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Ways to save money on insurance

Date: Dec 12 2010
Filed In: Auto Insurance101

If you’re contemplating by dropping your insurance policy to cut costs through these tough times, you might want to think twice. According to some experts, dumping your insurance policy could cost you more money in the long run.
In this article we will be talking about how to save money without giving up protection altogether.

People are looking around for insurance policy right now and the insurance companies know this. They know consumers are thinking that they are paying money into these policies and if we’re lucky we don’t see anything in return because nothing bad had happened.

So you can go out there or go online to places like www.insurer.com, www.netquote.com are some of the websites that can really help you shop around. One thing to be cautioned about is that the bottom line and the cheapest policy aren’t always the best.

You want to get your insurance policy with the insurer who will be around to pay out if something bad happened. You want an insurer to be there if something happened.

Basic steps to save money on your insurance costs

  1. Improve your credit score – a lot of people don’t think about this but the insurance companies check your credit score.
  2. Auto insurance, increase deductible – increase your deductible from $500-$1000 and it could really save you money.
  3. Bundle policies – being a loyal customer to a single insurer to give you the best deals.
  4. Auto insurance, cancel collision/comprehensive coverage on old cars – think about how old your automobile is and asked yourself if you really need collision and comprehensive coverage insurance to protect your automobile. Is it worth paying all that money?
  5. Auto insurance, ask for discounts – if you’re a student with good grades, that could give you a discount. If you’re someone with a professional degree that could keep you a discount. These are some the things anyone can look into the save some money on your auto insurance coverage.
  6. Home and auto insurance – get an alarm system for your home or car.
  7. Home insurance – rethink some of your policy, for example if you used to have expensive jewelries but you know longer have it anymore. Think about cutting those kinds of policies and a lot of times when you have these jewelries policy, you end up paying more to insure them than the cost of the jewelries itself.
  8. Life insurance – think about why you need life insurance policy. Do you have dependents? Do you have a spouse or somebody you need to leave or protect if something happened to you?

    A lot of times people can get term life insurance policy, this lasts about 5 to 15 years or whatever you agree to. This can be a lot cheaper for people who buy a whole or permanent life insurance policy.

  9. Life insurance – eliminate unhealthy and harmful behaviors. Stop smoking can cut down on your life insurance cost.
  10. Health insurance – eliminate out-of-network option. A couple things people can do is to see your doctor that you want to go to are in the managed care network and that may save you some money from the network part of your policy.
  11. Health insurance – cut back on some of the clauses that you do not need. For example, you are not going to leave for maternity leave or going to the dentist. You may be able to cut back on those clauses of your insurance and save some money.
  12. Health insurance – if you are in the professional organization, if you are in the union you can shop around for less expensive health insurance.
  13. Wedding insurance – if you are looking to save money do not get wedding insurance. The wedding insurance is to protect you from weather disasters or for some reason your dressmaker takes off with your check. Have a backup plan in case something happened because you don’t want to reinvite everybody to your wedding.

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