Auto Insurance renewal Discounts
When it comes to your auto insurance, being a loyal customer can benefit you. Many companies offer auto insurance renewal discounts to thank long-term customers for maintaining their auto insurance policy in that same company.
Loyalty means savings
Auto insurance Companies appreciate those who stay with them. Since the insurance industry is highly competitive, the average in which customers change their suppliers is rapidly rising.
Transferring to another company has never been easier with the prevalence of online databases that allow you to get multiple auto insurance quotes by simply filling out a general form.
To prevent your customers from looking for other companies and to keep them happy, many auto insurance companies offer insured discounts that renew their car insurance with them.
How much will I save?
Your savings for auto insurance renewal discounts will vary according to:
Your auto insurance provider.
The time you take as your client.
The renewal discount will apply so you have decided to only purchase the minimum liability coverage of your state or if you have opted for a policy that includes higher limits or optional coverage types, such as full-risk coverage and collisions.
Most companies offer auto insurance renewal discounts as a percentage discount on your total premiums.
However, some auto insurance renewal discounts may be a fixed rate reduction. For example, a company could offer a renewal discount of $50 or $100 of your premiums as a reward for being a loyal customer.
Early renewal Discounts
Depending on your auto insurance company, you’ll find that you can save money simply by renewing your policy early. This means not waiting until the expiration date of your policy to renew it.
In general, waiting to decide if you want to renew or change auto insurance company can affect you negatively. If your car insurance coverage expires and you get caught driving without the insurance required, you can face:
Suspension or revocation of your driver’s license and any reincorporation fees.
Application requirement for SR-22. Jail time.
Instead of waiting until the last minute, it’s a good idea to renovate early. You can save severe consequences for a maturity in your coverage and even save money on the process.
Some insurance companies discount up to 5% of your premium simply by renovating early.
Other discounts for loyal customers
While choosing to renew with your same insurance company is usually a great way to save money, it’s not the only way to get cheaper auto insurance.
Loyal customers can save money on their auto insurance coverage by expanding the coverage they buy through a company. Many auto insurance providers offer the following:
Multi-car discounts – many auto insurance companies will provide up to 20% savings if you secure your multiple vehicles under the same policy.
Multi-policy discounts – you can usually save a good amount of money if you choose to group your auto insurance with your homeowner’s insurance or tenant’s insurance
Most auto insurance companies have a list of the types of discounts they offer on their Web pages. To make sure that you are getting all the discounts you are entitled to, you can also meet with your insurance agent to review your current policy and decide if your coverage is satisfying your needs.