Blue Monday Insurance Savings Tips
January 20, 2020
Today is “Blue Monday” for 2020, the day that studies have shown is the “most depressing day of the year.” The holidays have long passed, the bills are coming in, it’s dark and cold, and new year’s resolutions are getting difficult. We are looking on the bright side and finding positive things to do to lift our spirits, and saving money is one of them!
We understand that insurance may not be the most exciting aspect of your life; however, we have some insurance premium savings tips that may help remove the BLUE MONDAY blues.
1) Adjust deductibles without making a big sacrifice on coverage. An increase of comp and collision on auto insurance can save a few dollars in premium.
2) Consider evaluating the need for full coverage on vehicles older than 10 years.
3) Do the math to consider taking the risk of a higher homeowners deductible. In other words, moving your deductible from $500 to $1,000 increases your risk by $500 per claim. The savings can range between 5% and 10% of the homeowner premium. Calculate the savings and divide into the $500 to calculate how many years it will take to break even if you have a claim. If only a few years and you’ve got a good claim history…might be worth the savings.
4) In addition, consider this…some people don’t want to record a claim for small mishaps for fear of their premiums going up. If you don’t think you’d put a claim in to your insurer for claims less than $1000…then you might as well take the savings of increasing your deductible.
There are more ways to save on your insurance. Contact your FAPCO agent to learn more!