If you were to do a Google search for “how to save money on car and home insurance,” you’d get a plethora of suggestions—for finding cheap insurance. But if you’re involved in a car accident, or crazy weather comes through Arkansas, is cheap insurance really what you want to have when you make a claim for damage? It’s more important to get the right insurance at the right, affordable price, so that when you make a claim, you know you are secure in your coverage.
Saving money when it comes to insurance is a good thing. We’re all for it here at M&P Insurance! We do it, too, with our own insurance. We live here in your state, city, and even your neighborhood. We have families, and need to save money, just like you. But there is a big difference between affordable, saving money, and cheap.
Ultimately, we aren’t saying not to save money on your insurance. However, make sure you are saving money where it counts and not where it will hurt later. Here are two of our top suggestions on how to save money, while still making sure your home and auto insurance coverage is right for you and your needs.
Our First Suggestion: Combine
Combine your policies with the same company—this is called bundling or multi-line. Most times you’ll save money when doing this, as most insurers in Arkansas will offer bundles or multi-line discounts. According to a 2019 article from Insurance.com, customers who bundled their home and auto insurance in Arkansas saved an average of $240 per year, or 12.8% more than those who did not bundle their insurance.
While we recommend bundling your home and auto insurance, it is also important to note that all of your insurance policies can be bundled, not just those two. From renter’s insurance, to motorcycle insurance, to RV insurance, to life insurance–chances are, if you have that policy, there might be an opportunity to bundle it with others to save a little money.
Our Second Suggestion: Work with an Independent Insurance Agency
Because they work with many insurers, independent insurance agencies can find you the best and most affordable coverage for you, without sacrificing coverage versus pennies. Find a good and reputable independent agent in your city or even neighborhood. Remember, they’ll most likely be living and working right there in your same neighborhood, and will know the ins and outs of what’s best for your area. They’ll also have statistics on the risks in your area and know what areas you can’t risk insurance coverage.
Remember to check online and with your friends and even colleagues to find out about an agent’s or agency’s rep!
Remember, Don’t Forget the Discounts…
Many factors can contribute to finding discounts on your home and auto insurance including telematics, safety features, organizations you are a part of–the list goes on. Take your car for example: If you have young drivers, you might possibly be eligible for a good student discount. It’s also possible that you might qualify for a discount if your car is a hybrid or uses alternative fuel. Make a list of any safety features you have for your car and home, so your agent can find you any and all possible discounts you might be eligible for, all resulting in money saved while still maintaining adequate coverage. You might have added security for your home, such as alarms; carbon monoxide detectors; added protection to windows, doors, roofs or walls; water leak detection; fire alarms or fire sprinklers, all which can contribute to finding you discounts.
What is Saving a Few Bucks on Insurance Really Worth?
Tip: Because there are so many factors to think about and consider, remember that just because it says it’s cheap, doesn’t necessary mean that it takes everything into consideration. A local, independent, agent or agency will sit down with you and go over all of your needs in great detail, factoring in all possible discounts, for saving you money while getting you the right coverage for all of your needs. The last thing you want is to save a few dollars on the insurance, and end up spending thousands because something wasn’t covered or doesn’t apply to your specific situation.
When it’s time for you to review your policies in the new year of 2020 (which should be done yearly), let us put our insurance knowledge and expertise in Arkansas to work for you in making sure you are properly covered at the best price for your budget and situation. Call us at 870-523-6771 or come on by our offices for a chat at 105 Laurel Street in Newport, Arkansas, so that we can help you save money on your car and home insurance in 2020!