Insurance Policy Review: How to Find Opportunities to Save Next Year
Dec 3, 2024
2 min read
As you reflect on this year, it may be time to review your insurance policy. What matters the most to you? What do you want to ensure is protected in the new year? The future can be unpredictable, and you may want to ensure everything in your insurance policy is current as the new year begins.
How Much Could You Have Saved on Insurance This Year?
Before changing anything on your policy, it’s important to review your insurance coverage as a whole, to see if you have any coverage gaps. Looking at all your insurance policies together could help ensure you aren’t overpaying on any of your coverage.
It’s also possible that you may have missed opportunities to lower your insurance premiums, like bundling your home and auto coverage.
Policy Adjustments to Lower Your Insurance Premiums
Due to the conditions of the insurance industry, pricing changes over the last year are likely to have occurred. Significant life events also could have occurred that could impact the amount of coverage your loved ones need.
It may be an ideal time for you to sit down with your insurance agent to discuss and make any adjustments to your coverage so that it better fits your needs. Here are some things you could ask your agent about.
Bundling Home and Auto Insurance
By bundling your car insurance with your home insurance at Farm Bureau Financial Services, you could receive an insurance discount.
Additionally, you’ll have the one deductible advantage, meaning you pay one deductible for all your covered possessions for a claim, and you’ll also have the convenience of only one policy and one premium payment.
Raising Your Deductible
You could save money on your insurance premium by increasing your deductible. By choosing a higher deductible, you generally agree to take on additional responsibility and pay out of pocket for smaller claims, which means your insurance premium cost may decrease. And, with our one deductible advantage, you’ll only pay one deductible when you bundle.
Before making any changes, talk to your insurance agent about what deductible is right for you and your loved ones.
Enrolling in a Safe Driver Program
Do you want to save money on your auto insurance? If you’re a safe driver, there are a couple different programs at Farm Bureau Financial Services that could help.
Driveology® is a usage-based insurance program that monitors your safe driving habits, such as avoiding phone use and harsh braking.
The Safe Young Driver discount — designed for drivers under 25 — gives inexperienced drivers the chance to build skills and confidence behind the wheel while earning a discount.
Talk to your Farm Bureau agent about auto insurance discounts available to you.
Adjusting Your Coverage
It’s probably likely that you have had some changes in life since the last time you reviewed your coverage. Maybe you have a newborn, you bought a new vehicle or moved houses. Significant life changes can impact your insurance coverage, so it’s important to adjust accordingly to ensure your coverage matches your needs.
Paying in Full Annually
The Paid in Full Discount can help you save money based on how you pay your premiums! If you pay your annual policy premium in one payment for your vehicles, property or even life insurance instead of paying periodically, such as monthly, you can lower your overall insurance costs.
Adding Policies That Can Help You Save
Have you thought about adding a life insurance policy or an annuity to your existing policies? By adding a life insurance policy or annuity, you could receive a Financial Services Discount that can help you protect your loved ones at the same time as protecting your vehicles and other property.
Claiming Other Insurance Discounts
There may be other discounts available for you depending on your insurance policy. If you’ve recently replaced your roof or installed a home security system, you could be eligible for discounts to lower your insurance premiums.
Ask your insurance agent about these discounts at your insurance policy review to see if you are eligible.
Schedule Your SuperCheck®
Life changes fast and you never know when the unexpected could happen. As the new year begins, make sure you’re protected by talking to your local Farm Bureau agent and scheduling a SuperCheck® today.