Great Ways to Save Money on Auto Insurance

If you drive an auto, truck or motorcycle you are required by law to purchase auto insurance. However, auto insurance can be expensive. You can save money on auto insurance by switching to another insurance company. 

Avoid switching companies based solely on price. You must consider other factors such as customer service, reputation, claim processing time, deductibles, and claim guidelines. Learn more at http://amzn.to/2BARouh.

You can switch insurance companies by cancelling a policy or by not renewing your existing policy. Ensure that there are no gaps in your insurance coverage. 

Make sure your new policy starts prior to the end date of your old policy but no later than the end date of your old policy. If you don’t want to switch auto insurance company you can follow these simple tips to save money with your existing auto insurance company. 

SKIP EXTRAS

1. Remove roadside assistance if you currently have it with another company
2. Skip optional features and only buy what you need
3. Get a free yearly assessment to ensure you have the right amount of coverage

Consider Car Make and Model

1. Buy cars that are fuel-efficient
2. Drive a car with safety features
3. Buy cars that are less expensive to insure

Comparison Shop

1. Select a reputable company that has good recommendations with Motor Trends
2. Ask about competitor price matching
3. Not all insurance companies are the same – some cater to high risk drivers, some cater to low-risk drivers

Ask About Perks

1. Ask about group plans
2. Mention that you work in a low risk industry
3. Get usage based insurance (UBI), install a small device in your car that transmits data to the insurance company
4. Ask about discounts

Ask About Money Savings Tips

1. Purchase minimum allowable medical and insurance coverage in your state
2. Use discounts from other providers or partners to get a lower premium
3. Increase deductibles to lower monthly payment
4. Pay bi-annually or annually to save money
5. Setup recurring payments to save money
6. Bundle policies

DIY Money Saving Tips

1. Sign up for estatements
2. Only file claims for major accidents or issues
3. Keep a clean driving record
4. Maintain good credit
5. Consider driving less to get a low mileage discount

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Is Insurance Really Worth It

                                                       

September is Life Insurance Awareness Month which reminds consumers of the benefits of having life insurance. The recent earthquakes and hurricanes that the east coast experienced last month are another reminder why consumers need insurance.  Many homeowners and auto owners suffered loss or damages due to the earthquake and hurricanes.  For those who did not have insurance, repairs will be costly.

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: 

1.      Can be used to reimburse for a loss that occurs

2.      Protects against harm to something or someone

3.      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), and many more. The three most important types of insurance everyone should have are: disability, life and health. 

Get a free analysis of your existing 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. 

When you purchase a new car, it is wise to get collision and comprehensive coverage but as your car gets older you may only need to have collision coverage.  This step could save you anywhere from $50 to $200 a month.  Collision coverage should be adjusted annually or every two years and should be based on the value of your car. Also, verify your liability coverage and adjust as needed. Here are 10 ways to save money on insurance.

1. Increase deductibles.  Increase deductibles to lower your monthly premium.  This will save you money and prevent you from filing minor claims which can increase your premium.
2. Assess. Assess the assess the replacement value of your insured items – car, home, health, etc.  If you house is worth $200,000 or the cost to rebuild you home is $200,000 but you only have coverage for $100,000, you need to adjust.
3. Reputation.  Research the insurance company on the Better Business Bureau website or the internet to gather information on any complaints or the quality of customer service.
4. Home.  Consider waving payment of your homeowner’s insurance by your mortgage company and pay it on your own.  This can save you anywhere from $50 to $300 a year.
5. Health.  Many consumers file bankruptcy or have bad credit due to medical bills.  The increasing high cost of health care services and prescriptions is the main reason why everyone should have health insurance including dental and vision insurance if you wear glasses.
6. Life. Adjust your life insurance policy as home environment changes.  Update every 5 years and when your children become adults, your spouse retires, etc.
7. If you have multiple insurance products with different companies contact each company and get a quote for bundling your products to help you save money.
8. Companies always provide discounts or specials but do not always advertise them.  Every 3-6 months call each service provider and ask if they are offering any specials and what discounts they have available for the services you currently have. 
9. What If.  List different scenarios that could happen and make sure you have enough insurance coverage for each scenario, i.e. job loss, sickness, death, new baby, loss of health insurance or other benefits, car repair, etc.
10. Research. Comparison shop for insurance with sites such as Bankrate, Progressive, AARP or ehealthinsurance.com to find the best insurance coverage.

Getting the right coverage will save you money in the future and help you get over any financial crisis you may experience.