5 Tips for Reducing Your Monthly Insurance Costs
Insurance is a necessity. You have to insure your medical needs, life, automobile, home, and any other expensive belonging you have. Depending on how much insurance coverage you have or the specific insurance laws in your home state, you could spend thousands of dollars a year on insurance policies. Although insurance is important and you should continue to carry it, there are ways that you can cut your insurance policy costs.
Shop around
Each insurance provider is likely to offer you a different policy price. It can be helpful to show around and price compare each possibility. Sometimes, requesting your favorite insurance provider to price match a different companies price can be helpful. Although you always want to shop around to get the best insurance price, so not pay so much attention to price that you also sacrifice the quality of or the amount of insurance coverage that you have. When you receive an insurance quote that is cheaper than another, make sure that you look at what each company is offering in their quote.
Drive safe
Many insurance providers offer discounts and cheaper premium prices to those with few accidents or traffic tickets. Driving safe can actually save you money. Some providers also offer first accident forgiveness, as sometimes an accident that is not your fault can affect your safe driving discount. This can actually be one of the easiest ways to cut down on your insurance costs. Always pay attention to speed limits and know the driving rules and regulations in each city and state that you visit. Avoid distractions during driving, including messing with the radio, eating or completing other tasks while driving, and texting and driving.
Use the same insurance provider for all your insurance needs
Combining all of your insurance needs is another great way to cut costs. Putting your homeowners insurance, business insurance, boat insurance, and any other types of insurance that you carry on the same policy can reduce your monthly costs. The payment process can also be easier when you only have to make one monthly insurance payment to your insurance agency, rather than making payments to numerous places. Any time you require additional insurance, always work with your current insurance agency on finding multi policy discounts.
Request additional discounts
There are likely many discounts that your insurance agency provides. For example, you might receive discounted auto insurance for being a good student. You might also get discounts for driving a newer or more environmentally friendly vehicle. Also, staying with your current insurance agency for many years can give you longtime customer discounts. It is extremely likely that your agency has some type of discounts, you just have to inquire if you quality for any of them. If you do not currently qualify, find out what you need to do to qualify later on.
Make automatic payments
Payment collection for businesses can be a lengthy and expensive process. When they have to continually call you, send you bills, and track down payment, it costs money. However, if you set up a monthly automatic payment, they are often usually willing to pass some of the savings onto you. Many insurance providers will give significant discounts per month for setting up an automatic payment. They get their money on time each month, and you get a reduced bill for a bill that you have to pay anyways.
Automobile insurance, as well as other types of insurance can take a large chunk out of your monthly income. Any discount you receive can be helpful and there are many discounts available, if you are aware of them. Shopping around to different insurance providers can be helpful in securing a lower cost. Also, always keep your eyes open for insurance premium discounts that will make your monthly cost more affordable.