This is a collaborative post by Ellie Jo.
I think that we can all agree insurance is pretty important. Whether it’s for your car, your home, your possessions, or most importantly of all, your health, having insurance keeps you financially, mentally and sometimes even physically safe.
Of course, insurance can be pretty expensive too, and that’s why you should never take the first offer you find. In addition, you should always be looking at ways to cut down on the cost of your insurance needs. Here are a few things that will help you with how to save on insurance.
Ways to Save Money on Insurance
Get Lots of Quotes on Insurance
Whenever you’re buying anything, including insurance, if you want to save money, you need to shop around. You need to use comparison sites, collect as many quotes as you can and do your homework to ensure that not only are you getting the best possible price, but you’re getting the best possible product for your money too. When it comes to insurance, the only thing you need to be careful about is that you’re not comparing apples with oranges. Be sure to check the level of coverage and the price to ensure you really are saving.
Go Direct to the Insurer
Whether you’re looking to get car insurance, renter’s insurance or a life insurance policy, you can often get better deals by cutting out the middlemen, namely insurance agents and even some comparison sites, and dealing directly with the company. Why? Because you won’t have to pay any commission for the privilege of taking out a policy.
Increase Your Deductible
Often, if you increase your deductible to a higher level, you will get a significant discount in the cost of your insurance premiums, that you will end up with a much better deal overall, even when you take into account the amount you’ll need to pay should you need to claim, and since chances are you probably won’t need to claim in any given year, well it makes perfect sense to do this.
Use One Insurer for Everything
Insurance companies often offer discounts when their customers buy several insurance policies with them. So, try looking at companies who offer car insurance, home insurance, jewelry, pets and whatever else you need coverage for. Then, check their discount policy. Chances are you’ll be able to make a significant saving for just a little bit of your time.
Take care of Your Things
It’s obvious, but if you don’t have to make a claim on your insurance, your premiums will stay much lower over the years. Of course, it’s easier said than done, but if you make a real effort to take care of your home – doing repairs as soon as possible, your body – by exercising and eating well – and your car by driving responsibly and having regular tune-ups – for example, you will save on insurance over time.
It’s not always the case, but many insurers will charge you a little less if you pay annually or even bi-annually for your insurance. When you pay monthly, you tend to pay more, so if you can afford it, pay upfront.
Do you have any more ideas how we can all save on our insurance payments?
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.