There’s no denying it – life can be risky at times! In a busy world, we sometimes stumble, so insurance is critically important to have in order to pay for those stumbles that wind up being costly. But finding the right insurance at the right price can be tricky.
Here, we offer some tips for saving money on different types of personal insurance.
Try to negotiate with your insurance company.
In life, many things are negotiable. Don’t just settle for the rate that any insurance company gives you. Negotiate it, and make sure you are clear about the fine print. Sometimes insurance providers will sneak in service line items that you don’t need or want to pay for, and if you don’t read the fine print, you may wind up wasting a ton of money on such services that you will never use.
Maintain a high deductible.
If you are generally not accident-prone, a great way to save on car insurance is to maintain a higher deductible. The lower the deductible is, the more expensive the insurance rate tends to be. So consider the odds of whether you’ll get in an accident when considering your deductible. This goes for homeowners insurance as well – if you are willing to take the risk that your home will remain safe and sound, go for a higher deductible and save money.
Join a large company.
There are exceptions to this rule, but generally, the larger a company is, the better rates they are able to get on medical, dental, and eye insurance. Usually, these companies are able to obtain lower deductibles, and will also pay for some portion of each employee’s insurance.
Stay out of trouble!
With car insurance, the more accidents you get into, the higher your insurance rates are. So be a safe driver. Don’t drink and drive, and follow the speed limit. Always be aware of other drivers around you, who could simply be more of a danger to you than you are to yourself.
Take advantage of ‘good student’ offers.
Being a good student often gets rewarded by car insurance with lower rates. This can mean everything from being on the honor roll to hitting a certain GPA, and the criteria for being a good student varies from one insurance company to another. Be sure to ask your car insurance provider about the offers they provide for being a good student.
If you are a student, hit the books! Your car insurance rates could improve vastly as a result.
Good credit can equate to good rates.
According to the Insurance Information Institute, many homeowners insurance companies will use your credit history to determine your rates. So make sure you do things like paying your credit card bills in a timely manner, and be sure to monitor your credit score with some regularity.
Try a dental college instead of dental insurance.
According to Money Talks News, prices for dental care at dental colleges can be as little as half that of your average dentist, and “every procedure is overseen by qualified and very experienced faculty.”
Get those chompers cleaned at a dental college and save $$$!
Many auto insurance company also offer homeowners insurance. By consolidating the two policies under the same carrier, you can save a significant amount of money.
Make sure your home systems are updated.
According to Noreen Perrotta, Consumer Reports finance editor, if your home systems (including heat, plumbing, and wiring) are less than 10 years old, you can save up to 15% on homeowners insurance. Be sure to enquire about this with your insurance company. They might not just offer it up, so it’s worth asking about.
There are plenty of opportunities to save money on all types of insurance if you just keep your eyes peeled, maintain good habits in life, and ask for discount opportunities. Don’t be shy when it comes to dealing with your insurers. They certainly aren’t shy about taking your money!
Cara Aley is a freelance writer who covers a wide variety of topics from how to have the cleanest gutters in town to digital marketing strategies for small businesses. She resides in San Francisco and is a singer-songwriter in her spare time.
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