefit for having good credit using a company like this, you also won’t get penalized for having average or bad credit. There are still a few carriers who do not use credit when determining home and auto insurance rates. Again, having an agent that has access to these types of carriers can make all the difference in what you pay for your insurance.
The last thing you can do is remember, you’re gonna pay to play. What do I mean by that? Well if you have a trampoline or a pool with a slide and/or diving board, you’re going to pay more for your homeowner’s insurance. Some companies will deny extending coverage to you at all, and the ones who will ensure you will charge more. So, if you really aren’t using that trampoline or you can get by without that slide or diving board, you might think about taking them down so you can get a better rate. (For more information on this subject give me a call directly at 480-981-6338.)
If you are wanting to shop around and find a better rate on your car or home insurance in Arizona, consider giving Insurance Professionals of Arizona a try. You might be surprised at how much you can save. Call us at 480-981-6338.