Just opened your insurance bill?  If you are like most people, you’re unhappy your rates have gone up and your want to know why/. You also want to know what you can do to pay less. At Peter B. Crily & Associates we want our customers to know the facts and learn ways they may be able to lower their premiums. We’ve written this blog post to try to help you out.

The answer to the first question is fairly straightforward.  Although cars have added many safety features and there are less traffic fatalities, Americans love their gadgets and engage too closely with their phones.  Everyone is rushing to get somewhere and juggling several activities at once.  The result is distracted driving and more auto insurance claims. More claims mean everyone pays because the risks are spread out among consumers.  The result is higher insurance premiums.

How can you lower your bill? If you are not already bundling insurance policies together for a discount, begin now.  Buy policies from same insurer and you are likely to pay a lower rate. Nationwide Insurance offers discounts for multiple cars, car and home, and a variety of combinations. At Peter B. Crilly & Associates, our agents will sit down with you and provide multiple quotes to compare with other policies you may currently have with competing carriers and then you can decide what is best for your needs.

Another way to lower your insurance premiums is to raise your deductibles. You can significantly reduce premiums for auto and homeowners insurance by carrying a higher deductible. According to the Insurance Information Institute, Increasing your auto insurance deductible to $500 from $200 could reduce your collision and comprehensive coverage by 15% to 30%.  Reducing your deductible even more could further slash the cost of your premiums, but make certain your have the resources to pay the out of pocket expenses in case you are in an accident.

Are you getting all the discounts you are entitled to?  If you have a safe driving record, work from home, or live close to work you may qualify for additional discounts.  If you have teenage drivers and they are good students with a GPA of 3.00 or higher you will also qualify for discounts.

One of the ways that insurance premiums are determined is on the basis of your credit rating.  It is very important to maintain good credit. There is a statistical correlation between  credit scores and the likelihood of an insurance claim being filed.  What that means is that drivers and homeowners with low credit scores pay higher insurance rates than consumers with excellent credit ratings in most states. In order to maintain a good credit score check your credit reports on a regular basis to make certain they are accurate. Pay your bills on time and don’t carry a large credit card balance. It can also be helpful to reduce the number of cards you hold, making it easier to track your spending and credit card use.

If you have any question, call us at 410-571-1771 or 410-956-1111 or email one of our agents on our contact page.