5 Helpful Tips For Saving On Personal Insurance

26 March of 2015

When it comes to personal insurance – either life insurance or car insurance – it can be daunting to go through all the quotes you receive from various agencies. It seems like whatever you do, you are going to wind up paying an arm and a leg for your policy. However, it doesn’t have to be this way. There are many ways to save money on insurance without sacrificing the quality of your plan. The truth of the matter is that insurance is sometimes necessary – auto insurance is mandatory – so you want to find a policy that won’t be a burden on your finances. Here are five helpful tips for saving on personal insurance.

  1. Lower your risk. The truth of the matter is that risk is the number one factor that insurance companies quantify when they are devising a quote for your policy. For instance, if you are a smoker, your life insurance policy may be much higher. If you have been in an accident in the past, your policy will be higher – sometimes much higher. This is why you want to lower your risk – by getting a safer car, going to driving school or taking any other measures to make you less risky to insure.
  2. Improve your credit. Another important factor that can lower the rate of your policy is to improve your credit. The truth of the matter is that if you have credit, there is a chance that you won’t be able to make your premiums. If you have any discrepancies on your credit report, you definitely want to have those items rectified and removed. If you don’t, you could be dealing with higher insurance premiums.
  3. Increase your deductible. Your deductible is basically how much money you have to pay out of pocket when you get into an accident. If your deductible is lower, it means that you have to pay less money out of pocket, which will greatly increase your policy. The truth of the matter is that you have an option to go with a higher or lower deductible. If you want to save money, you definitely want to go with a higher deductible.
  4. Streamline your plan. Another option to lower your insurance premiums is to go with a streamlined plan. For instance, you probably don’t need all the extras in your insurance plan. When it comes to auto insurance, you can streamline your plan to only cover the other driver. The same goes for any other insurance plan – if your policy is streamlined and you aren’t paying for all the extras, your policy rate will be much lower.
  5. Get a specialized plan. On top of everything, you may want to think about getting a specialized plan. When it comes to personal insurance, you want to make sure that you go with a company that offers niche coverage. For instance, if you own a boat and enjoy going boating, you may want to go with a company like Anchor Marine Underwriters Inc. In the end, the more specialized the agency, the more you can save.
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