Saving Money On Insurance - Tips

[jeffrey]

1. If you are planning to join a health club or buy exercise equipment, contact your health insurance carrier. They probably have a contact list of businesses that offer discounts on products and services that promote safety and good health.

2. If you you're young and in good health, compare prices before joining your company's health plan. While company group rates are usually less expensive for most people, those in their 20's can sometimes find better individual premiums.

3. If you're 55 years or older and retired, check with your fire insurance company to see if they offer a senior discount. The call may save you up to 10%. Some insurance companies offer this discount because retired people stay at home more and therefore spot fires sooner than those going to work everyday.

4. Invest in a safety deposit box for your important documents and valuables. Replacing items lost due to theft, fire or other disaster costs money. Safety deposit boxes are inexpensive and well worth the investment.

5. Maintaining a good credit rating can lower the cost of your insurance policies. Insurance companies use your credit rating as tool to predict your likelihood of filing a claim. A good credit rating will often entitle you to a discount on your insurance premiums.




6. Most people who are single do not need life insurance. Only purchase life insurance if someone is financially dependent upon you and would suffer financial hardship at your untimely death.

7. Raise your homeowner's and car insurance deductibles as high as you can afford. Choosing the maximum deductible over the standard can save you over 10% a year on insurance costs.

8. When getting insurance of any kind, take the time to research the insurer's record for claims service and its financial stability. Low insurance rates are a terrible deal if an insurer takes forever to handle your claim.

[rsi5915691]

Another key to saving money on insurance is to shop around and get as many quotes as possible. This is especially true when purchasing auto insurance. I recently read one article that insurance rates for the exact same coverage can vary several hundred dollars. Consumer activist Clark Howard suggests shopping at least ten insurance companies before purchasing. There are some great resources online to make this process easier. Comparison sites enable you to get multiple quotes at one time.

[AntiCost]

Keep a fire extinguisher or 2 at home. You can pick up a set of 2 at your local Costco/BJ's/Sam's Club for $25 or less. Locate one in your kitchen and the other in your garage.

Your home insurance company should offer you a credit for fire protection devices, and it's always nice to know that you have one "just in case".

[acezz4e_tish]

i visited the first site jeffrey posted and i got a phone call right away, and am getting a better deal, almost same cost im paying now for me and dave, both cars, rv and home insurance on the same policys.

[bharman]

Be careful when raising deductibles on your insurance. You have to do a cost/benefit analysis to determine whether raising your deductible is really the best option. Sometimes it doesn't save you that much money.

For instance, if you have a car that's only worth $2,000, and you have a $1,000 deductible, you'd only get $1,000 if your car got totaled (if you have collision coverage). Having a $500 deductible probably wouldn't cost much more per term, and you'd get $1,500.

Also, advise often says to drop comprehensive coverage on older vehicles. This is a pretty inexpensive coverage and covers you if your car gets stolen or damaged by anthing other than another car. The less your car is worth, the less the coverage will cost. Just check with your agent or company to see what the difference is. Sometimes pinching pennies costs more in the long run.

My husband and I drive older cars (94 Explorer with 330,000 miles and a 97 Contour with 145,000 miles), and we have full coverage on both. I thought about dropping comp and collision, but it just wasn't worth it. I'd rather be on the safe side than save a few bucks. You just have to do what's right for you.

[cercis]

Wow, bharman, when I priced mine with comprehensive it was more than twice the price of liability only. It wasn't pinching pennies, it was pinching twenty dollar bills (and then some).

[bharman]

Well, as I said, you have to do the cost/benefit analysis. On my car, Comprehensive coverage is only $37 every 6 months. That's less than $6 a month. I would just rather pay the $6 each month than save it and have my car stolen. The more your car is worth, the more the coverage costs.

[cercis]

You must live in a "good" insurance area. My car is worth maybe $3k (1998 Saturn) and it was going to be $60/month for liability and full coverage. With liability only, it's like $25/month. And I have a good, clean driving record. I think part of the issue is that my area is VERY close to the mexican border, but who knows.

[Tightwad Kitty]

Because I am over 55 and retired, this year I saved over $140 (Aus) off my household insurance alone. Compared to the original quote by the same company. So it pays to ask!