Cutting Your Insurance Premiums
You can’t turn on your TV without seeing the animated gecko that tells us that we should get competitive quotes for insurance in order to cut our premium. This is a tried and true method of lowering our price, but there are other strategies that can be just as important.
How To Trim Your Automobile Insurance Prices
One way to get a better price from an insurance company is to be or at least look like, a risk. Your chance of costing them money impacts your chances of getting a good rate.
A person with no traffic violations in the last 5 years will get a better price than someone who has been arrested for driving drunk. Someone who has been accident free will get a smaller rate than someone who has had a recent at fault accident.
Drivers Ed can help young drivers get a lower rate. Defensive driving courses can help older drivers.
Dropping or eliminating the physical damage coverage you have on your automobiles can also help reduce your rates. This means that you take more risk if your car is stolen, but does not affect what your carrier pays the other party if you are at fault in an accident.
How To Lower Your Disability Insurance Prices
Rate shopping is a good idea when you are looking to add to your coverage or buy a disability contract for the first time. This is usually not the case if you have had your coverage for a while.
Shopping for price is often not in your best interest if you have had your contract for more than a couple of years. This is because the price for a disability policy is generally based on the age you were when you purchased the coverage.
One strategy to follow when looking to cut your price on an insurance contract is to take more risk for the little stuff while making sure that the insurance company pays the bills for the catastrophic stuff. With a disability policy you can do this by increasing the elimination period and extending the period the coverage will pay you after you have satisfied the elimination period.
The elimination period is the period of time you have to be disabled before can receive disability benefits. If you are disabled for one month and then recover, the insurance policy will pay nothing if your elimination period is for a longer period of time.
How To Reduce Your Medical Insurance Prices
Do what you can to avoid major illnesses. Your health history affects how much you will pay for medical insurance.
This means that things like drive more intelligently, eating a healthy diet can not only save your life, but can also reduce your insurance premiums. Keeping a healthy body weight can also help.
You can also lower your rates for health care insurance by raising your deductible and shopping for a better rate every couple of years.
How To Cut Your Homeowners Insurance Costs
Location affects your homeowners insurance rate. If you are looking to buy a new home, be sure to get an idea of what your house and auto insurance costs will be when you move. There can be big differences between houses that are otherwise the same but are located in different zip codes.
Price shopping for a better price can also be a good idea. Homeowners policies are standardized. This means that for the most part you will be comparing apples to apples when you shop around.
How To Reduce Your Life Insurance Premiums
Life insurance price are based on age, gender and medical status. There isn’t much we can do about the first two, but sometimes we can make positive changes to our medical.
If your medical has improved since you purchased your coverage, you may be able to get a better rate. If you have quit smoking you may get a better premium.
You can get a better price on your insurance policies by being perceived as less of a risk to the insurance company, taking on more of the risk yourself or simply getting a better rate from one of your carrier’s competitors. Getting an optimal rate requires more than just shopping around and unfortunately usually takes a lot more than fifteen minutes.
