Lower Insurance Rates
Insurance is a key part of your financial plan, and should be kept in place even if you are in debt. If you have an accident, or a storm destroys part of your home, you could be headed straight for bankruptcy if you don't have health or home insurance.
Here's how to lower insurance rates across the board.
Like all your monthly expenses, it's important to shop around. We recommend using www.ibroker.com to weigh your options. You can lower your premium by switching to another provider or by taking on a higher deductible (the amount of cash you're responsible for paying before the insurance company picks up the remainder), or by canceling any unnecessary riders (add-ons to an existing policy).
There are many insurance discounts available, and you may not be receiving all the ones you have coming to you. For instance, your car insurance should be cheaper if you don't drive to work, improve your driving ability through additional drivers' courses, are older than 65 or lump your car and home insurance together with the same company.
Lower Home Insurance Rates
There are a wide variety of ways to lower insurance rates for your homeowners insurance. Firstly, when you first insure your property ensure to insure the physical structure only (try saying that five times fast). If you insure the value of the land (including front and back yard) you are wasting money.
In addition, check your policy for safety deductions. For example, smoke detectors are a great way to reduce the risk of fire- and insurance companies reward this with lower premiums. Speaking of fire, if you have a former smoker in your home who has since quit, ask your insurance agency for a discount; the decreased risk usually leads to a healthy discount(pun intended).
Lower Auto Insurance Rates
Do you drive a junker that Cheech & Chong wouldn't consider road worthy? Get rid of collision coverage, particularly if the coverage exceeds the total value of the vehicle. Alternatively, increase your deductible which will lower the insurance payments.
Like homeowners insurance, there are many, many, many discounts you may not be aware of. For example, did you know that anti lock brakes, airbags, automatic seat belts and power steering may reduce your insurance premium? How about your job? Military personnel receive discounts, as do educators and engineers. Check your policy for every available discount- there's more than you may think!
Lower Health Insurance Rates
One of the most expensive- and necessary- forms of insurance. First, speak with your employer's benefit manager about how you can possibly pay lower premiums; this could include an increase in deductible, a different plan with the same provider, or a different provider altogether.
If you're in search of the cheapest health insurance available, be prepared to give up your ability to use the doctor, hospital or pharmacy of your choice. Generally, the less flexible the plan, the cheaper the premium.
If you have a family member who is currently insured under your plan and has a preexisting condition, make sure they are covered under any new insurance policy you accept. Insurance companies often refuse to cover preexisting conditions for six to twelve months, if at all.
When it comes to health insurance, the lowest premium isn't your best bet if it doesn't offer the necessary coverage. In the worst case scenario, those few extra dollars a month can provide thousands of dollars in protection.
For those who have low income and no assets, consider applying for Medicaid. This state sponsored insurance program has helped countless people with their medical needs; contact them at www.familiesusa.org to learn more about your state's version of Medicaid.
As you can see, while the different forms of insurance cover a wide variety of your needs, the principles behind them - and the principles to secure the best deals- are one in the same. Follow these tips to lower insurance rates in no time!
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