3 Ways to Save Money on Vacation Home Insurance

Your dream vacation home is or will soon be yours – what an exciting time in your life! However, amidst all the excitement, it’s important to learn about insurance and understand that if your home is near a body of water or not inhabited year round, it’s more at risk of damage, flooding, theft and fire. Vacation home insurance will shield your dream home from potential nightmares, and provide you with peace of mind, but because of the aforementioned greater risks, it may come at a greater cost. To help you cut vacation home insurance costs, we’ve put together these three tips: Safety first.Fire-resistant roofs on vacation homes in areas prone to wildfires, as well as security systems capable of alerting authorities in the event of incidents, could help lower your rates. Discover the inside scoop.Types of vacation homes that should cost less to insure, to name two, are those in gated communities and newer vacation homes that have been constructed under stricter building codes. Get in on the discounts. Taking extra home-protection precautions can significantly lower your vacation home insurance premiums. Qualifying vacation-home improvements vary by location; for instance, in coastal areas, these improvements may involve adding hurricane protections such as wind-resistant roof shingles and garage doors, roof straps, impact-resistant glass, extra door hinges, and deadbolts. As independent insurance agents, we will take the time to analyze your vacation home’s exposures to help you determine which improvements would be the most beneficial and worthwhile to make. At Knapton, Reade & Woods Insurance Agency in Hillsborough NH, our experienced agents are familiar with many insurance discounts and have been...

Auto Insurance for Teen Drivers: How Can I Save Money on My Car Insurance With a Teen Driver?

Your teen is finally behind the wheel. Whether you have eagerly anticipated this day or dreaded it, it has arrived, accompanied not only by a new sense of freedom but also by a lighter wallet. Unfortunately, when their teens get behind the wheel, parents often experience an increase in their auto insurance rates. However, we’ve put together some tips to help you save money and offset the cost of adding a teen driver to your auto insurance policy. How the Vehicle You Choose for Your Teen Driver Can Affect Your Car Insurance Rates Will you be purchasing a vehicle for your teen driver to call his/her own? This decision can affect your car insurance rates significantly. If your teen driver shares a family car instead of driving his/her own vehicle, you will enjoy substantial savings on your auto insurance. Aside from having one less vehicle listed on your policy, this would also mean that your teen would have limited access to a car, and less time on the road means less risk. However, should you choose to get your teen driver his/her own vehicle, there are certain factors to consider that can help keep your car insurance rates as low as possible. The type of car you select can affect your rates considerably, and while your independent insurance agent can offer you advice in regard to which models may cost less to insure, here are a couple of factors that may help you narrow down your options: Purchase a used car for your teen driver. Although a brand new car may seem like the safest option, it typically represents...

Do You Qualify for a Safe Driver Discount?

Receiving a safe driver discount can mean huge savings in yearly auto insurance premiums. How do you know whether you qualify for these savings? While eligibility requirements vary from one insurance company to another, your insurance provider typically examines your motor vehicle record (MVR) for the state in which you have been issued a drivers license to determine whether you qualify. Are you a safe driver? Most people have a general idea of what their driving record looks like, but sometimes there are a few surprises. To eliminate any uncertainty, it is a good idea to request a copy of your motor vehicle record from the New Hampshire Department of Safety Division of Motor Vehicles (NHDOS/DMV) or from your auto insurance provider. Click here for answers to frequently asked questions, along with the form you need to obtain your MVR from the NHDOS/DMV. Reading your Motor Vehicle Record Once you have obtained your motor vehicle record, it is crucial to carefully review it and correct any errors. An especially important piece of information is the number of points on your record. The points are a demerit type of system; ascending from minor infractions to serious offenses, each type of violation or crime has a representative point value. In New Hampshire, the least serious violations are valued at one point whereas the most egregious offenses are valued at six points. The more points you have accumulated, the higher your auto insurance premium will be. Most points stay on your record for a total of three years in New Hampshire. Points acquired from major violations and driving-related crimes may never come...

Why Managing Your Credit Score May Help You Save Money on Car Insurance

Although you may have avoided auto accidents and moving violations, you may still be paying a higher car insurance rate if you have not managed your credit score. In fact, did you know that your credit score is actually one of the biggest factors insurance companies use to determine your auto insurance premium? How Does My Credit Score Affect My Auto Insurance Rate? Considering that your credit score does not appear to directly relate to your driving habits, it may be difficult at first to understand why it represents a determining factor in your car insurance premium. However, it may make more sense knowing that insurance companies classify people into groups in order to develop fair insurance rates. Although insurance companies cannot predict when an individual will be involved in an accident/claim, depending on the size of the group, these companies can predict, with relative accuracy, the number of losses in a specific group, along with the cost of these losses. Although every insurance company is different, these groups are typically assembled based on criteria such as age, gender, geographic location, violations, accidents, past claims, and credit history. You Belong to a Group Now that you understand how insurance companies classify consumers into groups, you likely realize that when you apply for auto insurance coverage, you are placed into one of these groups. When it comes to determining which group you belong to, actuarial research has shown that: Drivers with two moving violations in the past three years have a greater chance of being involved in an auto accident than drivers with clean records. Therefore, if you fall into...

Claim-free Driver Discount: Do You Qualify?

Save money on your car insurance with a claim-free discount. Over the years you’ve obeyed the speed limit, heeded traffic signals and stop signs, and have avoided auto accidents of any kind. In other words, you’ve been a claim-free driver. In the insurance industry, this clean driving record renders you an ideal customer. Is your insurance company rewarding you for your safety behind the wheel with a claim-free discount? If you qualify for this type of credit, you could enjoy significant savings on your auto insurance over the years. Let’s take a closer look at how claims affect your auto insurance premium, how to qualify for a claim-free discount, and how much this credit could save you. How to Qualify for a Claim-free Discount Although discounts vary from one insurance company to another, when determining eligibility for a claim-free discount, insurance companies typically examine claims history for at least the past three to five years. It’s important to note that: Insurance companies review the number of auto insurance claims and severity over a given period of time. Several small claims can indicate a pattern that may cause your company to drop your policy. Your company may also view property damage and bodily injury differently, treating the latter more severely. Understanding Auto Claims There are several different ways that claims covered by your car insurance policy can occur. The two categories into which car insurance claims fall are at-fault auto claims and not-at-fault auto claims, and the line between the two is not always crystal clear. Review the following scenarios to help you better understand auto insurance claims: You fail...

5 Ways to Save on Your Hillsborough NH Insurance

If you’re looking to save money, you might decide to pick up a second job or dine out less frequently, but have you considered reviewing your insurance policies in an attempt to cut costs? Although often overlooked, revisiting your insurance policies and ensuring that you are receiving the discounts for which you qualify could score you substantial savings. The following discounts represent just five of the various ways you can save money on your Hillsborough NH insurance policies: 1. Paid-in-full discount: Although it may hurt your bank account at first, paying for your insurance policies in full will help you cut costs over the long term. In fact, many insurance companies will reward you with savings of up to 10 percent on your policy for paying all at once, so it’s important to keep this in mind and plan ahead financially if you’re looking to save. 2. Multi-policy: Another way to reduce your rates is to insure more of your assets with the same company. For instance, if you currently have a homeowners insurance policy with one company and an auto insurance policy with a different company, you may be able to save up to 25 percent by moving both policies to the same company. 3. Residential security system: If you have an alarm system installed in your home and aren’t receiving an insurance discount, you may be missing out on savings you qualify for. Since your home would be considered less vulnerable to burglary, some insurance companies will offer you a 20 percent discount for having a security system installed. 4. Safe driver: Although each insurance company has...