We all want to save money wherever we can and insurance is one of those things where you always wonder if you are getting the best price. Whether you are looking for auto insurance quotes or shopping for home insurance, here are a few ways to make sure you get the best price. Five tips for saving money on insurance and getting the best deal out there.
Do The Insurance Shop Around
Shopping around is the best way to make sure you are getting the best deal on your insurance policy. The trouble is that shopping around can be time consuming. You may choose to use an insurance agent so that they do the price comparisons for you or you may find a great online site that offers you price quotes or you can do the comparisons yourself. Either way a little extra time can save you a lot of money (surprisingly so in my experience). I suggest comparing at least three quotes before you go with the best one.
When Getting Insurance Quotes, Compare Apples to Apples
One thing to watch out for when comparing insurance policies is comparing them fairly. Make sure the quotes you are getting are for the same insurance variables such as the same deductible, and the same coverage levels.
This is a super important one of my tips for saving money on insurance. If you don’t compare the same insurance policy variables, what you thought was a great deal, may not be so great after all!
Bundle Insurance Policies
Many insurance companies give discounts for insuring multiple things with them- like multiple cars or your car and your home. Be sure to ask each insurance company that and get include these discounts in your policy comparisons.
Ask About Available Insurance Discounts
Don’t be afraid to ask about what discounts are available. Sometimes they don’t tell you and you may not think to ask. However, extra discounts can sometimes be had for things such as being a nonsmoker, having an alarm system, having low yearly mileage, and/ or being a student.
Less Insurance On Old Cars
Sometimes old cars don’t have a high value and in this case, it may be wise to opt for less insurance. While you certainly need auto liability coverage, having collision and comprehensive insurance coverage may not be cost effective if your car is paid off and has a low value. There are some in depth tips when trying to decide what level of coverage you need for an older car at Women Who Money.
I hope you found these tips for saving money on insurance helpful. Do you have any tips to add or experience to share?