This is a continuation of “Top 10 Ways to Save on Insurance”.
- Look for discounts for things you already do. Auto policies typically offer discounts for everything from wearing your seatbelt to getting your oil changed regularly. Life and health insurance companies will typically offer discounts to people who have health club memberships or get yearly check-ups. These discounts vary from company to company, and can change frequently. Call your insurer and ask what you might qualify for.
- Change your behavior to get more discounts. If you don’t qualify for any discounts, ask what you can change to qualify. Some homeowner’s policies, for example, offer discounts for planting bushes in front of windows or installing a security system. Life insurance policies are usually cheaper for individuals who have quit smoking.
- Consider co-ops or group policies. Even if your job doesn’t contribute towards your health or life insurance, the company may offer a group policy for its employees. Since group policies typically cost about 30% less than coverage you can find on your own, consider getting insurance through work. If your job doesn’t offer any coverage, look into policies offered by your union, trade association, or even your religious affiliation.
- Get a cheaper car or house. Insurance for a used family car is almost always cheaper than insurance for a high end sports car. If your insurance is just too high, consider trading in your car for a cheaper set of wheels. You can ask your insurance for a quote on the car you’re considering before you buy it.
- Move to a low-risk area. Drivers in high-density urban areas typically pay about double what people in rural areas pay for their auto insurance. People who own homes in flood zones will pay a lot more for their homeowner’s policies than those who don’t, even though these policies won’t cover their home during a flood. If you’re looking to move in the near future, ask your insurance company for quotes before you sign a mortgage or lease agreement.