If you're like most people, you bought your insurance policies years ago and you haven't thought about them since. The problem is that most people are spending too much for their insurance coverage and don't even know it. Regardless of what kind of insurance policies that you own, there are some ways that you can save money on your insurance.
Every insurance company is different, and all of them have various rating systems and underwriting that they are going to use. Regardless of the type of plans that you have, one of the best ways to save money is to compare plans before you buy one of them. Even if you've held these plans for several years, you should take some time to get a couple of quotes.
Just about every insurance company is going to offer discounts if you have more than one policy with the company. Bundling policies with one company can save you around 5% – 10% on your insurance plans. One of the easiest ways to save money is to put all of your plans with one company.
One important thing to note is that you shouldn't automatically bundle your plans with one company just to get the discount. Before you take all of the plans to one company, make sure that you compare the rates to other companies. Even with the discount, they still might be more expensive than other companies.
Improve your Health
In regardless to life insurance, one of the best ways that you can save money is to improve your health. If you don't have a life insurance plan, or you've held your plan for several years, improving your health can save you thousands of dollars every year.
Before you get life insurance, the company is going to require that you take a medical exam, and the results are going to play a significant role in how much you pay for your coverage. If you want to save money, losing some of that extra weight can cut your premiums by 50% or more.
Some of the best ways to save money on your life insurance is to quit smoking and start hitting the gym. If you're a smoker, then you should expect to pay at least twice as much for their insurance coverage versus what a non-smoker would pay for the same plan if you didn't smoke.
If you don't have life insurance, you could be making a big mistake for your loved ones. Thanks to some companies, buying life insurance has never been easier. Some companies specialize in selling life insurance completely online. No calling agents or taking a medical exam. You can get life insurance in a matter of hours.
Lower your Deductible
Another simple way to save money every month on your insurance premiums is to lower your deductibles. With both your homeowner's insurance and your auto insurance, the deductible limit is going to play a major role in how much you pay for your coverage.
If you want a quick and simple way to lower your premiums, lower your deductible is the easiest way to do that. Most people have a $500 deductible on their auto insurance policy. Raise that to $1,000, and you can save yourself hundreds of dollars every year.
Ask for Discounts
If you want to save money, just try asking. Insurance companies have various discounts for members of groups or dozens of other reasons. If you've had your plan for several years and you haven't missed a payment, then you can get a discount for being a loyal customer.
Every insurance company is different, and all of them have different discounts that they offer. The best thing to do is to call your agent and ask about any discounts that you qualify for. Making one phone call could save you hundreds of dollars every year.
Saving Money on your Insurance
Nobody wants to spend their free time going through their insurance policies, but maybe it's time that you dust off those policies and check to make sure that you have the best plan for you. Using a few of the tips above, you could easily cut down your premiums by hundreds, or even thousands of dollars every year. It's worth taking the time to call your agent or get some quotes.