As a physician, you likely have a better income than many, but that’s no reason to spend more than you need to on auto or home insurance. Even if you were happy with your rate when you secured your policy, it is subject to change. Perhaps you may be paying more now than you did at that time. Why not take a look? You may be surprised at the savings.

Rates for Auto and Homeowners Insurance Fluctuate

Insurance companies calculate their premium rates based on a number of risk factors for both automobile and home insurance. Some of these factors are within your control and others may not be. The Texas Department of Insurance reports that most insurance companies consider the following factors when deciding on your automobile and homeowners insurance premium.

Auto Insurance*

• Your age. Men under 25 and women under 21 usually have the highest rates. Rates go down as people reach middle age, but they go up again after age 70.
• Your driving record and claims history. Insurance companies will charge you more if you’ve had accidents or gotten tickets. Some companies might refuse to sell you a policy.
• Where you keep your car. Rates are higher if you live in a city. This is because people in cities are more likely to have accidents or have their cars stolen than people in rural areas. Rates can also vary between ZIP codes in the same city.
• The kind of car you have. Collision and comprehensive rates are highest for luxury, high-performance, and sports cars. Rates are also higher for cars that cost more to repair.
• How you use your car. Your rates will be higher if you drive your car to and from work or use it for business.
• Your credit score. Some companies use your credit score to decide what to charge you.

Homeowners Insurance**

• Your home’s age and condition. Companies can’t turn you down just because of your home’s age or value, but they can charge you more.
• Your home’s replacement cost. Houses with higher replacement costs have higher premiums.
• Construction materials. Premiums are higher for houses built completely of wood. They’re lower for houses built of brick or stone.
• Where you live. Premiums are higher in areas that have more storms or crime.
• Availability of local fire protection. Premiums are lower for houses that are close to fire stations.
• Your claims history. Your premiums might be higher if you’ve had claims in the past.
• Your credit score. Some companies use your credit score to decide what to charge you. Your premiums will be lower if you have good credit. A company can’t turn you down based only on your credit, however.

Would You Like to Save $600 Annually?

No one chooses to willingly overpay for auto or homeowners insurance. So it’s worth the time to ask yourself a few questions:

• Has your car depreciated but your rate stayed the same (or even increased)?
• Are you getting all the discounts to which you are entitled, including a special discount for TMA members?
• Are you receiving a homeowners discount if you live in a gated community or if you are part of a homeowners association?
• Are you over age 55 and retired, while residing in and insuring your permanent residence?
• Could you save simply by switching carriers?

Customers who switch to Travelers save an average of $602 on their auto insurance.º Why not find out if you can save?

Potential Savings, Simplified

TMA Insurance Trust has made it easier than ever to find out if you can save on your auto and homeowners premiums. With MyLifeProtected, available through the TMAIT website, you can have an agent compare your rate to the best rates in the area, including Travelers. The number to call is 877-755-9576.

When you call, why not request a quote for both auto and homeowners insurance? When you bundle your coverage together, you may be able to take advantage of an additional discount, increasing your potential savings even more.

For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with special savings on a range of the highest-rated plans in the industry.