For many of us, we appreciate when people acknowledge that we’ve done something good or helpful for them. These acknowledgments can be gifts, rewards, or in the case of insurance – discounts. Insurance companies want to reward their customers, that’s why, in this article, Stanton Insurance will explain the different types of policy discounts and how you may qualify for them.
Key Takeaways:
There are several different types of policy discounts that can be applied to your car insurance policy which saves you money.
- Paid-in-full Reduction: This discount is provided to drivers who pay their entire auto insurance premium up-front.
- Multi-car Discount: The multi-car discount is for individuals who have multiple cars insured by the same agency.
- Bundling: Bundling means that you have more than one policy with an insurance agency, like auto and boat insurance. When you bundle, insurance agencies will provide discounts.
- Loyalty: This discount is provided to drivers who renew their policies with their insurance agencies. The agencies want to reward the driver’s loyalty.
What Is A Paid-In-Full Reduction?
It is common for drivers to pay their insurance premiums in segments every six months or annually. However, if drivers pay their entire premium up-front, they will likely get a discount on their policy. For this discount to work, you will most likely have to pay the entire premium by the first day that the policy sets in. For more specific details, you should contact your insurance agent to see how this discount can save you some money.
What Is A Multi-Car Discount?
A driver may become eligible for a multi-car discount if they have multiple cars insured by the same company. With some insurance companies, having a multi-car discount can save you hundreds of dollars a year. There are usually some stipulations for this discount though, which include all cars on the policy should be owned by family members in the same household. For families with teenage drivers, this may be a discount worth inquiring about.
What Is Bundling?
Drivers may qualify for a bundling discount when they carry two or more policies with the same insurance company. For example, if you carry auto and homeowners or renters insurance with the same company you will most likely be provided a discount. This is because your insurance company wants your business and encourages customers to carry multiple insurance policies with them. Bundling is a term used in many popular insurance commercials, make sure you ask about bundling when visiting Stanton Insurance.
What Is A Loyalty Discount?
Insurance agencies want to keep their clients after a policy term is reached, so they will often provide discounts to individuals who renew their policies. However, customers should avoid blindly renewing a policy just because they’re offering you a loyalty discount. Let Stanton Insurance do the shopping for you – we find the best rate with the best coverage.
Finding an insurance agency that provides the best discounts can be difficult, but that’s why you should choose Stanton Insurance. We’re a local company that is dedicated to finding our clients the best policy with the best discounts. If you’re looking for discounts that save you money, don’t hesitate to call us for a free quote! Our number is (309)734-2171.