Many consumers hate getting insurance because you feel like you rarely need to use it and is only need just in case something happens. For that reason, many consumers don’t purchase insurance. But, when that unexpected event happens, the cost of not having insurance can range up to the thousands.
Insurance is a form of protection against loss, damage or theft. Insurance should not be used as a form of investment or to get extra money. Insurance should provide enough to reimburse for loss or damages. Three benefits to having insurance are:
a. Can be used to reimburse for a loss that occurs
b. Protects against harm to something or someone
c. Saves you money in the future
There are several types of insurance available: life, health, auto, fire, home, dental, flood, disability (short-term and long-term), earthquake, umbrella policies and many more. The three most important types of insurance everyone should have are: disability, life, car and health.
Disability insurance is used if you have a short-term or long-term medical condition that prevents you from working and ensures that you continue to receive a paycheck, usually at least 60% of your current salary. Life insurance is used if a family member dies and should be enough to at least cover the costs of the burial. Health insurance reduces costs if you require medical treatment, preventive care or prescription medicine. Car insurance should be enough to cover the cost if you hit someone or if someone who is uninsured hits you.
If your employer does not provide health, life or disability insurance you can purchase insurance on your own. Comparison shop to find the best rate and services that you need. You can contact the Better Business Bureau or search their website for a company's reliability report. You can also comparison shop online with companies such Bankrate or Progressive.
Get a free analysis of your existing insurance coverage to see if you have enough or too little coverage. Many consumers have more coverage than needed. Many consumers get the coverage suggested by their insurance agent and don’t bother to answer questions or comparison shop. Here are some tips on how to save money on insurance.
Car Insurance
1. Comparison shop
2. Increase deductible
3. Only buy what you need
4. Ask for discounts
5. Keep a good driving record
6. Drive a car with money saving features
7. Drop collision or comprehensive
8. Keep good credit
9. Ask for an annual review to make any necessary adjustments
Homeowners Insurance
1. Comparison shop
2. Increase deductible
3. Only get enough for rebuilding costs not the value
4. Make your home disaster proof or resistant
5. Make your home secure
6. Ask for discounts
7. Keep good credit
8. Ask for an annual review to make any necessary adjustments
9. Pay insurance yourself instead of the mortgage company
Renter’s insurance
1. Comparison shop
2. Increase deductible
3. Only get enough for replacement costs not the value
4. Make your rental secure
5. Ask for discounts
6. Keep good credit
7. Ask for an annual review to make any necessary adjustments
8. Choose a good location
9. Reputation of company
Life Insurance
1. Comparison shop
2. Get coverage based on your needs not based on your wants
3. Get term life until you 60 or over then switch to whole life
4. Improve your health and ask for a reevaluation if you are in a high rate/risk policy
5. Ask for discounts
6. Keep good credit
7. Ask for an annual review to make any necessary adjustments
8. Purchase insurance with no fees
9. Pay annually or quarterly
Health Insurance
1. Comparison shop
2. Exercise, improve your eating habits and improve your health. Ask for a reevaluation if you are in a high rate/risk policy
3. Ask for an annual review to make any necessary adjustments
4. Keep good credit
5. Ask for discounts or reduced rates
6. Purchase through your employer
7. Get standard coverage at a minimum
8. Use health clinics
9. Purchase generic prescription drugs
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