When it comes right down to it insurance is something you cannot avoid. With so many different types of insurance you’re required to carry it can be difficult finding ways to cut down the costs. But as long as you keep a few key methods in mind it can be possible to keep monthly payments down.
Increase Your Deductible
This does involve you shouldering some risk but by increasing the amount you have to provide if the insurance has to pay out can keep monthly payments low. This tip is offered with the following bit of advice. If you’re going to have higher deductibles then you should also have emergency money in savings when the need for insurance comes. While this may appear contradictory on the surface keep in mind it can be easier to save when you’re able to versus a higher monthly bill. Putting money in savings when you’re able to doesn’t carry late fees or monthly requirements. This can be good if your income has high and low periods throughout the year or your employment has periods of inactivity.
While it may be tempting to get the best service package you can find do keep in mind the legitimate value of the thing you’re insuring. For example don’t get homeowners insurance that surpasses the value of the home and everything in it. The same goes for car insurance that far exceeds the value of the car being insured. There are professional insurance brokers from Insurance Hero who can give you accurate figures on value. By doing so you make sure your insurance is neither too little nor too much.
Avoid things that can cause your insurance to go up. Part of keeping premiums down is making sure you only use insurance when it’s well and truly needed. In that respect keep your automobile mishaps to a minimum. Don’t get tickets that are easily avoided by not engaging in careless behavior. Make sure your car has proper safety features as most insurers give discounts for them. In that same vein do the same for your home. Keep locks in a working state, and smoke detectors functional. Insurance is meant to be used but using it too often on avoidable mistakes drives your rate up very quickly.
Bundle Your Policies
Most companies are pleased to do business with you and the more the better. It’s entirely possible to get home, car, motorcycle, and liability insurance from the same company. While that is a bit of an extreme case the fact remains most companies offer bonus discounts for carrying more than one service through them. So when shopping, be sure to ask about any bundles the insurer may carry. Also always make sure that the bundle is actually discounted compared to buying them separately.