The funny thing about insurance is it’s one of those things we tend to think about as an inconvenience until we need it. Trust us when we tell you that it’s much better to have insurance and not need it than to need it and not have it. Not to mention, in some cases insurance is mandatory.
There’s so much to take into consideration when shopping for the right insurance policy that the process can feel overwhelming and even intimidating at times. However, whether you’re in the market for homeowner’s insurance, health care insurance, or auto insurance, your ultimate goal should be to get as much coverage as you can for as little money as you can. Continue reading to get some tips that will help you to save some coins on your next insurance plan.
1. Look for policies that offer the most incentives.
Auto insurance is something you have to have to legally operate a motor vehicle in the United States. With that being said, it’s made the auto insurance industry hyper-competitive, with top companies like State Farm and Allstate offering everything from accident forgiveness to State Farm windshield replacement.
The more you shop around, the more likely you are to find a policy within your budget that offers some kind of special accident protection. Of course, we all like to assume that we’ll never be involved in an auto accident, but the truth is that the more you drive, the more likely you are to have a collision of some sort. So, you should shop for policies with the assumption that you’ll never have an accident while staying aware that it’s still best to have some kind of special accident protection such as windshield replacement or accident forgiveness.
2. You can lower your premium by choosing to pay a higher deductible.
When it comes to health care insurance, it can be difficult to understand, especially if you’re talking about premiums and deductibles. In short, the premium is the cost of the policy or what you pay every month, and the deductible is the amount you have to pay out of your own pocket before your health coverage starts paying for your health care.
If you’re a relatively healthy person and you’re worried about the monthly out-of-pocket costs of health care coverage, you can lower your monthly premium by picking a health plan with a higher deductible. Be sure to compare health insurance policies online before making your final choice.
3. Set up autopay.
One of the best ways to save money on monthly services is to opt for autopay if it’s an option. Most insurance companies offer autopay for their customers as well as a discount for using it. However, if you do arrange autopay with the insurance company, be sure to pick a day each month that you anticipate being within three days of payday.
4. Improve your credit.
As you’re well aware, your credit score can either help you or hurt you in a myriad of ways, and auto insurance is one of those many ways. If you want to lower your car insurance payments, the best thing you can do (aside from driving safely) is to raise your credit score.
Insurance companies consider everything. That means that when they see a low credit score, they see a potentially careless individual whose carelessness could permeate their driving. If you want to lower your auto insurance costs by a few bucks, raise your credit score by a few points.
5. Stay fit.
If you choose to get a private health insurance plan, the chances are that you’ll have to take a physical exam before you’re given an insurance quote. That means the best way to keep your health coverage costs low is to keep your body in shape.
It’s no secret that people who eat, sleep, and exercise the way they should generally lead healthier lives than people who don’t. Put yourself in the shoes of an insurance agent. Would you rather insure healthy you or out of shape you?