Most of us pay our insurance bills without much thought, especially if it’s the same monthly amount. But with the cost of living on the rise, we all want to save a little money – including insurance money.
How to save money on insurance?
Let’s look at four quick and easy ways to save and still get the coverage you need.
1. Increase your deductible
The deductible is the amount you have to pay out of pocket before your policy takes effect. This increase in deductible will automatically make your monthly premiums lower.
Just be confident that you can afford that higher deductible in the event of a claim — know what the deductible is and make sure you have reserves in the bank to cover it. that amount.
2. Review your policy annually
Lower your premiums by reviewing your coverage regularly and discarding anything you don’t need anymore. For example, if you drive a car that is ten years old, consider dropping collision insurance. And if you’re looking to buy a new car, opt for a less flashy, used car – it’s less expensive to get insurance.
You’ll also want to see if you’re eligible for any new or additional discounts. For example, some insurance providers offer discounts to people who have good credit scores, are retired or senior citizens, have a clean driving record, or are in the military or other organizations. These can add up and help lower your premiums.
3. Take safety precautions
Want to be proactive in preventing losses? By installing an indoor security system or an anti-lock braking system in your vehicle, you can save money on insurance premiums and reduce the need for claims. This also works with health insurance: you can get lower premiums in exchange for healthy habits, like exercising regularly and not smoking.
4. Shop around (we can help!)
The easiest way to save money on insurance is to shop around and compare prices from different companies. Just as employees during the pandemic saw their wages skyrocket by switching jobs, switching insurance providers can be the fastest way to get a better paycheck. Sure, it can take time to research and compare rates from multiple insurance companies, but Guided Solutions will help.
We’ll help you find the best deal and help you understand what’s included in each policy. And if you decide to stay with your current insurance provider, checking out the competition gives you more leverage to negotiate a price in your favor.
