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Saving Money Without Sacrificing Coverage

AUSTIN, Texas – Today’s difficult economy is manifesting itself in a variety of negative ways.  From job layoffs and hiring freezes, to foreclosures and tight budgets, Texans are feeling the effects. State Farm offers tips to save money on your auto and home insurance premiums.

“Many people don’t realize they do have some control over what they pay for insurance,” said State Farm Public Affairs Manager Sarah Reyna. “We encourage customers to meet with their insurance agents regularly to review their policies.  Agents can discuss options that will help you determine the appropriate coverage to meet your needs and your budget.”  

Review Deductibles and Coverages

One way to save is to increase the deductibles on your policies.  When a customer agrees to pay a higher portion of the cost to repair damaged property by selecting a higher deductible, a lower premium is charged.   

It is also a good idea to review coverages periodically.  People go through many life stages, and optional endorsements you selected several years ago may no longer be appropriate.  You may be paying for coverage you no longer need.  Conversely, a change in life circumstances may dictate the need for other coverages you had not previously considered.

Tips to Save on Auto Insurance:

• Drive Safely and Defensively: The best way to keep your rates down is to avoid a collision.  Drive the speed limit, don’t talk or text on a cell phone while driving, and never drink and drive. Drivers who have no moving violations and/or no at-fault accidents may qualify for a good driver discount.



• Take a Defensive Driving Course: Drivers may be eligible for a 10 percent discount for taking a defensive driving safety course.



• Install or Purchase a Vehicle with Anti-Theft Devices: Vehicles equipped with certain anti-theft devices may be eligible for up to 30 percent in discounts. Devices include an ignition cut-off switch, a steel collar covering the steering column, alarm system, hood restraint, glass and door sensors, and certain stolen motor vehicle recovery devices.



• Take a Teen Driver Safety Course:  State Farm offers discounts for youth ages 16 to 25 who complete various components of the State Farm “Steer Clear” teen driving safety course.



• Be a Good Student: Full-time high school and college students may qualify for discounts by maintaining a “B” or 3.0 grade point average.



• Multi-car and Multi-line Discounts: Many insurers offer discounts for insuring multiple vehicles with the same company, or insuring your home and auto with the same company.



• Longevity and Loyalty: Many insurers offer discounts for staying insured with the same company for an extended period of time.

Tips to Save on Homeowners Insurance:

• Alarm Systems:  Homeowners should consider installing a monitored fire/burglar alarm for their safety. In addition, it may save you money on your homeowners insurance.



• Install Protective Safety Devices: Something as simple as having a fire extinguisher, smoke detector and deadbolt locks may qualify for discounts.



• Multi-line and Renewal: Again, insuring both your home and your auto with the same company, and staying with the same company for an extended amount of time, may save you money on premiums.

Contact

Patti Kelly, Public Affairs Specialist at (512) 918-6130

About State Farm

State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. State Farm's 17,000 agents and 68,000 employees serve more than 78 million auto, fire, life and health policies in the United States and Canada, and more than 1.9 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 32 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.