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4 Money Saving Tips for Insurance

4 Money Saving Tips for Insurance

Does anyone enjoy the feeling of paying bills? Of course not! You have to pay monthly bills for your cellphone, cable, utility, and, maybe also the least pleasant bill—insurance. The expense on insurance is high, but it protect you from unpleasant to catastrophic events. If you are spending a lot of money on your insurance bills, we suggest you to read about our tips to save more money.

1. Look and shop around.

The most important tip to get lower price on insurance is to look and shop around for the best deal. No matter which type of insurance you are purchasing—auto, renters, or health—you always have various insurers to select from. Asking your friends or family members about their experience, looking through the phone book, searching online, and contacting your local insurance department are the best approaches to do the comparative shopping. Also, online shopping for insurance is good way to save, since online companies usually offer lower price than their standard brick-and-mortar competitors.

2. Request discounts.

Based on your condition and the type of insurance, there can be different discount applicable. For health and life insurance, you will have the chance to lower the premiums if you are engaging in low-risk industries or you are a person with good lifestyle of no smoking and exercising frequently. If you are requesting discount for auto insurance, your clean driving record will be very helpful. Another thing to be keep in mind is, if you belongs to certain organizations, such as an auto club or a labor union, you may have the opportunity to get special discount. Hence, before you request for discounted rate, think about all the organizations that you are in to get more discounts.

3. Increase the deductible if possible.

Increasing the amount of deductible is a way to decrease your total insurance premium, but again, this really depends on different cases. If you are a healthy person, a safe driver, or having a low-risk occupation, it makes sense to raising the deductible. However, you should keep in mind that very few people never expect that they need their insurance and by lowering the deductible, you may put yourself on a position that when you need to cash in on the policy, it becomes more costly.

4. Maintain good credit history.

If you maintain a good credit history, you are able to get lowered insurance premiums. According to the reports from the Insurance Information Institute, some insurance companies are using the credit history to decide your premium level. To maintain a good credit history, you should pay your bills in time, and do not just default on the credit cards—instead, keep in an overall good credit condition. It takes time to see the effect of building good credit history, but the benefits are twofold—lowered premium and better credit!

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