Insurance is one of those things that everyone should have. You can have insurance for car accidents and theft, household insurance, personal accident insurance and life and health insurance. While it may seem that you are paying out money for something that may never happen, remember that car accidents do happen to a great many people. Other kinds of accidents can and do easily happen and homes, unfortunately do burn down. And with the increasing crime rate, it’s quite possible that your home or car will be one of the many who come to the attention of burglars. So - how can you save on insurance?
One of the first things you should do is to carefully compare the various types of insurance. Premiums vary considerably for the same basics. Some might have plans better suited to your particular situation. With auto insurance, you may be able to request higher deductibles - that is the amount you pay before the insurance takes over. You can often reduce your premiums by 40% if you agree to pay the first $1000 of repairs.
If you have other adequate health and life insurance, then don’t pay for more in your auto insurance. If you haven’t yet purchased a car, choose one of the less popular models - less popular with thieves, that is. If you are buying your first car, you may consider having it in your parents’ name and insurance. Premiums are much less for the older age group. You have to live at home to do this.
If most of your driving is to work and back, see if your insurance offers a low-mileage discount, then you could car-pool with colleagues. Other cuts may be given for approved anti-theft and safety features in the car.
For house insurance, premiums come down for a new or newly renovated house. This is because all their stuff is in good condition and so less likely to need fixing. Depending on where you live your premiums may be less for the type of material the house is made from. In the east, brick homes are cheaper to insure due to brick being more wind-resistant than frame. In the west, a frame house will be less due to frame withstanding earth tremors better.
With all insurance, you should get quotes and compare the prices for what you get. The cheapest is not necessarily the best; some plans give far better coverage for only a small increase in premium.
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