Cut Your Insurance Costs

Insurance can be expensive. If you pay for your car, home, medical, life, disability or dental insurance, costs seem to always increase. And as your family increases, the rate hikes can be very shocking. But there are alternatives! Listed below are 12 solutions that will help.

Combine contracts with a single company. Most insurers reduce your car insurance rate, if they also insure your home. Other carriers will provide additional discounts for other types of coverage.

Notify your broker if you belong to AARP, AAA or your local Chamber Of Commerce. You may be shocked at what additional benefits you may be eligible for. Additional options are senior driving and/or training courses that are offered by qualified companies.

If you move to a different state, it may be a good time to review your policies. For example, your Ohio Medical Insurance policy may contain completely different coverage and mandates from a Pennsylvania health insurance policy. Auto insurance plans may also be different. A Virginia auto insurance policy may have a different set of requirements than a Connecticut car insurance policy.

Your house insurance policy probably has a replacement cost benefit on the home. An “inflation protection” increases your coverage each year. After a number of years, it’s possible the coverage may have risen too quickly. It is wise to call your agent and discuss the limits to make sure you are not paying for protection you cannot use. But also, you don’t want to be underinsured either.

Shop rates every 2-4 years. Quotes don’t cost anything and you don’t have to change if the savings is not enough. You won’t cut your costs every year. But at some point, your policies may become overpriced and changing companies may be worth pursuing.

Inquire about freebies! Many insurers offer discounts that you may not be aware of. For example, vision expenses, fitness memberships and other products may be reduced because of built-in relationships your insurer may have with selected companies.

Not all claims are good claims. For example, if you have a $250 deductible on your property insurance, turning in a $400 claim may not make sense. Since many underwriters look closely at the “frequency” of claims, in addition to the payoff amounts, submitting a few claims within a short period of time may put you in a non-competitive position.

Don’t buy the same coverage. If you have top-notch substitute car coverage on your vehicle policy, consider eliminating duplicate benefit. Also…if you have accidental death coverage that is similar from two policies, closely compare the two policies to determine if you are going to keep both. Of course, if the coverage is needed, simply keep them both.

Examine the statements you receive. They are indeed correct most of the time. But errors can happen. If you have a question or concern, contact your representative. Quite quickly, they’ll verify the bill that you received.

Term life insurance costs have been coming down. If you bought coverage within the last 8-15 years (or longer) it may be advisable to compare your options. Since you have aged and may have a medical condition or two, don’t you dare cancel your current plan without obtaining an approval (in writing) for a new policy you apply for. It’s always best to be cautious when changing insurance plans.

Watch out for policy fees? Sometimes, they are required, but occasionally, you should verify they are legitimate so you are not paying more than what is required.

Are you receiving the top rating? Many insurance policies have tiered ratings. Although you may not receive the top rating, you still may be able to qualify for a lower premium. Your representative can review your policy.

Edward Harris provides ">affordable Ohio auto insurance rates for Ohio residents.