10 Great WaysTo Save On Insurance

[abballmom]

We're all feeling the pinch of the current economic crisis and most of us are examining our household budget for any areas that can be trimmed. I suggest taking a closer look at insurance policies.

Tips to Save You Money :

• Cancel collision and comprehensive insurance on cars older than five to seven years.
• Consider increasing your insurance deductibles to a minimum of $500 or higher. The higher the deductible, the lower the premium.
• Don’t turn in the small claims. Loss free discounts add up to really big savings.
• Maintain good credit. Good credit scores mean lower rates.
• Ask for a 12-month auto policy in lieu of a 6 month policy. It locks your rates in for a year compared to the regular 6-month term that is standard for most carriers.
• Pay your premium in full instead of a monthly payment plan. The savings is considerable and most carriers charge a fee if paying monthly.
• The lowest price rarely saves you money in the long run! By buying a low-cost low-coverage policy, you run the risk of really losing money by experiencing a loss that is not covered or one that is underinsured. Cheaper isn’t always cheaper!
• Install smoke detectors and fire extinguishers
• Insure home and auto with same carrier
• Shop around. Staying with the same insurance company year after year can be costing you big time. If you find a better deal cancel or change the policy before the renewal date to save the most money.

[tripods68]

• Insure home and auto with same carrier

Not always true..we left GEICO our homeowner insurance carrier and found better competitor with policy coverages and lower premiums.

Sorry I had to pick this one

[vole]

Comparison shop for auto insurance. In some states the rates are fixed, but other times there can be big price differences.

Also, some insurance is a bad deal. Like dental insurance or insurance on new purchases.

For health insurance a high deductible will save money if you're not sick. If you do use the insurance, it ends up being the same cost to you. It just feels worse when you have to write a check to the hospital but the total cost to you at the end of the year is the same either way.

Term Life Insurance or SBLI. Insurance is not a good "investment." It's insurance.

-Dave

[disneysteve]

Originally Posted by tripods68

• Insure home and auto with same carrier

Not always true..we left GEICO our homeowner insurance carrier and found better competitor with policy coverages and lower premiums.

I agree. We did have home and auto with Allstate. Then, after filing a home ins. claim, Allstate dropped us. We searched around and found coverage elsewhere cheaper than what we had been paying Allstate.

Originally Posted by vole

some insurance is a bad deal. Like dental insurance

We have dental insurance and it isn't a bad deal at all. If nothing out of the ordinary goes wrong, we come out about even if each of us gets our routine check-up and cleaning every 6 months (which we always do). Throw in a cavity here and there and that puts us ahead.

[vole]

Originally Posted by disneysteve

We have dental insurance and it isn't a bad deal at all. If nothing out of the ordinary goes wrong, we come out about even if each of us gets our routine check-up and cleaning every 6 months (which we always do). Throw in a cavity here and there and that puts us ahead.

Your dental insurance runs about $500/year, pays 80% and probably caps at $1500/year. If you have a bad problem, like a root canal, that will run $750 with you paying 20% that comes to $150. The crown will be another $750 and you pay 20% that comes to $150.

So, you are paying $500 for the policy, $300 in co-pays for a total of $800 rather than the $1500 in dental fees. And that's worst case. You may break even with cleaning and a cavity here or there but that doesn't make it a good deal.

It's one of the largest money-makers for the insurance company. Limited risk for them with a premium/risk ratio.

-Dave

[disneysteve]

Originally Posted by vole

Your dental insurance runs about $500/year, pays 80% and probably caps at $1500/year.

So, you are paying $500 for the policy, $300 in co-pays for a total of $800 rather than the $1500 in dental fees.

Dave, maybe that's how your policy works. It isn't at all how mine works. We don't have any copays. It isn't an 80/20 plan. Routine care is covered 100%. When I go for my cleaning, check-up and x-rays, I pay nothing out of pocket. So all 3 of us do that twice a year. We also get a discounted rate on other services. We got 20% off my daughter's braces. That saved us about $1,000.

I also don't pay $500/year. My premium is under $13/check every 2 weeks, so $338/year.

[vole]

Originally Posted by disneysteve

Dave, maybe that's how your policy works. It isn't at all how mine works. We don't have any copays. It isn't an 80/20 plan. Routine care is covered 100%. When I go for my cleaning, check-up and x-rays, I pay nothing out of pocket. So all 3 of us do that twice a year. We also get a discounted rate on other services. We got 20% off my daughter's braces. That saved us about $1,000.

I also don't pay $500/year. My premium is under $13/check every 2 weeks, so $338/year.

What plan do you have? Does it have a maximum?

I tried to find insurance but even when they include routine care, the plans had a maximum or cap on payments. Root canals and crowns had a maximum payment and the dentist bills for the difference if there wasn't an 80/20 structure.

When I was at the dentist many patients seemed to be getting surprises about what their bill was even with the insurance. All the time I was there, the receptionist was explaining to patients why they were paying even when they had insurance.

amazines.com details some of the reasons why it's a bad deal as well as articles on ezine.com

-Dave

[disneysteve]

Originally Posted by vole

What plan do you have? Does it have a maximum?

Our plan is through Horizon BC/BS of NJ. I'm not sure about the maximum, though I'm sure it has some limit. We've had it for several years and it has been great for routine care and did save us on orthodontia as I mentioned. It may not cover involved stuff but would still get us a discounted rate.

[vole]

Originally Posted by disneysteve

Our plan is through Horizon BC/BS of NJ. I'm not sure about the maximum, though I'm sure it has some limit. We've had it for several years and it has been great for routine care and did save us on orthodontia as I mentioned. It may not cover involved stuff but would still get us a discounted rate.

I just checked the Horizon BC BS and as you said it only cover the basic care. It is a wash if you have a family of 4 and go for routine care.

My kids are grown, and the discount dental programs work out a little less for me and may save money on the more involved procedures.

-Dave

[sydneysky84]

geico of course lol

[ishanbansal]

Auto Insurance is a recurring monthly expense. So, any reduction in the cost of Auto Insurance would keep giving some extra bucks month after month. The price of Auto Insurance is determined by the coverage that are chosen. Most of the times, people are not aware about the right limits of coverage that have to be chosen for Auto Insurance. As a result, they end up paying a lot more than what they could have been paying with right coverage limits. Choosing right coverage ensures you get affordable Auto Insurance