Below are some suggestions from Centennial State Insurance Agency.
There are ways for you to lower your insurance premium without lowering limits and protection.
First, what are your deductibles? Do you have an older vehicle where the deductible you are carrying is equal to greater than the value of the vehicle? If this is the case, you may not get anything from the insurance company if the vehicle is damaged or totaled. Can you raise your deductible? Can you afford more out of pocket if the vehicle is damaged? If so raising your deductible will lower your premium.
Are you getting all the discounts that you qualify for? Some of the more common ones that can impact your rate:
Good Student discount: Your teen driver will need a GPA of 3.0 or better but an important discount.
Defensive Driving discount: Most companies will offer this to teens drivers that have completed a certified class, and some will offer it to older drivers.
Multi Policy discount: Companies will offer a discount to both the home and auto for placing both lines of business with them You can a discount from 10% to 20% on both your home and auto by doing this.
Telematics: This is a new program being offered by insurance companies. You plug a device into your car for 90 days and they track your driving habits (speed, braking, time of day driving to name a few). At the end of the 90 days they evaluate the date and offer an additional discount. We have seen these range between 5% and 20%.
Annual miles driven: It is important to give the accurate miles you drive a vehicle. Companies will offer lower rates for fewer miles driven. They will often verify the miles each year so be accurate.
Pay plans: Companies will give you a discount for paying your premium in full. They will also give discounts on monthly pay plans if you set it up on EFT or credit cards with some companies
Give us a call at Centennial State Insurance to review your insurance policies and coverages. We will make sure you have the right coverages for the right premium.
303-838-0554 or on the web at centennialstateins.com.
Colorado insureds have seen their auto insurance rates increase significantly over the last 3 years and unfortunately, we are going to see it for at least the next 2 to 3 years.
What are the main reasons behind these rate increases? First, it has been the 5-year long cycle of catastrophic hail storms. Colorado saw the largest storm in state history in 2017, estimated at $2.3 billion. In addition to this storm, there has been several others that are in the top ten in dollar amounts of damage. Not only have these storms been in the Denver front range but we have seen damaging hail storms in Woodland Park, Jefferson, Bailey and Conifer. As result of these storms, Colorado is now the second leading filer of hail related claims in the country, behind Texas.
Second, is the increasing cost in bodily injury claims. These are claims that result from an injury in an auto accident. The one area we can all relate to that impacts these claims is the rapidly increasing cost of health care in the United States. In addition to this, the increase in litigation and legal expenses that come with these types of claims. These expenses are passed on to all of us.
Third, the increase in the population and the total miles driven in Colorado has led to an increase in the number of accidents. We have also seen an increase in the number of new vehicles being purchased. These vehicles come with all the innovative technology and the fancy bells and whistles we all love. Unfortunately, with this comes an increase in repair cost for these vehicles. Bumpers repaired on a 2006 for $500 – $1000 is going to be $1000 – $2000 for a 2017 vehicle. We are also seeing windshields in the $1000’s that were $200 – $500 to replace in the past. This is a result of the innovative technology in these windshields.
What can you do to help keep your increases down?
Make sure you are getting all the discounts you qualify for: Multi car, multi policy ( auto-home),and good student, if you have a teen driver. Companies such as Safeco, Travelers and Progressive are offering telematics programs. This is where you plug a device into your vehicle for 90 days. At the end of this time they can increase the discount based on the tracked driving habits. Companies also offer discounts for different pay plans, pay in full, EFT or credit card.
What can Centennial State Insurance do for you.
We will first make sure that you are properly insured in the event of a catastrophic hail storm or if you or a family member are involved in an accident. We want to make sure that you have the coverages to take care of your auto or home and that you have liability coverage to help protect your assets.
After reviewing your coverages and deciding on what is needed we will shop you with several different companies to make sure the rate matches the coverages. As an independent agency we have choices on the companies we can place you with.
Give us a call at Centennial State Insurance Agency to have us review your insurance needs and coverages. 303-838-0554, centennialstateins.com