Insurance Ideas for Families on a Budget

Tuesday, December 9, 2014, 1:00 AM | Leave Comment

Insurance is one of life’s necessities, but it can also be expensive, especially for a family on a budget. Fortunately, there are ways to reduce your insurance costs and keep your wallet full.

Insurance Ideas for Families on a Budget

  • Go With the Minimum on Car Insurance

    If your family is living on a budget, you may not be driving the newest car on the block. If that’s the case, you might want to reduce your insurance coverage to the minimum required by law.

    If you don’t have a loan on your car, you don’t have to have full coverage. Reducing your coverage to just the minimum liability required by law could save you hundreds of dollars in premium costs annually.

    As a Vancouver personal injury lawyer from Bronson Jones & Co says, if you get hurt in an accident it is best to have the minimum protection from your insurance.

  • Bundle Your Policies

    It’s likely you and your family have at least a couple of different insurance coverages. At a minimum, most people have auto insurance and either homeowner’s or renter’s insurance.

    Most companies provide additional discounts if you have multiple policies with them. Be sure to shop around though, because bundling doesn’t always provide the best deal.

  • Increase Deductibles

    Insurance is all about risk, and the more risk you are willing to take on, the less the insurance company has to shoulder.

    By agreeing to a higher deductible, you are taking on more risk, which means your premium will be lower.

    For example, you might boost the deductible on your car insurance from $250 to $500 or you could increase your homeowner’s insurance deductible from $500 to $1,000. Doing so can save you a significant amount on your premiums.

  • Get Group Life Insurance

    If you have kids, it’s always a good idea to have life insurance, but if you have an individual policy, you are likely paying more than you need to.

    Many employers offer life insurance to employees for free, or for just a few dollars a month. You might also be able to get group life insurance from a trade group or union to which you belong.

    Another option to reduce cost is to switch to term life insurance from whole life insurance. Though you won’t accumulate a cash value with a term policy and it will expire someday, it’s much cheaper.

You shouldn’t let cost prevent you from obtaining needed insurance policies. With just a little work, you can ensure you don’t pay more than you need to.

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