Insurance discounts offer a great way for responsible policy holders to realize significant savings, but the problem is that many people aren’t aware of what they may qualify for. In most cases, discounts are something you need to ask about, rather than expect to be offered.
Different insurance companies offer different incentives, and so there are many different ways in which you can earn insurance discounts and save money on your coverage while still protecting yourself and your property.
Top Four Types of Insurance Discounts
These are the four most common ways in which people can qualify for insurance discounts:
- Customer loyalty: If you’ve been with a particular insurance company for a long time, you may qualify for reduced rates simply because you’ve been so loyal.
- Good students: Younger drivers with good grades can help take some of the “sticker shock” off their insurance premiums, since many insurance providers offer better rates to students who are taking their education seriously.
- Good drivers: If you have a long history of safe driving, your insurer may be able to offer you a significant discount on your Alberta auto insurance.
- Safety features: Home features like alarm systems and auto features like anti-theft devices can also help you secure insurance discounts since you’ve taken quantifiable steps to reduce your risk.
More Ways Safe Drivers Can Save on Their Insurance Rates
In addition to building a lengthy track record of safe driving and adding anti-theft devices to your vehicle, you can also qualify for auto insurance discounts by enrolling in driver education programs or purchasing certain vehicles.
While driver education programs are primarily designed for new drivers, people of all ages and experience levels are eligible to take classes. It might well be worth your while to brush up on your skills if you know it will translate into savings on your monthly premiums. To help you get started, here is a list of Ministry of Transportation-approved driver education schools.
If you’re in the market for a new vehicle, you should also research your options to find out how much a specific car or truck might cost to insure. Electric vehicles and hybrid vehicles can typically be insured at lower rates, and vehicles that aren’t commonly targeted by thieves may also qualify for discounts. Insurers are all about mitigating risk, so the more proactive you are about reducing perils, both to yourself and to the insurance company, the lower your rates will be.
Finally, if you manage a commercial fleet, telematics are well worth considering. These devices track vehicle usage, generating data that your insurance company can use to quantify your reduced risk and help you get more advantageous rates.
Changing Jobs? Tell Your Insurance Company
Certain occupations can also help you qualify for discounts on your insurance. For example, teachers, members of the military, healthcare professionals, scientists, emergency responders and engineers typically enjoy reduced auto insurance rates.
The bottom line is simple: if you’re changing jobs or taking up a new profession, contact your insurance provider to see if you qualify for a career-based discount.
Reductions for Couples, Alumni and Bundling
If you’ve recently married, or if you’re soon to get married, you and your spouse should also contact your insurance providers to share the good news. Newlywed couples can secure discounts by combining their existing insurance policies into joint accounts, resulting in savings on home insurance, auto insurance and more.
Alumni of certain postsecondary educational institutions may also be eligible for insurance discounts. While such opportunities are often advertised in alumni publications and magazines, there’s certainly no harm in contacting your insurance company to see if your alma mater qualifies for a rate reduction.
One of the best-known ways to save on your insurance is to bundle two or more policies together through the same provider. For example, you can save as much as 20 percent by combining your home insurance and auto insurance together through Lane’s Insurance.
Top-Notch Service and Competitive Prices from Lane’s Insurance
Lane’s Insurance is a leading Alberta-based brokerage that works with some of the top-rated and most respected insurance carriers in the province. In addition to extensive customer resources, outstanding claims support and value-added service, Lane’s Insurance helps you save by getting insurers to bid on your business. The end result is fantastic coverage at unbelievable rates!
To learn more, or to discuss your insurance needs, please contact us at Lane’s Insurance today.