Ways To Get Some Savings On Your Insurance Costs
Insurance. It’s definitely something you need in life. Health and homeowners. Life. Auto. There’s a lot to keep up with, and a great many choices to make.
But choosing the right insurance for your needs doesn’t mean you need to overspend. By taking certain steps and making smart choices, you can keep insurance costs down, year after year. And that’s good news, indeed.
Conduct An Annual Review Of Your Policies & Compare Rates
Make a point of talking with your insurance agent every year so that you can review the details of your coverage. A policy analysis can help determine if you have more coverage than you need or if any hidden fees have been added recently.
When the time comes to renew your policies, be sure to compare the various offerings from multiple insurance companies. It’s possible to save $1,000 or more annually by securing a lower price on homeowner’s insurance or auto insurance. Consider sharing any lower rates that you’ve been offered by a competitive company with your current insurer – you may find they’re willing to match or beat that rate.
Look At Bundling Multiple Policies & Consider Raising Deductibles
With insurance bundling, you can buy more than one policy or product from the same insurance company. Combining policies usually results in a discount; for example, if your insurance company offers home and auto and you take out policies for both, they may agree to reduce the cost for the two. You’ll save money and also have only one agent to deal with for your insurance needs.
If you’re looking to lower your home, health, and auto insurance premiums, consider raising your deductibles, which are the amounts of money you’ll pay out of pocket towards a claim before your insurance company steps in to pay the rest. Your agent can tell you the amount of money that could be saved on insurance premiums if you opt for higher deductibles.
Check Out Insurance Discounts & Make Good Driving Habits Pay Off
Both home and auto insurance companies offer discounts designed to attract customers and enhance customer loyalty; many companies will reward longtime customers with loyalty discounts. Insurers often post discounts on their websites; if you see one that could apply to you, contact the insurance company or your agent to discuss whether a specific discount can be added to your policy.
If your auto insurance company believes you’re a safe driver with minimal risk of submitting a claim, you might be able to lower your insurance costs. Some insurance companies offer better rates if you allow them to monitor your driving with the use of a device that’s placed in your vehicle, or through the use of a phone app. It’s a simple equation: The better driver you are, the less expensive your auto insurance.
Choose Term Life Insurance Instead Of Permanent Insurance
Permanent life insurance covers a person’s entire life and has a savings feature as well. A permanent policy comes with a guaranteed death benefit that will be made available to loved ones. Term life policies, which are usually less expensive and comes with a locked-in rate, are a good choice if you’re looking to protect dependents and family members if you pass away prematurely. The coverage usually pertains to a specific period of time such as 10, 20, or 30 years.
Improve Your Credit Score
When determining your premiums, some insurance companies may take into account your credit card rating when determining what’s called an ‘insurance credit score.’ Several states, including California, Hawaii, and Massachusetts, have banned this practice in regard to calculating rates for auto insurance; others prohibit insurers from including credit information when determining homeowners insurance premiums. But since many states still allow the use of an insurance credit score, you may want to take a look at improving your overall credit score, which, in turn, might help you get the best insurance rate.