Top 10 Ways to Save on Insurance in 2011

It’s the start of a new year and many Michigan families are looking for ways to save on a variety of household expenses. Many people believe that the only way to save money on insurance is to get a cut rate plan online, that offers high deductibles and the bare minimum of coverage. In reality, that’s just not true. To get the best coverage, and a plan that will provide the support you and your family need in an emergency, you should plan to evaluate your insurance needs with a licensed insurance agent. The knowledge provided will far outweigh any potential online savings. Putting your family’s assets at risk to save a few dollars just doesn’t make good sense as there are far more effective ways to save on insurance.

Here are 10 simple steps you can take to reduce your insurance bill: 

1. Consolidate all of your insurance with a single provider. Most companies that offer multiple types of insurance offer generous multi-policy discounts. You may even be able to combine personal and commercial policies for even greater savings.
2. If you should change anything to your house, the neighborhood or car, make certain you advise your agent. Many companies will provide credits for new roofs, deadbolts, protected subdivisions, vehicle security systems and much more. Even something as simple as purchasing a fire extinguisher for your home can result in a discount.
3. If it’s possible, pay your policy in full to avoid payment plan fees and to take advantage of any payment discounts your company may offer.
4. For your personal auto, if you have a young driver on your policy, a lower insurance bill might be another reason to stress the importance of good grades. Many companies will offer discounts for good students - usually a B or better average or 3.0 or better on a 4.0 scale is required for a discount.
5. Also keep in mind that if you are furnished a company car for work, you may qualify for a multi-car discount.
6. Many insurance companies offer discounts to employers or organizations for their employees and members. Check to see if you qualify for a group discount through your employer or any trade or community organizations that you participate in.
7. Did you resolve to quit smoking this year? If you’re looking for some added incentive, you should know that smokers pay an average of 40% more for life insurance than non-smokers. Also, many companies offer a discount on Homeowner policies for non-smokers.
8. Consider increasing your policy deductibles. A good rule of thumb is to use the “Seven Year Rule”. If you save more than the deductible in the next 7 years, increase your deductible. 
9. Discuss the potential savings of purchasing an umbrella policy. You may be able to lower your general liability coverages and replace them with an umbrella policy which provides broader coverage.
10. If you do have a claim – and you will – consider your deductible and any credits you might lose before turning in a small claim.

Most importantly, select an agent and company you have confidence in and that will provide the support you and your family need. Be sure that the company has a local agent that you are comfortable with. If you have questions or concerns about your current coverage or want to know about money-saving options, you should be able to call your agent and schedule a review to make sure your coverage needs are being met and that you aren’t paying for more than you need.

For more information about how you can protect your assets, visit the Fremont Insurance Facebook page or website.

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Kurt Dettmer is Vice President of Marketing for Fremont Insurance, which is a Michigan exclusive company offering products through 175 independent agents across the Great Lakes State.

Fremont Michigan InsuraCorp, Inc. is the holding company for Fremont Insurance Company. Headquartered in Fremont, Michigan, the company provides property and casualty insurance to individuals, farms and small businesses exclusively in Michigan. Fremont Michigan InsuraCorp’s common stock trades under the symbol FMMH.