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Insurance is one of our must-haves in life. We need automobile, house, life and health insurance. Let’s take a look at how we can save money.
Many people think of insurance as a scam and a waste of money. In reality, insurance is a layer of protection. You have protection if you have an automobile accident, home accident, need to see a doctor or the unthinkable happens, and you pass away. There are many ways to save money on your policies.
How to Save on Auto Insurance
One way to save money if you have more than one vehicle to use muli-vehicle discounts. It is very simple, and your agent should advise you of this. You may be able to get this discount if family members live with you as well. Some companies will not allow this.
Know your coverages.
While some coverages may seem silly, they are good to keep. If you happen to total your vehicle and do not carry collision coverage, you will not get anything for the loss of your vehicle. Comprehensive coverage is also necessary to carry. Where I am, it covers you in case your windshield cracks, or you hit a deer. You would think if you hit a deer that would be collision coverage, nope comprehensive.
If you have teenage drivers, you will want to see if you can get discounts for the safe driver or good grades. Teenage drivers cost the most to insure, so every discount you can get for them is important. The rates of teenage drivers will eventually go down when they reach age 25.
You can also save money every month by adjusting your deductibles. This means instead of a $250.00 deductible; you will most likely save money if you chose a $500.00 or $1,000.00 deductible. The deductible is what you pay out of pocket if you are in an accident to have your vehicle fixed.
Also, every year get quotes from new companies. Tell them up front what coverages you currently carry, and all the policies you have. Most companies give multi-line discounts. Multi-line policies would be like your home and auto insurances from the same company. This year alone, I was able to save over $100 every six months on just my auto policy. I added my mother in laws car, and my monthly bill is still cheaper than just one vehicle from our previous company.
It is also important to carry life insurance. No, it is not for you. It is for your family. They can use this to cover your final expenses. Also, any bills that may need to be paid off in the event you are no longer with them. It may seem silly now, but there are many policies that you can select. One is a 10-year term policy. This holds your rate the same for ten years as long as you pay. There is also a 20-year term, whole life, and universal policies to look into, to see the best option for your family.
Regardless of where you live, there is always forces of nature that could destroy your home. It could be hurricanes, tornados, earthquakes, blizzards, or fire. These policies could get very costly. Hopefully, you never need to use this policy, but it does cover you.
Ways to make your home insurance cheaper
- make sure home is up to current building standards
- check for multi-policy discounts
- get quotes from other companies every year.
These may seem pretty common, but you would be amazed at how many people never check their policies.
Now, that I have given you these tips, have you changed companies or policies recently? When was the last time you got new quotes on your coverages? Did they save you money?
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