Your NH Car insurance premium can be one of the largest monthly expenses you pay. To ensure you are not paying more than you should, be an informed consumer who does not simply throw the policy in the drawer each year without a thought. You may be throwing money away.
Some of the top recommendations that the staff of Holt Proctor McBriarty Insurance Agency make in regards to saving money on NH car insurance are as follows:
1. Multiple policy discount: Insurance companies will add an automatic credit of anywhere from 10% - 20% by simply having both your car and homeowners/tenants insurance with the same company. We rarely see it more cost effective to have these policies with separate carriers, with the exception being if there is a driver we more than a few moving violations or accidents on their record.
If you do not own a home, and rent instead, the discount on the car insurance can sometimes pay for the cost of getting renters insurance! It is rare that you can get something for nothing.
2. Pay your premium in full or set up EFT (Electronic Fund Transfer): If you can, pay your premium in full. That way you do not have any installment fees. As this can be difficult, another option is to set-up EFT. EFT means that you have provided the insurance company with your bank and checking/savings account information so your premium is automatically pulled, on a specific date, on a monthly basis. This reduces the risk of missing a bill and having the policy cancel for non-payment and almost always significantly reduces the installment fee. Many of the insurance companies we write with charge anywhere from $4 - 10 per installment if the bill is sent by mail. This fee can be eliminated completely or reduced to $1/$2 with EFT. Compounding the installment fee/savings over the year(s), really adds up.
3. Are you paying for insurance on a car that you only drive for part of the year? The winters in NH are long. If you have a car that is parked for the winter and not driven at all, you should consider removing the liability, medical payments and collision coverage while not in use. You can keep the coverage for fire, theft, glass, hitting an animal and vandalism (aka: comprehensive or other-than-collision coverage) as the car is still subject to these risks, but most of the premium is from liability and collision coverage. If you don't drive the car for a few months, there is no reason to pay for it. A word of caution though- you must remember to call your insurance agent before you start driving the car again in the spring. If you do not, you would will not any coverage for a car accident (beyond what is covered by comprehensive). This is risky, but with today's devices of electronic reminders and calendars, you can simply set-up the reminder to call your agent each fall and spring.
4. Raise your deductible: At Holt Proctor McBriarty Insurance Agency in Milford NH, we have had clients for more than 25 years. When we first wrote their car insurance, it was very common to pick a $100 comprehensive and collision deductible, but $100 isn't what it used to be. Some insurance companies will surcharge a policy with such a low collision deductible. To see if it is "worth" the savings, have your agent quote the difference in premium between $100, $250, $500 and $1000. The savings can be significant, especially with collision coverage.
The savings is not typically as big with comprehensive coverage (which again includes coverage for fire theft, glass, hitting an animal, and vandalism). Some companies are now offering a "$0" deductible for glass and then a separate deductible for any comprehensive claim besides a glass claim. This is a great option, as no one is happy when they have to pay more than $100 for a windshield.
5. Discounts, Discounts, Discounts: Like many industries, insurance is quickly changing. In just a few years, we have seen companies add many discounts that were not available before. Be sure you are getting all the discounts you are entitled to such as low mileage, education discount, driver training discount, good student discount and non-factory installed alarm credit.
If you are still not sure you are getting the best rate, call Holt Proctor McBriarty Insurance Agency in Milford NH or your NH insurance agent. That is what why you pay your agent, but they can't help you if they don't have all the information.
It may be very possible to save money on your insurance without sacrificing coverage. That is a win win for everyone!