1. Increase Your Deductible Raising your deductible from $500 to $1,000 could lower your annual premium by 20-25% on average. Just make sure you have enough cash on hand to cover the higher deductible if you do need to file a claim.
2. Drop Comprehensive & Collision Coverage on Older Cars
   For vehicles over 5-6 years old with lower market values, it may not make sense to continue paying for comprehensive and collision coverage. Drop those and just keep liability insurance.
3. Take a Defensive Driving Course Many insurers provide discounts if you complete an approved defensive driving class every few years. The courses are inexpensive and can save you over $200 per year.
4. Report Low Annual Mileage If you drive under 10,000 miles per year, inform your insurer as you may qualify for lower rates based on less time on the road.
5. Bundle Policies
   Insurers often provide discounts for bundling auto insurance with a homeowners or renters policy. The savings can be over $300 annually.
6. Pay Minor Damage Out-of-Pocket For a minor fender bender involving just your vehicle, it may be cheaper to cover the repairs yourself rather than filing a claim that could lead to higher rates down the road.
7. Use an Independent Insurance Agent Independent agents can compare rates across multiple insurers to find you the best possible deal, saving you potentially hundreds per year.
8. Consider a Dividend Policy
   With a dividend or “mutual” policy, you have a stake in the insurance company’s profits and may receive dividend payments annually to offset premiums.
9. Sign Up for Usage-Based Insurance Many companies now offer discounts if you allow them to monitor your driving habits through a smartphone app or vehicle telematic device. Safe drivers can save up to $800 per year.

Of course, it’s also wise to shop around and get new quotes from different insurers every year or two, as rates can change significantly. Consumer Reports found that those who switch insurance providers tend to save money and have higher satisfaction.

You can check out the full Consumer Reports article for more details on each of these car insurance savings strategies: https://www.consumerreports.org/money/car-insurance/how-to-save-big-on-your-car-insurance-a5155263103/

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Let Statewide make your home safe and secure. Our home insurance policies provide exceptional value, combining great prices with superior coverages. Experience lower cost and great coverage for your home insurance needs in Edmond, OK.

When it comes to protecting your home and ensuring your peace of mind, you want an insurance provider you can trust. That’s where OK Statewide comes in. Our home insurance policies are designed to provide exceptional value, offering both affordable pricing and superior coverage options for homeowners in Edmond, OK, and beyond.

At OK Statewide, we understand that your home is more than just a physical structure. It’s where you and your family create memories and build your lives. That’s why we offer a range of policies to fit your unique needs, from basic coverage to comprehensive protection against all types of risks and hazards.

Our policies cover everything from property damage caused by natural disasters like storms and fires, to theft and vandalism, and even liability claims in the event of an accident or injury on your property. With OK Statewide, you can have the peace of mind that comes with knowing that you are fully covered no matter what happens.

But our commitment to our customers goes beyond just offering great coverage options. We also strive to make the insurance process as easy and stress-free as possible. Our experienced agents are available to answer your questions and help you select the right policy for your needs and budget. And if you ever need to make a claim, our claims team is here to guide you through the process and ensure that you receive the full compensation you deserve.

So if you’re looking for a reliable and affordable home insurance provider in Edmond, OK, look no further than OK Statewide. Contact us today to learn more about our policies and how we can help you protect your most valuable asset – your home.

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Understanding the Changing Dynamics:

The escalating cost of claims over the past two years has forced carriers’ hands, pushing them to either raise premiums or withdraw from certain markets. In some states, carriers have been met with rate increase application denials, compelling them to halt new business entirely.

Impact on Policyholders:

Home and auto insurance policyholders are experiencing the direct impact of these changes. Premiums are surging, and for those who haven’t seen increases yet, it’s a matter of time. The adjustments are driven by operational necessity rather than personal factors, such as previous claims history.

Factors Driving Cost Escalation:

Several factors contribute to the cost escalation:

• Home rebuild costs have surged due to rising material and labor expenses, compounded by supply chain disruptions.
• Auto repair costs are escalating due to pricier auto parts and advanced technology features integrated into vehicles.
• Soaring medical care costs have elevated bodily injury claims stemming from auto accidents.
• Escalating litigation expenses and settlements are becoming commonplace.
• The post-COVID landscape has seen a spike in both the frequency and severity of auto accidents and fatalities.
• Reinsurance, the cushion against catastrophic loss, is nearing capacity in several markets, contributing to unsustainable rate increases.

Looking Ahead:

The industry anticipates ongoing pricing adjustments at least until 2024. The impacts won’t be eternal, but they’re here for now.

Navigating the Challenges:

In this challenging insurance landscape, homeowners and drivers can take proactive steps to navigate the situation:

• Opt for higher deductibles to potentially save on policy costs.
• Explore safe driving telematic programs for discounts.
• Review available discounts with your agent to maximize savings.
• Ensure continuous coverage to avoid more stringent reinstatement requirements.
• Consider bundling auto and home insurance for added benefits and stability.
• Maintain tenure with a carrier for long-term benefits.
• Adhere to traffic laws to avoid tickets and associated rate hikes.
• Strategically use your insurance coverage for catastrophic losses, absorbing small claims when feasible.

Remember, your insurance agent is here to guide you through these changes. They are committed to supporting you despite facing the same challenges.

The changing landscape of home and auto insurance underscores the importance of proactive steps and understanding the factors contributing to rising costs. By aligning your approach with the shifting dynamics and relying on expert guidance, you can navigate these changes while optimizing your coverage and cost-saving opportunities. Call us today at Statewide Insurance Agency to learn more and evaluate your current policy.

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• Keep faucets on exterior walls dripping if weather is below freezing
• Keep sidewalks and walkways clear by shoveling ice or laying salt
• Know how to shut off the water supply to your house in case of an emergency
• Use a weather cover on hose spigots
• Check around your home for any leaks periodically

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