Insurance may be one of life's necessities, but that doesn't mean you wouldn't want to save money on it whenever you can. The good thing is insurance is customizable so you can save money without having to sacrifice coverage.
- Be conservative with coverage: The goal of an insurance product is not to make the insured wealthy after an insurable incident, but to make them whole. In order to make an insured whole, the insurance company will pay benefits that are equal with the value of the items lost or damaged. For example, if your car is totaled and you have comprehensive and collision coverage, but your limits exceed the Kelley Blue Book value of your car, your insurance company will likely not pay out the entire benefit. Instead, they will look at the actual value of your car based on its age and condition and will payout that amount. Understanding the actual value of the property you insure rather than the emotional value you place on it, will help reduce your premiums because it will ensure that the coverage is accurate for the potential losses.
- Pay your premiums annually: Insurance companies often charge a fee to those who wish to enjoy the convenience of a premium broken down into installment payments. That means if you are prepared to pay your premium in full once per year, you can save money.
- Increase your deductibles: As your salary and career track changes, you may be able to take on more personal financial risk after an insurable incident. If you can, then you may be able to increase the deductibles for certain insurance policies. Deductibles are the portion of the damages that you pay out-of-pocket before your insurance company begins making payments. Before raising your deductibles, it's a good idea to look at the total amount of deductibles you have across all insurance policies so that you can make sure you haven’t obligated yourself to too many deductibles in the face of an insurable incident that could affect multiple policies.
We can help you find discounts and other ways to reduce your Beaumont TX auto insurance premiums. Just give us a call at 409-899-9531 and one of our experienced agents will work with you to create an insurance portfolio that is comprehensive, affordable, and reliable.