7. Increase Your Deductibles
by Admin
Posted on 24-11-2022 05:08 PM
You can call your
insurance
company at any time and ask them to raise the deductibles on your home and auto insurance. We have raised our home insurance deductible to $1500 and those on our vehicles to $1000 each. This can add up to some pretty nice premium savings over a couple of years. Just make sure that you always have enough cash on hand to cover the deductibles just in case.
We earmark a part of our emergency fund for this purpose.
The higher your deductible is, the less that you’ll pay for your premium. For example, going from $250 to $500 could reduce the cost of your collision and comprehensive coverage by up to 30%. And if you go from $500 to $1,000, you could save an additional 31%. But be careful not to make your deductible too high. There are very few scenarios in which you can avoid paying a car insurance deductible, and if you get into an accident, you don’t want to be faced with paying more out of pocket than you can afford. To learn more, check out wallethub’s guide to car insurance deductibles.
When you feel that it makes more sense to buy a new car instead of repairing your old one, it might be time to also think about giving up your collision insurance on that older car. All this means is weighing the cost of collision coverage with the value of your car and chosen deductibles.
You might not think billing errors are a problem if you have health insurance, but you often pay a portion of your medical bills through copays, coinsurance , and deductibles. Check your medical bills for errors to make sure you're paying what you're supposed to be paying. This will save you money on what you are paying out of pocket, and it will help keep your costs down. When looking over your medical bills, ask for an itemized billing that lists the supplies, medications, or procedures you are being billed for. You should also make sure you confirm all the data to the best of your ability.
9. Consider Location When Estimating Car Insurance Rates
There are higher rates of vandalism, theft, and
car
accidents for city drivers than for drivers that live in rural areas or small towns.
Because of this, city drivers pay more for car insurance. Living in a rural area or a small town where there is less crime and fewer car accidents will save you money on car insurance. If you are a city dweller, you can lower your car insurance by parking your car in a secure location such as a garage or by equipping your vehicle with anti-theft features.
10. Review Your Coverage
It’s a good practice to check in with your insurance agent at least annually to find out if you are eligible for a better car insurance rate. You may receive discounts if you bundle coverage , such as buying insurance for your home and car from the same company. As mentioned earlier, safe driving records and extra safety features on a car may also lower rates. Ask your insurance agent about any new offerings or gaps in your coverage to determine the best coverage for you. 9now that you’ve got some ideas on how to save on your car insurance, you may want to check with your carrier to review your coverage.
Your agent can review of your policies and make recommendations on how you might reduce your premium. Review our benefits of working with an independent insurance agent infographic for more information on how an agent can help ensure you have the right combination of coverage, value and price.
On your side® review make sure your insurance keeps up with your life and you get all the discounts you deserve. More about on your side® reviews availability varies. Enrollment discount applies during data collection; final discount is calculated on driving behavior and could be zero. Discounts do not apply to all coverage elements; actual savings vary by state, coverage selections, rating factors and policy changes. Final discount applies at the next policy renewal and remains until drivers or vehicles on the policy change. Average annualized savings on home and auto premiums, compared to stand-alone price of each policy, based on national data from may 2020.
Calculate how much life insurance you need before you start to compare rates. Your family may need coverage to pay regular bills, but they may not need to pay off the entire mortgage or pay the full cost of college for the children. Also, if your children are older or your spouse works, you may need less coverage than someone who is the sole breadwinner and has young children. Run your numbers through a life insurance calculator, such as the life insurance calculator on insure. You should also review your needs every few years or when you have any life changes, such as if you have another child or buy a new house with a larger mortgage.