Top 10 Insider Secrets To Insurance Savings

Our Insurance Experts Share Some of Our Top Tips For Saving Money On Insurance

1. Tell You Company About Updates

Did you replace your roof or heating system? Informing your insurance company about any updates you make to your home is important for adding coverage to updates, but also to help save you money. Did you know that some companies charge more money as your roof gets older?

Updates and additions to your home can also open the door to additional credits. Did you install an automatic generator? That could be a credit.

2 Get Your Credit In Shape

Your credit score is directly linked to your insurance rates. Insurance companies use an "insurance score" to calculate your rates and the insurance score is based off of credit.

Even small increases can mean big savings on your insurance rates. A couple of points on your credit score could help your insurance score to get you into better tiers on insurance pricing.

3. Who Is Listed First, Ya It Matters

If you are married, this is an important insider savings tip you should know about. Most married couples who are shopping for insurance will call around or go online use the name of the partner who is doing the insurance shopping. You always want to complete two quotes for every company you are shopping from, one with your name listed first and one with your partners name listed first.

4. Did Your Policy Edition Change?

Insurance companies are always improving their insurance products. These new products usually include new rating tiers and additional credits being offered. Unfortunately, unless you ask if their are new products available, they won't automatically tell you.

You may think you have the best rates available, but the company your are already with could be hiding additional savings for you and you don't even know it!

5. Small Claims Are A Waste Of Money

We see all sorts of claims that make us shake our heads. Your broken iphone screen shouldn't be claimed on your homeowners insurance. After you pay your deductible, there is usually only a couple of hundred dollars available and you still paid for the majority of your new phone screen out of pocket. When your insurance policy renews, you're likely to find that your rate have gone up and over the next few years, you will be paying more in surcharges on your insurance than you actually got back in the first place.

A word to the wise; this is a good reason why you should have an agent. They are someone you can call and explain a loss and they can give you a professional opinion of if it is worth submitting a claim. If you purchase an insurance policy direct and call their 1-800 number to get an opinion on a claim, they are required to file the claim. So, use an agent.

6. Think Lower Limits Will Save You $$?

This is one of our favorite insider secrets on insurance savings. People call us all day long for quotes on their insurance. When we ask what limits someone wants on their car insurance, a common answer is, "state minimum, I want the cheapest price" Would it surprise you that with some carriers that choosing the highest limits available is cheaper than state minimum limits?

This rating anomaly happens when determining what rating tier you fall into. Changing limits on your quotes could change your rating tier from a standard tier to a preferred tier.

7. Don't Use Today's Date!! It Costs More!

Let's pretend you are calling around and getting quotes for your auto and home insurance. When you are asked what effective date you would like, most people choose today's date. Don't choose today's date!

Insurance companies are not fond of impulse customers. They see customers who plan things out tend to customer who pay their bills on time and are less susceptible to risk. To attract more of these "lower risk" customers, many carriers offer a discount to customers who quote their insurance a couple weeks in the future.

8. Don't Bundle Your Home and Jewelry 

Jewelry loss and theft is a common insurance claim. Because of high claims, insuring jewelry is more expensive than insuring a famous painting of the same value. Many people schedule their jewelry on their homeowners insurance to protect their investment. In most scenarios, we don't recommend doing this. First, we have found outside carriers who specialize in jewelry coverage as a standalone have cheaper rates and better coverage.

Secondly, the majority of your premium for your home comes from the actual building coverage. If you lost your ring on vacation and claimed it on your home insurance, you will find that your overall rate will jump at renewal.

9. Add A Telematics Device

Insurance is a game of large numbers and crunching data from similar policy holders to determine your individual insurance rates. You could be a fantastic driver but are being rated in a group of policyholders who may not be the best drivers. It can be hard to prove to an insurance company that you are a great driver, but now you can by plugging in a telematics device to your data port in your car.

A telematics device sends a handful of metrics to you insurance company like, time of day driving, braking patterns, speed, and number of miles driven. The insurance companies look at the data they receive and then add credits up to 40% to your insurance. Best of all, even if a telematics device proves you're a terrible driver, it won't cause your rates to go up.

10. Hire A Broker - They're Free!

Today's society is very hands on, do it yourselfers. If you want to watch a Youtube video on how to replace a light bulb, that's one thing, but why would you want to do something complicated like buying your insurance online?

The best way to save money on any insurance is to go talk with a broker. The insurance companies pay broker a small % of the policy premium. Your price stays the same whether you go direct or use an expert.


Cote Insurance Agency provides home, auto, business, life and many other types of insurance throughout New York State including Glens Falls, Queensbury, South Glens Falls, Corinth, Greenfield Center, Wilton, Gansevoort, Saratoga Springs, Ballston Spa, Clifton Park, Schenectady, Scotia and Rotterdam. We also cover the counties of Albany, Schenectady, Saratoga, Warren, Washington and Rensselaer.
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