Have you looked lately at how much you are paying for insurance?
Insurance costs a lot of money! Of course, we need certain types of insurance to protect us and our assets from damage or loss. Living without insurance all together is just too risky, but that doesn’t mean we can’t be smart about what we are paying for it.
With just a little knowledge, you can save a ton of money on insurance!
Insurance buying tips from frugal living experts!
Many people feel overwhelmed at the thought of shopping for insurance. I understand these feelings, however, the opportunity to save money is worth educating yourself a little and taking the time to re-examine your insurance purchases.
In an effort to help, I’m going to offer you some very practical advice for ways you can save yourself a ton of money on your insurance. Trust me, these are easy and anyone can use them to cut their insurance costs.
These tips could easily save you hundreds of dollars a month!
Ways to Save on Home and Car Insurance
1. Get multiple competitive quotes
This may seem obvious, but when was the last time you checked your rates to be sure you are getting the best deal? I recommend locating an independent insurance agent in your city to help you with this. Independent agents represent multiple companies and can shop the rates for you. However, you still need to check with more than one agent because they may represent different insurance companies. Also, different agents can offer different rates based on their standing with various carriers.
2. Ask for all the discounts you can get
You should double-check to be sure you are getting all the discounts possible. There are a ton of possibilities here. The agent should be able to run you through a checklist to verify you are getting all the discounts you are entitled to receive. These can often save you quite a bit of money. A few examples include:
- Air bags, anti-lock brakes & daytime running lights
- Smoke detectors, fire extinguishers & deadbolt locks
- Multi-policy: buying auto and home policies at same carrier
- Anti-theft devices & burglar alarms
- Multi-car, low annual mileage & over 50 years of age
Don’t leave a rock unturned here! The discounts add up. If you knock $50 a month off both your home and auto premium, then you are saving $1200 a year!
3. Look at different coverage and deductibles
Once you locate an insurance agent that you like, discuss your coverage with them. Don’t do business with an agent that won’t explain it to you plainly so you can understand exactly what you are buying! Adjusting the coverage and deductible so you have enough insurance without overbuying is one of the best ways to save a ton on your insurance.
More home and car insurance resources to help save you money:
- 11 Ways to Save on Car Insurance
- New Ways To Lower Your Car Insurance Bill
- I Just Saved A Bunch Of Money On My Insurance
- Insurance Information Institute (checklists under auto & home)
Ways to Save on Life Insurance
1. Only buy term life insurance
Term life insurance pays the policy benefit when the covered person dies. You should have term life insurance to cover expenses and provide for your family should you die unexpectedly. Not having this basic coverage is very financially irresponsible! All other kinds of life insurance are bad investments. Don’t go anywhere near them. Term life insurance is generally very affordable. Eliminate everything else!
2. Only buy as much life insurance as you need
As you mature financially, if you have done the right things, you should be able to self-insure which means you don’t have to buy insurance from someone else. In other words, you should have enough assets and investments to take care of your family if you meet an untimely demise. Until then, buy only as much term life insurance as your family would need to live the lifestyle desired.
More life insurance resources to help save you money:
Ways to Save on Health Insurance
1. Shop, shop, shop!
Apply the same techniques you used above to lower your car and home insurance when shopping for health insurance. You can save a lot of money just by comparing quotes and coverage offered by different companies.
2. Exercise and eat right
One of the best ways to save on health insurance is to take good care of yourself. The fewer health issues you have, the less your insurance company will charge you. If you display risk factors like obesity, smoking or generally poor health, then you are going to pay more. Get in shape to save money!
3. Consider a health savings account
Have you heard of a health savings account (HSA)? If you are disciplined with your money, then this might be an option for you. Basically, you contribute to a tax-advantaged savings account that you use to pay the majority of your healthcare expenses. As a safety net, you also have a high-deductible, major medical plan to cover anything catastrophic. This might save you a bundle!
More health insurance resources to help save you money:
Follow these frugal living tips to save money on insurance!
I can almost guarantee you that you can save some money on your insurance if you will just try these tips. I used them myself a couple of years ago and was able to save several hundred dollars a year!
When was the last time that you reviewed your insurance coverage and cost?
Photos by stevoarnold and pedrosimoes7 and snorp
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Excellent tips and love the Mustang picture! Thanks for the linkage
Read glblguy´s latest article – Faithful in a little
Some great tips here Jeff. If anyone is in the UK here I recommend they check out MoneySupermarket.com – They do price comparisons on credit cards, mortgages, loans, car insurance and more.
Definitely recommended!
Cheers,
Glen
Valuable tips and knowledge shared here, i agree with Glen, MoneySupermarket.com is very genuine and trusted site.
For any saving tip is to really just do the proper research before hand. All these tips you are giving are great, and are all research based. If something is that important to you, and trying to save some money is important, take the time to get the right information to help you out.
Great ideas. This is an area of my life where I ignore costs. I just pay whatever seems standard and never shop. Shame on me: -(
Read Stephen – Rat Race Trap´s latest article – Freedom From Commitment
If you travel to Mexico, don’t forget to buy you Mexican car insurance.
You can save this site in your favorites, I came across with it many years ago and it’s been very useful: http://www.mexcarinsurance.com
Even though in Mexico third party liability insurance is not obligatory, it is essential to have it in the event that you get involved in even the most minor accident, be it a fender bender of another vehicle, damaging private or government property, or injuring a person, these last two, if you don’t have liability coverage are a cause for jail. Remember that Mexican legal procedure is different from what is applicable in the USA, both in Mexico and the USA you are innocent until proven guilty, but in Mexico, this process could be time consuming and very complicated.
you should always get a life insurance if you can afford one coz you really don’t know when you are going to die ,
Life insurance is necessary that is why i always make sure that i get a reputable insurance company `*’