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Safeco is a subsidiary of Liberty Mutual that has been protecting drivers and their families since 1923. Since its parent company is Liberty Mutual, customers have peace of mind in knowing that they are purchasing coverage from a financially stable company that has made the top 20 customer satisfaction list through JD Power and Associates.
Doing business with a top-ranked insurer should be your priority, but you should also compare pricing so that you don’t feel like it’s breaking you to pay off your premiums.
The most effective way to get a deal is to shop around. As you’re shopping around, you should also set a goal to lower your premiums by getting as many discounts as possible. Here are the discounts offered by Safeco Insurance:
How are your premiums calculated?
To understand why auto insurance discounts are so important you must first understand how your rates are calculated. There’s an entire process dedicated to rate making and if companies didn’t invest time and money into pricing their insurance products, they would go out of business after the first round of catastrophic claims were filed.
When insurance companies go into business they have to set a price per exposure unit. This is what the insurers call a rate.
It’s determined by the company’s statistical analysis of the past claims that have been filed based on the risk class that the insured falls into. To put it in layman’s terms, the insurer will predict how many losses will be filed and they will set rates that cover administrative costs, operational costs and still allow room for a profit.
Shopping the Market for Discounts
Everyone who solicits quotes for auto insurance will receive a personalized premium quote. This personalized premium takes the rates for each unit into account and also your personal rating factors.
Every company has a different set of rates and some companies will be more competitive than others for drivers in your risk group. You should get quotes to compare rates, but you should also shop the marketplace for the best discounts.
You could have favorable ratings for your risk class, but it helps even more when you’re in a favorable risk group and you also qualify for dozens of different discounts. Not all companies offer the same discounts but knowing what Safeco offers can help you decide if you’ll get a deal by making a switch.
Types of Discounts Offered by Safeco Insurance
There are three different types of discounts that you can ask for when you’re buying insurance. These include driver, vehicle, and policy discounts. A majority of the savings that you can apply for can be stacked one on the other. With Safeco, you could possibly qualify for 30 different auto discounts. Here’s a breakdown of each of them:
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– Driver Discounts From Safeco
Drivers that are rated on your policy can increase the likelihood that a claim will be filed. If any licensed driver has a bad record or they have accidents in the past three years, it will definitely affect your rates. Here are some discounts to look for through Safeco:
- Defensive Driver (must be 55 and up and take an approved course for a discount that lasts three years)
- Distant Student (resident student attending college 100+ miles away)
- Driver’s Ed (under 21 and free of accidents in the last 36 months)
- Good Student (GPA of 3.0 or higher and the discount drops 1% for every year of experience)
- Further Education (must have a Bachelor’s degree or higher)
- Further Education (for having a four-year degree or higher)
- Occupation (workplace discounts for business owners, teachers, firefighters, police officers, and educators)
- Military (active and retired)
- Safeco Safety Rewards (driver can’t have at-fault accidents in the last three years, DUI’s in the last 10 years, or more than one point on their license)
- Stable Residence (must be at residence for one year or more)
- Teen Safety Rewards
– Vehicle Discounts From Safeco
If your car is stocked with features, you may be able to save money on your premiums by getting discounts. Most companies will offer you some type of savings if you have a newer car packed full with safety features. Safeco offers the following vehicle discounts:
- Anti-lock Brakes
- Anti-theft (passive alarm or active alarm that disables the engine)
- Daytime Running Lights
- Newer Vehicle
- Forward Collision Warning
- Low Mileage (vehicles driven 4,000 miles or less per year)
- Passive Restraint
- Vehicle Recovery (for LoJack and OnStar)
- VIN Etching
-Policy Discounts From Safeco
Policy discounts can range from discounts for the payment method that you choose or for getting quotes early before you sign up for the policy. These discounts are usually applied off of the total policy premium and they can be combined with other options in the other categories. Safeco policy discounts include:
- Continuous Coverage (being with a company one year or more qualifies, discount is higher when you’ve been with a carrier five or more years)
- RightTrack (five percent for each vehicle when you sign up and then you get 30 percent off based on your driving behaviors)
- Early Quote (must pay premims eight days or more before the policy effective date)
- Full Payment
- Good Credit Insurance Score
- Tenure Loyalty Reward (after two years of being with Safeco)
- Financial Stability (for drivers with good credit and a stable residence)
- Multi-policy (for maintaining two or more lines of insurance with the carrier)
- Multi-car (for insuring two or more companies with the company)
- Auto Billing
- Stable Residence (policyholders who have been at the same residence for a year or more
If you’d like to see which Safeco discounts you’ll qualify for, the best way to find out is to get online insurance quotes. You can use an online quote comparison tool and enter your information and these discounts will be applied automatically. Enter your information in a tool, get instant quotes from the top 20 companies, and then choose the best option.