Top Tips for Finding Deals on Insurance

Saving money by spending less is a top priority for many families. Cutting back on meals out, pricey coffee drinks, and designer clothing are all common ways to curb spending. Using coupon codes, buying items on sale, and even taking advantage of thrift-store finds are smart ideas, too. In some families, and maybe yours is one of them, saving money is elevated to a science and a sport, with the prize being money left over at the end of the pay period.

Sure, there are lots of areas in your finances where you can cut corners, but skipping out on insurance isn’t one of them. By having sufficient coverage for your family’s needs, you can protect your pocketbook from huge, unexpected, and potentially life-altering expenses. However, that is not to say that you can’t save money on insurance. If you feel like you might be paying too much for coverage, read on for a few ideas on how to save.

Consider Your Deductibles

The deductible on your insurance policy is the amount that you pay out of pocket when making a claim, before your coverage kicks in. This amount varies, but can be anywhere from a few hundred dollars to a few thousand. A policy with a higher deductible has lower monthly rates, and a policy with a lower deductible has higher monthly rates.

Therefore, if you tend to be a careful driver and haven’t had a ticket in many years, switching your plan to a higher deductible can work in your favor. Likewise, if you are a careful homeowner who performs regular home maintenance, logic dictates that a higher deductible may be a good choice for you. By switching to a high-deductible plan you may realize significant monthly savings.

Check for Discounts

Some auto insurance companies offer discounts for excellent driving records and, in the case of young drivers, good grades in school. Similarly, home insurance providers may charge a lower premium if your house is near a fire station or has had a security system installed. If there have been changes in your home or driving situation in the last year, ask about any discounts that may be available.

Other discounts can be had when you use the same provider for multiple types of coverage. So, by purchasing coverage for auto, home, and life from the same company, you may be able to save significantly.

When in Doubt, Ask

Your insurance agent is the one person who can answer all of your insurance-related questions. Whether you have had a business relationship for several years, or you are purchasing your first policy from him or her, be sure to ask for ways to save money. Likely questions may include how much coverage you need, at what age will you need to change your coverage, and if making monthly payments is cheaper than paying bi-annually.

There are many ways to save money on insurance. By reviewing your policies, being willing to pay a higher deductible, and asking for help from your agent, you may be surprised at the amount you can save each year.

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