Between rising costs of auto parts, changing consumer behavior and labor shortages, economic conditions are driving increasing Insurance premiums. As the cost of goods and services go up, so too do the costs of protecting these items with Insurance.
With insurance premiums increasing, saving money where you can becomes that much more impactful. To help, we’ve compiled a list of life events that can drive reductions in insurance rates.
Major Life Events
When your life changes, you need to make sure your insurance policies keep up. If any of the following apply to you, make sure you re-evaluate your coverage:
- Purchase of a new car
- Moving into a new home
- Getting married
- Having a child
From expanding your existing coverage to bundling new policies, get an updated quote to see if you can save on your changing needs.
Change in Credit Score
Many states use Credit Score as a factor in determining insurance rates. In fact, people with no or lower credit pay significantly more than those with an excellent score. If you’ve been working hard to establish or repair blemished credit, get a new quote to see if a higher score can lower your rate.
Home Improvements and Vehicle Safety
Have you made major home or vehicle improvements? Maybe you’ve updated the electrical or plumbing systems in your house or added a new room. Or maybe you’ve upgraded your car alarm or added LoJack? Consult your insurance carrier to make sure these changes are covered in your existing policy. In many instances, adding safety or anti-theft features can reduce your rate.
College Graduation
Generally speaking, college graduates and recipients of a Master’s Degree or Ph.D. pay lower insurance rates. Similarly, providers have found that specific occupations correspond with lower incidents of accidents. If you’ve recently graduated, changed jobs or joined a professional association, give your insurance coverage a second look to see if you can save.
Experienced Drivers
While most of us dread getting older, insurance providers see age as a measure of driving experience. With more experience comes lower risk for insurance companies — that means lower costs for you. If you or your child recently turned 25, get an updated quote to see if you can save.
Accident-Free Driving Records
Most accidents and traffic violations will fall off your driving record after three to five years. If your premiums increased because of an accident or ticket, it’s worth reviewing your existing policy to see if your updated driving record carries a reduced rate.
Call Michigan First Insurance Agency today at 866.912.2660 for a complimentary quote from our personal insurance shoppers and determine whether you can save on your premiums! Our agents shop 40+ carriers to find you the best coverage for the best rate.