According to USA Today, there are a few ways that consumers can get the best insurance rates. Examples of tips to help save on insurance include buying multiple polices from the same company, raising the deductibles, comparing rates from multiple companies, maintaining good credit and looking for discounts.
USA Today states that maintaining good credit is one variable that some consumers do not consider when purchasing insurance, as they do not believe their credit score relates to things like driving habits. However, USA Today states that insurance companies believe there is a statistical correlation between the likelihood someone will file an insurance claim and their credit score. Because of this, those with better credit may have lower policy rates.
USA Today also recommends considering raising deductibles. This can be something as small as raising a deductible from $200 to $500, which could result in 15 percent to 30 percent savings. Increasing a deductible to at least $1,000 could result in a savings of up to 40 percent. However, it is important that consumers make sure that they have enough money in an emergency fund or available on a credit card in the event that a claim needs to be filed and the consumer has to pay the deductible out of pocket.