Ultimate Guide to Finding Cheap Insurance

With insurance rates rising in every category - from car insurance to homeowners to health insurance - there has never been a better time to make yourself an informed consumer. That’s why we’ve put together our Ultimate Guide to Finding Cheap Insurance! So, without further ado, let your money-saving insurance education commence:

• Shop around for a new insurance company - Cheap insurance doesn’t mean little or no insurance, or bad insurance. No! Insurance companies want your business, so don’t be intimidated by the idea of shopping around. But be sure to compare apples to apples. But cost isn’t everything; don’t settle for less regarding how insurance claims are handled, and how quickly they’re paid. Look also into each insurers’ financial stability. Use a search engine; type in the company name and this phrase “Standard & Poor rating.” Results will tell you how sound the company is.
• Raise your insurance deductibles - Most insurance companies give significant discounts for higher deductibles. But that also means paying more out of pocket should you damage happen to your vehicle or home. But it can translate to lower premiums. And over time, the savings can add up to more than you might pay to fix the damage from savings.
• Lower your coverage limits - By lowering levels of insurance coverage or by eliminating certain coverages, you should lower your auto insurance premiums. Because this is accomplished by reducing the amount paid out by the insurance company, your protection decreases as well. But once again, if you put those savings into savings, you will come out way ahead if you have no claims for a stretch. (But don’t leave yourself open to anything potentially catastrophic just to save a buck or two.)
• Ask for discounts - Do you have more than one car or other vehicles? Do you also have a home? Maybe a rental property to boot? (Lucky duck!) Well, because of increased business most insurance companies will give you a discount across all the policies. Other discounts may be available as well, like discounts for good grades, for taking defensive driver training. Other discounts may be available for installing anti-theft devices or for anti-lock breaks or additional airbags. And most will give discounts for driving fewer miles than average.
• Lower coverage on used vehicles - If you have cars or trucks that are not in the greatest shape or which have a low resale value, why not consider carrying only liability coverage? The savings from lower premiums might do better in the bank. Not sure what things to consider? Here are a few questions to answer:

• Is the car 5 years or older?
• Are a year’s worth of more than 10% the its value?
• Is the car already paid for?
• Can you afford to repair or replace it if something happens?
• Do you have a great driving record?

• Eliminate optional coverages - Consider eliminating incidental coverage on cars like towing, glass replacement, rental car reimbursement, roadside assistance coverage, and others. For your house, do you have endorsements for things like roof damage, hail, or windstorms? If you can afford to replace these out of pocket, you might want to take the risk that your home won’t need this protection while you own it.
• Keep a good credit rating - Insurance companies often consider good credit a marker for responsible behavior. On the other hand, poor credit can have a negative impact as well. So, clearing away false dings and paying off smaller debts on time and regularly can help improve your FICO score - and thereby lower your premiums overall.
• Keep a good driving record - Being a careful driver can pay big dividends. In this vein, sell that sports red car. Get a sports coupe with a hard top and a less flashy color. Both these things can have a positive impact on your auto insurance premiums.
• Limit your claims - Premiums often rise because the insured put claims in for every nick and ding, every loose shingle, every bent rain gutter. Most of these things can be repaired for the portion of premium paid every month! So, check the costs of repairing things yourself or out of pocket against the benefits of having the insurance company pay on a claim instead.
• Consult with an insurance broker - Last but not least, you’re probably very knowledgeable about something. And you’re probably pretty busy with your own job and your own life. So, why not check in with an insurance broker? They actually make a living helping people just like you find better rates for similar or better coverage! So, why not check with one today online!

Even if you’re happy with your insurance company and level of coverage, it’s still a good idea to review your car insurance needs and compare rates from time to time. Who knows what you might be missing? It could very well be savings.