4 auto insurance discounts you may be missing

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With gas prices soaring in the summer heat and families heading off on vacation, auto insurance clients are looking for any savings they can get. And while a new report pegs satisfaction with car insurance at an all-time high, Bankrate.com notes that there are still many discounts both clients and agents sometimes overlook.

That means agents are missing out on the opportunity to develop better client relations, and consumers are missing out on the bargain, says Bankrate.com insurance analyst Doug Whiteman.

“You can’t assume that your insurance company knows that you added an anti-theft system to your car or that your alma mater offers an alumni discount,” Whiteman says. “It’s your responsibility to tell your provider and ask for the discount. This simple step could save you hundreds of dollars per year.”

Four of the most commonly overlooked discounts include:

--Daytime running lights. This discount was rare last year, but now, four out of the top 10 insurers offer a discount for daytime running lights. This is now standard equipment on most new cars; drivers should make sure they’re receiving this discount if it applies to them.

--Low mileage. This discount is almost twice as common now as it was a year ago. Eight of the top 10 insurers offer this discount (up from six of 10 last year). This discount often ties in with the onboard tracking devices (called telematics or pay-as-you-drive programs) that monitor driving habits.

--Newer vehicles. A discount for owning a newer vehicle (typically 3 years old or newer) is becoming increasingly popular with insurers. Five out of 10 are currently offering this discount.

--Affinity/occupational. Half of the top 10 insurers offer this discount. It rewards people who belong to a certain group (such as a professional association, a college alumni group or a fraternity/sorority).

Bankrate.com noted that many of these discounts hide in the “nooks and crannies” of carrier sites, policies, and Q&A sections making familiarity with auto insurance discounts that much more important for producers struggling to grow business in this highly competitive class.

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