Keeping New Year's Resolutions Could Lead to Lower Insurance Rates
OKLAHOMA CITY, Dec. 27, 2012 /PRNewswire/ -- Making – and keeping - your New Year's resolution may help lower your insurance rates in 2013. While bad habits can be hard to break, the motivation to save money may keep you on track in the new year.
"We work hard throughout the year to educate Oklahomans on all aspects of insurance, particularly when we can share ways to save money," said Oklahoma Insurance Commissioner John D. Doak. "Making a new year's resolution is a great way to see impressive results down the road, if they are wisely held."
Here are some resolutions that could lower your insurance rates.
By lowering the number on the scale, you can save 5 to 15 percent on the cost of life insurance. These savings can apply to new or existing policies. However, not all insurance companies allow existing policyholders to apply for better rates.
Smoking significantly increases the cost of life insurance as well as disability and long-term care insurance. Generally, insurance companies will require 12 months tobacco-free before allowing nonsmoker rates for an individual. Although, there are programs are available to help with insurance rates for those intending to quit.
Your credit rating can affect your auto and homeowners insurance premiums. Insurance credit scores rely on many of the same factors to determine your rates. To improve your credit score, review your credit report for inaccuracies, pay all bills on time and keep credit card balances below 30 percent.
Cutting your mileage is a great way to help the environment and possibly cut your auto insurance premiums. Many insurance companies offer low mileage discounts for customers who drive less than 12,000 miles a year. If you also resolve to be a safer driver, consider a pay-as-you-drive program offered by several insurers. By enrolling in these programs, you agree to install a device that tracks your car's mileage and driving performance.
Don't Talk or Text While Driving
While keeping your hands off your cellphone may not directly impact your insurance premiums, it may help prevent accidents and traffic tickets, which can raise your rates.
Find out more about insurance needs and possible savings by visiting the Oklahoma Insurance Department at www.oid.ok.gov or call Consumer Assistance at 1-800-522-0071.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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SOURCE Oklahoma Insurance Department