Lowering your insurance costs

Last week, we posted on how to write a household budget. One of our pieces of advice was to determine where you could make cutbacks.

A big place to make cutbacks is on your insurance costs. How?

1. Shop around.

Prices vary from company to company, that’s not just a they use in their ads.  You should get at least three price quotes. If one company is comparing the costs for you, make sure they are comparing comparable coverage.

2. Get a higher deductible

Deductibles are what comes out of your pocket before the insurance kicks in. You can lower costs with a higher deductible, but keep in mind, the higher deductible may come back to haunt you if you get into an accident. Or, it might make you a better driver.

3. Bundle your insurance

Many insurance companies cater to several markets. If you buy homeowners insurance from the same company as your car insurance,  you can usually get a break. Also, if you insure multiple cars or vehicles, the company will offer a discount.

4. Seek out discounts

Many insurers offer a wide array of discounts, including no accident discounts, good student discounts, or a discount for a defensive driving course. See if your insurer has any of these and take advantage of it.



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Posted on November 8, 2010, in Biz Tips and tagged , , , , , , . Bookmark the permalink. Leave a comment.

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