It’s the beginning of a new year and you’re ready to turn over a new leaf. Traditionally, January is all about making positive changes, growing as a person, and embracing the possibilities of the future with optimism and action.
If you resolved to save more money in 2018, we might have some clever ideas to help.
Think about all the different kinds of insurance you pay for. Your car is insured, and most likely so is your house and personal property. You have health insurance, life insurance, and perhaps long-term disability coverage. If you own a business, there’s a whole other list of policies to cover your business from losses, too.
That’s a lot of insurance premiums.
This year, spend less on insurance with these 3 ways to reduce your insurance premiums.
1: Shop Around
Comparison shopping for insurance can feel like a chore. Policies from competing insurance agencies can be difficult to compare, as the price isn’t the only thing that varies. Coverage levels, exclusions, and deductibles lack consistent standards, so even if you take the time to get quotes from multiple agencies, it’s not always easy to decide which is the best value.
The easiest way to handle this is to purchase your insurance through an agent instead of directly from a major insurance company.
Lots of people assume that buying through an agent will be more expensive because they’re adding a middle man, but what you’re really doing is enlisting expert help. Your agent’s job is to get you a better deal than you can find yourself, and since they know the ins and outs of the insurance world, they can help you accurately compare those dissimilar insurance quotes.
When you take the little bit of extra time to shop around and find the best coverage for the best deal, you can save hundreds of dollars each year.
2: Check For Coverage Overlaps
Does your health insurance policy already have provisions for long term disability payments? Then you probably don’t need a seperate policy for that.
Make sure you know what your policies cover, what they don’t cover, and what extras you can add on to your policy at a discount. In most cases, there’s no need to have two different policies that cover the same thing.
While you’re going through your policy documents, you might discover that you don’t have as much protection as you thought. Perhaps you assumed your home insurance covered personal property damage, but looking more closely, you realize that it only covers a small amount of damage to some of your belongings. You need more coverage.
Should you get another policy?
To save money when getting more coverage, here’s what you should do:
3: Bundle Insurance Policies
Most companies offer a discount if you buy multiple insurance policies from them.
When you’re thinking about bundling your insurance for a discount, go back to the first tip in this post and shop around. Get quotes from multiple companies and be sure you tell them that you’re looking for a discount if you bring all your policies to one company.
Again, this is a situation where having an insurance agent to represent you is a good idea. You can do it yourself, but an agent will help you get a better deal.
By bundling your insurance policies with a single company, it simplifies your finances and makes budgeting a little easier, too.
Don’t be intimidated by insurance agencies. You can do this, and if you need help, there are plenty of insurance agents near you who are happy to assist.