Being a savvy consumer when evaluating your insurance policies can save you money in both the short and long term. By following a few simple guidelines you might be able to fatten your wallet while taking care of your family in the best way possible.
Insurance Cost Cutting Tips:
- Reevaluate on a Regular Basis: Take a look at what you currently have and if your needs have changed in any way consult an independent insurance consultant who can shop all the carriers and find a plan that works best for you. Have you stopped smoking or lowered your cholesterol? It might be time to revisit your health or life insurance
- Check your Coverage: Take a look at your current health plan or car insurance policy and see if you can raise the deductible and have the same coverage you need for less in monthly premium. Also make sure you are not paying extra to be double covered. For example if you already have tow truck coverage through your local automobile association, do you also need it on your auto policy?
- Check Premium Payments: Many insurers will give you a discount on your premium if you commit to paying monthly by auto debit, quarterly or annually. This could save you up to hundreds a year. Also,make sure that you pay your premiums promptly to avoid paying costly penalties.
- Dig for Discounts: Check to see if you can leverage any association memberships for lower cost policies including professional organizations, AARP, school alumni or military associations. You may also be able to save by bundling your policies with one carrier. See if it is more cost effective to place your auto and home policies with the same carrier. Or see if you can add a disability rider to your existing life insurance policy.
- Buy Insurance While Healthy: You can reduce your overall costs by purchasing life, disability, or long term care policies while you are young and healthy. By doing this, you can save thousands over the life of the policy.
No one likes shopping for insurance and most times once it is done and over we do not give it much more thought. But instead, if you take the time to reevaluate your insurance policies on a regular basis you gain the opportunity to save some of your hard earned money and at the same time ensure that your policies meet your current needs.