To some, insurance may seem to be a necessary evil. We spend hundreds of dollars a year on it, all in the hopes that we won’t have to use it, but without it, life’s unexpected problems could totally wipe out our bank accounts. Being uninsured is in many cases required by law, but in any event it’s a risky game you don’t want to get stuck playing.
Don’t go without insurance, instead use these tips to save on all your insurance needs.
- Shop Around
When it comes to health, home, or auto insurance, it’s important to shop around to find the best deal. This is especially true for health insurance, as health insurance through your employer may not be the best deal. Many insurance companies will give you a free quote so don’t be afraid to get different quotes from competing insurance companies to find your best deal.
- Bundle Insurance Policies
Using a single insurance company can help save costs by allowing you to bundle different types of insurance, like home and auto insurance. If your current insurance providers don’t offer bundling, consider shopping around for a company that does.
- Avoid Filing Insurance Claims
Granted, the whole point of insurance is to have financial help when faced with an emergency, but filing a claim can raise your insurance rates, so save claims for when you really need them. If you can afford a home or car repair out-of-pocket, you may want to do so to avoid an insurance increase.
- Buy a Used Car and Don’t Buy a Sports Model
Car insurance rates are based on many factors, some of which we can’t control (like our age and gender). You can, however, control the type of care you drive and depending on the type, you might be able to save a lot of money on car insurance. In general, used cars in good working condition are cheaper to insure than newer, more expensive cars. Also, opting for a practical sedan over a sports model can lead to big savings on car insurance.
- Ask Your Insurers About Discounts
A good driving record, home safety improvements, or being over 55 are just a few discounts you may find with different insurance companies. It’s not uncommon for insurers to offer special discounts, but you won’t know about it unless you ask.
- Stay Healthy
You can help save on health insurance by keeping healthy, which can prevent the need for expensive medical care. A healthy, vegetable-rich diet, along with regular exercise can keep you in good health and help reduce your health insurance costs.
- Increase Your Deductible
Increasing your deductible can help lower your insurance costs because it reduces the liability of your insurer. If you decide to raise your deductible, keep in mind you’ll end up paying more out of pocket if filing a claim, before your insurance kicks in.
With all the insurance companies out there, competition is fierce. You have the power to get the best deal on any type of insurance you need. Stop paying more than you need to! Go follow our seven tips and get those insurance deals!
– By Samantha B. Rivers, Editor