What do New Year resolutions mean to you? Achieve specific goals in life? Make your and your family’s lifestyle better? Or, just because it’s a custom and you too need to have one like everyone else? Did you hear about any such resolution that could fatten your wallet?
Here are seven resolutions that could lower your insurance rates.
1. Get married: You might be wondering how could getting married lower your insurance rates. Well, nowadays many insurers take into consideration your marital status while analyzing the risk factors you possess. Some large car insurance companies consider married couples as less risky, and being married you can become eligible to avail some discount.
2. Lose weight: If you fall among the ? of Americans who are overweight or suffering from obesity, losing weight could help you reduce your life insurance premiums. Yes, this is true. Whether it’s an existing or old policy, you can reap the benefits through weight loss. Just by slimming down you can save 5%-10% on the premiums of your permanent life insurance policies. Just get in touch with your life insurance provider for better rating classes once you get in good shape. However, not all carriers allow existing policyholders to apply for better rating classes. So get in touch with your insurance provider for details.
3. Raise your deductible: The science of deductible is pretty simple. The more your deductible is, the less you pay in premiums. Nowadays, most insurance companies recommend a deductible of at least $500. However, you can have a chance to save upto 25% on premiums if you can afford to raise your deductible to $1,000.
4. Install an anti-theft device: Often, additional anti-theft devices in your vehicle reduces your auto insurance premiums. So in 2015, you could try using an alarm system, a visible wheel lock, VIN chemical etching and electronic keys. However, before that gather specific details from your insurance provider about anti-theft devices and installations.
5. Quit smoking: Smoking dramatically increases the cost of your permanent life insurance premiums, as well as that disability and long-term care insurance. In order to qualify as a non-smoker while availing life insurance policy, most insurance providers need you to be tobacco-free for at least 12 months or more than that. However, John Hancock, offers a "quit smoking incentive" program for its universal life and variable universal life products. This program offers standard nonsmoker rates for three years to individuals who intend to quit smoking. However, the reduced rate remains for life if during the three years they see that the individual has quit smoking for at least 12 months.
6. Raise your credit score: Insurance carriers operating in some states make use of an individual’s credit information as an important factor while determining car and home insurance premiums. People having average or above-average credit score can manage to get lower monthly premiums than people with below-average or poor credit score. Catch up with your late payments, pay your bills on time, and make sure you keep your credit card balances under 30% of your credit limits in order to make your credit score better.
7. Get auto and home insurance policies from the same provider: Some companies that sell both auto and homeowners policy, can take down your premiums by 5%-10% if you have both your policies with them. So if you have your policies from different carriers, this is time to bring them under one single umbrella.
