Simple changes like going paperless or setting up automatic payments are usually the best insurance tips for saving money. Some tips require more work, such as switching to usage based auto insurance.

You can lower your insurance premium by increasing your deductible. However, you should make sure that it is within your budget. You can also save by dropping collision and comprehensive coverage.

1. Go paperless

Paper documents are still a major part of the insurance industry’s contracts, policies, statements and booklets. With new digital technologies enhancing efficiency and driving digital transformations within business environments, it is more important than ever that insurance companies think about going paperless.

This will not only save the customer money on printing and mail, but also time. It is easier for insurance carriers to maintain records electronically and make them accessible, so that they can be audited and investigated. It also reduces the environmental impact of producing, shipping and disposing of paper products that produce greenhouse gas emissions.

Progressive offers discounts for customers who accept to pay for and receive policy documents electronically. Some insurers offer discounts for completing other requirements that can lower your premiums. For example, if you complete an accident-prevention driving course and pay the full annual premium or all six months in advance.

2. Increase your deductible

A higher deductible, which is the amount you have to pay before your insurance covers any costs, can lower rates. The Insurance Information Institute says that increasing the deductible from $200 to $500 can reduce collision and comprehensive insurance costs by 15-30%. Switching to a $1000 deductible will bring you even more savings.

Consider the possible effects of raising your deductible before you do. It is important to remember that a higher deductible will require you to set aside more money for repair costs. Filing multiple claims, however, can result in your insurers raising your rates significantly.

If you are living paycheck to paycheck and don’t save for emergencies, it can be difficult to manage an expensive deductible. Before making any changes, talk with your agent about tailored rates that include different options for deductibles that fit your budget. The agents know the guidelines and policy of their company well enough to give personalized advice within those guidelines and policies.

3. Bundle your policies

Bundling multiple insurance policies at the same time can result in discounts from many providers. Usually, this is done with auto and homeowners policies. However, you can also combine motorcycle or boat insurance or renters’ policies as well as life policies.

By consolidating your payments, you can reduce premiums and save time by dealing with just one insurer. Consolidating your payments makes it easier to track renewal dates, cost and details of coverage.

Be sure to compare individual policy rates before choosing the bundle option. This will ensure that you get value for money, and prevent coverage gaps.

It’s not just about saving money. Bundling your policies can also help you reduce the risk you face and improve the chances that you will be retained by insurers if you have frequent claims. It’s important to note that this doesn’t mean anything. Just that there is a higher chance of an insurer keeping you as a customer if you make fewer claims.

4. Do not switch providers every year

If you switch companies, it is possible that your coverage will be affected and there may even be gaps. It’s better to stick with the same provider for as long as you can while shopping around to get the best rate. Rates vary depending on your location, driving history, and credit rating.

You can reduce your premiums by increasing the deductible. You should be aware that you will have to pay more out of pocket if you make a claim. Consult your agent about the best option for you.

You can save money by switching to a more secure vehicle, adding features such as tracking devices or airbags to your current car or even adding airbags and anti-theft systems to it. If you are considering buying new wheels, ask your agent for quotes on several different models that fit within your price range. Consider donating to an organization that your insurer works with, as many offer premium discounts for donations.

5. Shopping around

The goal of maximizing your insurance coverage is to save money or spend it on things you enjoy. This process could take some time, but the benefits are worth it.

Compare similar policies with other insurers using the same limits to compare accurately. Ask about any discounts that may be available, such as those for bundling policies or memberships based on military service and profession.

Comparing policies is a good idea at renewal time. Agents will send you renewal information at least a few months in advance, so that you have plenty of time for comparisons and quotes.