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How Can I Save Money on Insurance, Now!
During hard economic times, we are all looking for ways to save money. Here are some tips on how you might make small adjustments to your insurance plans in order to save money right away.
Do you have more than one car and don't need to use one or more right now? You can place one or more vehicles on "non-op" status. Non-Op or Non-Operational status allows you to remove all coverages except comprehensive coverage from those parked vehicles. That could save hundreds of dollars per month, starting now!
There are some rules:
1. You must notify DMV that the vehicle is not being driven. Otherwise your registration will be suspended for lack of insurance.
2. The vehicle must be parked out of view of the street. Park it in the garage, behind a fence or gate or in a warehouse.
3. Some insurance companies have their own rules, so check with them on the best way to do this.
4. BEFORE YOU DRIVE your parked car again, Contact your insurance company and DMV to let them know it will be in use so that your insurance and vehicle status is up to date!
Homeowners insurance does not have many areas for savings; however, you can save by changing your deductible. If it is $500, consider $1000. Is it $1000, consider a $2500 deductible. This will save 10-20% off your monthly bill.
1. Individual Plans - If your income has dropped, Covered California (the state exchange) has opened up a special enrollment period that will allow for new applications to find coverage. Based on Income, there are discounts (tax credits) available or you may qualify for Medi-Cal, Low income health insurance.
2. Group Plans - If your business has a group plan. Consider changing to a lower cost plan temporarily to reduce your overhead expenses. A group can change plans any time during the year. As things improve, you could increase the coverage again later.
3. Most Importantly - Do not go unisured! The right plan is available for everyone, reach out for help to find the best plan for you.
Some business insurance plans are based on revenue, number of employees or square footage. Talk to your agent or broker and review your most recent application. Is your income lower, fewer employees, smaller warehouse? Those can all affect your rates. Making corrections could reduce your insurance expenses.
If you are using fewer workers during this crisis, contact your insurance broker to adjust your plan. This may lower your premiums until business picks up again. When it does, be sure to tell your agent right away. Otherwise, you may owe money at the end of the year audit.
Life insurance is one plan you do not want to touch. Keep it as long as you can. If you must make a change to reduce cost, contact your agent or insurance company. You may be able to change the term or amount of coverage to lower your costs.
Final Note: Be sure to review your coverages with your agent every year. Annual reviews will take 20-30 minutes and will make sure you have the right coverage based on the correct information.
Questions? Contact Us: 714-900-2363