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The Great Eight Insurance Money Saving Tips
Jeff Ryan - CLU, ChFC, AIA, CIC, CPCU
June 18, 2024
The Great Eight Insurance Money Saving Tips
Regardless of the insurance company you choose, these eight great ideas will help you
SaveSmart on your insurance now and in the future!
- Defensive Driving Course:
This is an automatic, simple way to save. For more information, go to
RyanAgency.com/DD.
Savings? Up to 10% of your policy for three years. Learn More about taking a Defensive Driving Course - Pay-in-Full: Many companies and programs offer a discount if you pay in full!
Savings? Depending on your carrier, you could save up to 6-10% of your premium. That's a significant reward for your financial discipline! To learn more about the benefits of Pay-In-Full, click here. - Bundle: Consider consolidating your home and auto insurance policies with one company. This can often lead to a discount on both policies. Check with your insurance provider to see if this option is available.
Savings? Up to 5-15%, depending on the company and circumstances. To learn more about insurance bundle discounts, click here. - Proper Deductibles: Trading “small dollars” with insurance companies is expensive! A higher deductible can often pay for itself within 3-5 years.
Savings? It varies, but your premium WILL be lower. Click here to learn more about Proper Deductibles. - Don’t submit small claims: This goes along with #4. Most companies now are factoring the frequency of claims into their rates.
Savings? The savings show in the long term. To learn more about the potential car insurance savings of not submitting small claims click here. - Older Vehicles: It may make sense to remove Comprehensive and Collision on Older Vehicles.
Savings: Whatever your premium for that coverage will return to your pocket. To learn more about saving money by removing Comprehensive and Collision on Older Vehicles click here
- Review Discounts: Take control of your insurance costs by contacting us to review your discounts. We are insurance sleuths, and we unearth hidden savings. Savings? Who knows!
Give us a call to see,
or learn more about potential discounts that can apply to your car insurance premiums.
- Credit: This is a long-term strategy and one of the most essential savings ideas we can share. Many people don’t know that your credit rating has much to do with what you pay for your insurance. Working on repairing your credit will improve your insurance rating “tier” and reduce your rates going forward. Generally speaking, the better your credit score, the better your rate. Watch for an upcoming article entitled “What’s Credit Got to Do with It?” on our website page under the Blog tab.
Stay tuned for more posts with real world examples and information that you can use to leverage each of the Great Eight Ideas!
About the Author: Jeff Ryan has been a licensed insurance agent since 1978, later becoming a full-time insurance professional in 1983. Since then, he has been the principal of The Ryan Agencies with offices in Hornell, Jasper, and Wellsville. The agencies serve approximately 15,000 clients in New York and Pennsylvania. Jeff holds numerous credentials including the Chartered Property & Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC), Accredited Advisor in Insurance (AAI), Chartered Life Underwriter (CLU), and Chartered Financial Consultant (ChFC) designations. He holds a Master's Degree from the American College. Jeff enjoys writing about all things insurance and welcomes your questions and feedback.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
Insurance fraud is a significant problem, exceeding $300 billion annually, with the Property and Casualty sector contributing nearly $50 billion to that total.
Living in New York, you might have a stack of insurance documents—auto, homeowners, health, or life insurance policies—filed away somewhere. But how long should you keep those documents, and specifically, what papers should you hold on to?
The year 1962 was marked by historic events—from the Cuban Missile Crisis to the passing of Marilyn Monroe. But while the world focused on these headlines, Lee A. Ryan was working alongside his brothers on my grandparents' farm when an unexpected opportunity arose—an invitation to join the insurance business. With no prior experience, no clients, and limited resources, my dad took a leap of faith and partnered with Nationwide Insurance to start an agency from scratch. Operating out of his home on Karr Valley Road in Almond, NY, he built his business one relationship at a time (some of whom are still clients!), laying the foundation for what would become a lasting legacy.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
