I love New Years. It is an opportunity to have a clean slate and either squash old bad habits or nurture new positive ones.
On the top of many people's list is to save money. As insurance can rank amongst the top of any household's or business's annual budget, this is a great area to look at to see if there is an opportunity to save money.
Here are 5 ways to save money on your NH insurance:
1. Review your insurance:
Ensure the information on your policy is accurate. It is amazing how many calls HPM Insurance receives indicating that someone has sold a car or a family member or employee who has moved on months ago that is still on the policy. Even more important, ensure all vehicles you own are on your NH car insurance policy. If not, you may unintentionally have a claim that is not covered. Talk about expensive!
2. Remove or reduce liability and collision from a vehicle that is in storage:
Perhaps you have a toy that can only be driven in good weather. This could be a classic car, convertible, motorcycle, or simply a car you would not dream of allowing the salt from our NH roads hit to your baby. If so, consider removing all but comprehensive coverage (essentially leaving fire, theft, and vandalism coverage) while it is in storage. If your carrier does not allow this, you should be able to remove the collision and perhaps reduce the liability limits to state minimum if it is the only vehicle on the policy. The only rub is that you MUST remember to add this coverage back onto your policy BEFORE you drive it again. I would suggest that you stick a sign right on the driver's seat to call your insurance representative prior to driving.
3. Review your deductibles:
The lower the deductible the higher the premium. If you first wrote your insurance policy with a $250 or $500 deductible, you need to consider if you would even file a claim if it was less than $1,000? Insurance companies have changed how they rate policies over the years and claim activity is one of the largest factors. If you file even two small claims within a few years, you will either get non-renewed or see a major increase in what you pay. So if you are not going to file that small claim of less than $1000 anyway, why should you pay for that low deductible? You could most likely make up this savings over several years by simply increasing your deductible.
4. Think about credits:
Are you getting all the credits due to you? There are numerous credits available so we would suggest that you speak with your insurance representative, but the more common ones to consider are alarm credits, good-student credits and multi-policy credits. If you have your home or business with one carrier and your car insurance with a different one, you may not be getting the best rate possible. This credit also can be as high as 20% so it is definitely worth considering having all of your policies with one company.
5. Get a quote:
If you have been with the same carrier for more than 5 years, it may be time to see if there is a better carrier to meet your needs. As with anything, companies change. What may have been a great fit for you 10 years ago with price and coverage, may not be so today. That is the benefit of doing business with an independent insurance agency, like HPM Insurance, as we have access to more than a dozen companies. If we see an increase in premium that is beyond the industry average, we can re-market your policy out to other companies. If you have your insurance with one company like Liberty Mutual, Geico or State Farm, the rates are the rates, as there is nowhere else to go within their company.
Have a safe and happy 2014!
This material is for informational purposes only. All statements herein are subject to the provision, exclusions and conditions of the applicable policy and laws applicable within the state. For an actual description of all laws, coverages, terms and conditions, refer to the insurance company or your state's insurance department.