Insurance News
February 2, 2017
Top 10 Tips: Stretching Your Auto Insurance Budget

There’s more to an auto policy than year, make and model. The driver matters as much, if not more, than the condition and value of the vehicle, as well as how you manage the policy. If you’re trying to make the most of your auto insurance budget this year, consider asking your agent the following questions:

  1. “Can I save money if I prepay for my entire policy term?”
    Weiss Agency Tip: How would you like to get an extra $100 – $250 with your Tax Return? If you prepay on your auto-policy, that, in effect is what happens. If your policy is near renewal, ask your Warren Weiss Risk Advisor for a pay-in-full quote.
  2. “What if I hardly ever drive my vehicle?”
    Weiss Agency Tip: If you’re only using your vehicle on the weekends or to get around town, you may be eligible for a low mileage discount. Discuss how frequently you drive your car with a qualified Warren Weiss Risk Advisor to determine if you’re eligible for related policy discounts.
  3. “How much would I save if I insure my home and my vehicle(s) with you?”
    Weiss Agency Tip: If your home and auto insurance policies are spread across multiple brokers, you’re almost certainly overpaying in premiums. Bundled policies save bundles of cash. (No extra charge for that pun.) Ask your Warren Weiss Risk Advisor about the price advantages.
  4. “Can I enroll in a defensive driving course to reduce my premium or increase coverage eligibility?”
    Weiss Agency Tip: Turns out, continuing education even helps with your insurance. Depending on your circumstances and your policy, proactively taking courses through the DMV or a local driving school might make you eligible for price breaks. Ask your Warren Weiss Risk Advisor for a list of schools in the area.
  5. “I use my personal car for business sometimes. I’m covered, right?”
    Weiss Agency Tip: To put it simply, in the view of most insurance carriers, what’s business is business, and what’s personal is personal. If you own a business, are in sales or ever travel for work or meetings, a personal auto insurance policy won’t necessarily protect you in the event of collision or damage. Be sure to mention all the ways you use your vehicle to your Warren Weiss Risk Advisor. We’ll develop a risk profile, and ensure you understand what’s covered in what circumstances.
  6. “My occupation is relatively low-risk. Can that help me in any way?”
    Weiss Agency Tip: Working in a low-risk profession such as engineering might make you eligible for better rates on life, disability and long-term care insurance. On the other hand, if you work from home, your homeowner’s policy might not cover business-related incidentals. Talk to your Warren Weiss Risk Advisor about how your career might have an impact on your insurance.
  7. “What if I’ve never filed an insurance claim?”
    Weiss Agency Tip: In certain cases, a blank-slate claims history makes you eligible for an annual claim-free discount. Likewise, if you take good care of your personal property, including your vehicle, you might be able to save on your policy premium by reducing your deductible for every year you are claim-free. Your Warren Weiss Risk Advisor will know whether that’s an appropriate measure, so be sure to ask.
  8. “My vehicle has advanced safety features such as anti-lock brakes, a reverse camera or collision detection. How can that help me?”
    Weiss Agency Tip: Besides making you a better driver, advanced safety features drastically reduce the likelihood that you’ll be in an accident. Incidentally, if you’re shopping for a new vehicle, it behooves you to shop as much for these features as you do for brand, color and style. While they might increase the vehicle’s price tag, they’ll translate into big savings on your insurance coverage—and they can be life-saving, too.
  9. “Can I commit to a long-term policy?”
    Weiss Agency Tip: If you find you’re constantly shopping insurance agencies all to save a couple bucks, consider this alternative: Certain insurance products offer discounts if you make a long-term commitment. To learn more about these products and whether you’re eligible, schedule an appointment with your Warren Weiss Risk Advisor.
  10. “My car or home is almost paid off. What happens then?”
    Weiss Agency Tip: Many insurance carriers consider personal property liens—that’s your mortgage, or car loan, for example—very risky. The good news is this: The costs of a caring for a well-maintained aging vehicle can be partially offset by insurance discounts that come with a paid-off loan. If you’re down to your last few payments on your vehicle, or a residence or any personal asset that you had to borrow money for, be sure to notify your Warren Weiss Risk Advisor.

How well did you do with this edition of Top 10 Tips?

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