Danny Knight Insurance

The right insurance at the right price

January Insurance Tips

Thu, 01/19/2012 - 13:12 -- Danny

As we start another year, it's a good time to look at ways that you may be able to save money on your home and/or auto insurance.

Danny Knight Insurance Agency looks forward to working with you in 2012.

Insurance Discounts

  • Multi- line discount- having your home/auto etc. within one insurance company saves you big time. This is the #1 discount you could have

  • Claim free discount- many companies give you a nice discount for being under a certain amount of claims

  • Higher deductible- if you have low deductibles on your auto and/or home this could be an excellent way to decrease premium, especially on your homeowner’s insurance. A $1,000 deductible can save you a large portion on your premium

  • Multi- Car discount- having all your automobiles on one policy saves $

  • Non smoker discount- insurance companies give you a discount on your home simply for not smoking in it!

  • Protection Devices

    • Auto- If your vehicle(s) have anti- theft or alarm this is a discount

    • Home- Most homes have deadbolts, fire extinguisher and smoke detectors

    • Home- Having a Central burglar and fire alarm is another major saving

  • Non drinker’s discount- Some companies offer this discount. If they know you don’t consume alcohol, then they know you aren’t drinking and driving therefore they give you a small discount

  • Safe driver discount- Defensive driving courses are an excellent way to save money. Some community centers will offer this course for FREE. Most of the time, the certificate you receive from taking this class is valid for 2 years! Your auto policy is generally every 6 months, so for 4 terms you could be receiving a discount for this.

  • Pay Plan discount- Paying in full is an automatic deduction. Some companies offer a 2 pay discount which entails paying half and within 60 days paying the second half

  • Paperless discount- While most insurance companies still send out paper applications, some insurance companies prefer to send all paperwork via email. Progressive is an avid promoter of paperless discounts.

  • EFT discount- This isn’t a huge saving, however, it is a saving and adds up. Automatic withdraw from your bank account alleviates small service fees. You could be paying anywhere from $3 to $6 in service fees every bill. Setting your policy up on EFT is usually no service fee charge or around $1. It also prevents late fees from occurring. Most companies allow you to pick your draft date as well.

Other Tips to keeping insurance cost down….

  • Make sure you are reading your policies. For example, if you have a vehicle that is over 10 years old maybe it’s time to think about dropping Collision off the vehicle. Keeping your Comprehensive coverage protects you from vandalism, fire or theft (or missiles, like deer & rocks) and isn’t as expensive as Collision.

  • Low annual miles. If you aren’t driving your vehicle as much (you retired, you became unemployed, or vehicle is temporarily broken down) call us and let us know.

  • Young drivers- encourage your teenage drivers to take the drivers training course and keep up their grades. Adding a teenage driver HURTS and with those 2 discounts available it’s important to obtain them.

  • Insurance companies also base premiums on credit scores. If your credit isn’t the best set a goal to start trying to improve it. This takes some time but is worth it.

  • At every renewal, READ your policy and CALL your agent. Ask us questions you may have and make sure that you are receiving all the discounts you are eligible for.

  • Make sure you are maintaining your property. If you make improvements or repair items on your home let us know. Keeping your home in good shape is imperative to keeping a good homeowners policy.

  • If you forgot to make a payment, call us. We are allowed to remove one late fee per year. That’s approximately $10 you don’t have to pay. Be warned though insurance companies do keep track of this and are only willing to do it one time per year.

  • Stay loyal to your insurance company. While we are bombarded daily with the internet and advertising, staying with one company actually is beneficial to you. The longer your relationship is with an insurance company the better they can help you out of a tricky situation.

    • For a real life example in our office…. An insured forgot to pay her homeowners due to a death in the family out of state. She was out of state for a month dealing with family matters. No insurance company wants to insure a home with no insurance over 30 days. However, due to the fact that she had been a customer with the insurance company for over 15 years, the underwriter allowed her home to be rewritten. It’s important to receive the best premium but also to be insured with the best company.

Basic Insurance 101

  • Remember that Replacement Cost is what it would cost to REBUILD your home. In today’s market, you can buy/ sell a house for less than it would cost to rebuild. Insurance companies insure homes at Replacement value not Market Value.

  • All insurance companies throughout the state of Georgia are enforcing stricter guidelines on homeowner’s policy. It’s imperative that you maintain the property and make your payments on time. This next year rates will be going up across all boards. Hang in there. With all the storms we have had within the last couple years, the insurance companies will have rate increases.

  • In the state of Georgia, it is required by law to have insurance on your vehicles. If you let your policy lapse or cancel the state will fine you for not maintaining coverage.

  • Do your homework. Read internet articles/newspapers etc. Stay informed on the insurance industry.

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