Rather than be uninsured or take out minimal coverage that won’t protect you when you need it, be money smart with your automobile, home, life, and other insurance coverage. There are ways you can get maximum protection at minimal cost to you, which leaves you with extra cash to use on other things. Unless you’re an insurance agent yourself, you probably don’t know all the tricks of the trade. Here are a few that will reduce your premiums without sacrificing protection.
Seek Professional Advice
You aren’t an insurance agent, are you? No problem! A local insurance agency has the experienced staff to sit down with you and talk about – well – your life. The agent can discuss coverage options for each policy you need, and he or she can tap you into discounts offered by the carriers through the agency. That’s right. Carriers offer special discounts through agents that they don’t offer to customers who eliminate the middle person. You may realize additional savings through an agent.
Combine Policies Where You Can
Part of what the agent can help you with is combining your insurance policies where you can for added savings. Why pay for auto insurance from one company, home insurance from another, a life insurance policy from a third company, and your business insurance from yet someone else? If you add up all your premiums, you’ll be surprised how much money this costs you each month. Carriers love to cover all your needs, and they’ll offer you significant savings to do so.
Pay Your Premiums All at Once
Those four separate payments each month are cumbersome, so combining your coverage will make life much easier when you write one check for everything. Did you know, however, that if you pay your annual premiums in one lump sum you save even more money? It might be tempting to pay throughout the year because monthly payments seem more manageable, but paying all at once frees up extra cash later that you wouldn’t otherwise have.
Don’t Go Crazy With Other Expenses
One way to curtail your insurance expenses is to control what you have to insure. You might want a Lamborghini (and who doesn’t), but do you know how much money you will spend to insure it? You might also want that top-of-line home entertainment system, but are you ready to pay the additional home coverage to protect it? The more you have to insure, the more your insurance will cost you, so don’t go bananas. Live within your means to keep your expenses down.
Finally, certain things might reduce your insurance coverage costs because insurance companies love them. For example, a home security system complete with fire and carbon monoxide protection reduces your chances of theft, fire, or other damage, and the insurance company may reduce your home premiums. Buy your vehicles instead of leasing them to reduce your auto premiums. Discuss life insurance as part of a benefits package with your boss.
You don’t have to go to the poorhouse to get proper insurance. There are plenty of ways to insure your life and all that is in it with the coverage you need. You just need to do a little groundwork and reap its monetary benefits.