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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Don’t Have Insurance Yet: Here’s Why You Should Get Some

September is National Insurance Month and is a great time to get insurance or review your current policies.  There are several types of insurance available: life, health, dental, home, auto, fire, flood, credit card insurance, disability (short term and long term), and many more.

The basic types of insurance everyone should have are: health, life and disability. Health insurance is needed if you develop a health condition or need to go to the emergency room. Disability insurance is used if you have a short-term or long-term medical condition that prevents you from working and ensures that you still continue to receive a paycheck, usually at least 60% of your salary. Life insurance is used in the event a family member dies.

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.

Get a free analysis of your existing coverage to see if you have the right amount of coverage.   When buying insurance it is best to comparison shop. You can contact the Better Business Bureau or search their website for companies and view their reliability report.

If you are able to purchase additional types of insurance it is best to purchase bundled packages or buy several insurance policies with the same company.

You may not see the immediate benefit of buying insurance now but in the long run you will be glad you did. Buying insurance will save you money in the future and help you get over any financial crisis you may experience.   Here 20 tips on what to look for when buying common types of insurance.

Car Insurance

1. Only buy what you need
2. Keep a good driving record
3. Drive a car with money saving features or eco-friendly features
4. Drop collision or comprehensive

Homeowners Insurance

1. Only get enough for rebuilding costs not the value
2. Make your home disaster proof or resistant
3. Make your home secure
4. Pay the insurance yourself instead of the mortgage company

Renter’s insurance

1. Increase deductible
2. Only get enough for replacement costs not the value
3. Ask for an annual review to make any necessary adjustments
4. Choose a good location

Life Insurance

1. Get coverage based on your needs not based on your wants
2. Get term life until you 60 or over then switch to whole life
3. Ask for an annual review to make any necessary adjustments
4. Pay annually or quarterly

Health Insurance

1. Exercise, improve your eating habits and improve your health. Ask for a reevaluation if you are in a high rate/risk policy
2. Ask for an annual review to make any necessary adjustments
3. Ask for discounts or reduced rates
4. Get standard coverage at a minimum