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Here are 3 Insurance hacks you can use now for car, homeowners and business insurance

Insurance companies have many ways and data points they use to generate a rate for you

I put together 3 things you can do now to lower your rate on car and homeowners insurance and if you are a business owner or have a friend, neighbor or family member that owns a business


One rating factor on car insurance is how many miles do you drive

Most insurance companies provide a discount for less than 12,000 miles

If your policy is rated on over 12,000 annual miles you can ask your agent to change the policy to less than 12,000 miles and see if it generates a refund

The rate savings may be minimal so here is another way to greater savings


Every company has a drive tracking program

You get a discount to try up to 5% and you get an opportunity to save an additional 30% off your current rate

How does it work?

Most insurance companies now offer an app that will track the movement of your vehicle or you can get a plug in device

What do they track?

  • Acceleration from a complete stop
  • Hard braking
  • Driving after 12 am
  • Miles per day

That’s it

No an insurance company can’t track your speed because they don’t know if you are on an interstate or blowing through a school zone

No they don’t care where you are going

Tracking your daily routine has no underwriting value to an insurance company

Ask your agent or insurance company if they offer a telematics program and each insurance company gives the program a name

  • Progressive Snapshot
  • Safeco Right Track
  • National General SmartDrive
  • Liberty Mutual Right Track
  • State Farm Drive Safe and Save
  • Allstate Drivewise
  • USAA SafePilot
  • Geico DriveEasy


You are not locked into a homeowners insurance policy

You can get a re-rate at any time from your current agent

If you have not checked your home insurance in 3-5 years it may be time to request a rate review

Most insurance agents are willing to accommodate you


I like to call this a forced escrow refund and here is what you can do

Your escrow is based on the cost of insurance for homeowners and flood and your property tax bill

Each year the lender can do an escrow analysis to determine if you have enough or you have too much and they will issue a refund

The cost of insurance going up can cause an escrow shortage

At any time you can get your current homeowners insurance rate reviewed by an insurance agent

If rates have gone down since you purchased your house or your homeowners insurance you can purchase a new policy at a lower rate

The insurance agent would cancel your current home insurance policy that would generate a refund back to you not the mortgage company

The lender would receive an invoice for the new homeowners insurance policy at a lower rate causing a forced escrow re-evaluation

which would result in a lower monthly mortgage payment

This is fastest way to lower your monthly mortgage if you need relief now


You need to understand that business insurance policies are rated on estimated annual payroll or estimated annual gross sales

If your business payroll and sales are greatly reduced here is what you can do

Ask your current agent or insurance company to change the policy to your lower estimated payroll or gross sales

This should lower your monthly bill

Not all insurance companies are willing to do this for you

If they refuse you can get another quote from an insurance company using the new adjusted figures and this should produce a lower rate

Most common rating factors on business policies

General Liability or Business Owners Policy will use estimated gross sales

Workers Compensation will use estimated payroll

Don’t cancel your policy but consider a reduction in your estimated gross sales and payroll before you consider a cancel request

Most insurance companies will not accept you with no prior insurance or surcharge a rate for not having an active policy

Hope this helps during this time of need and if you need to reach out to me with any questions 800-732-0096, Anton Thornquist owner of CTG Insurance

About the Author: Steven Elkins
Steven Elkins is the vice president of CTG Insurance.

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