Six Ways You are Losing Money on Your Insurance

Tuesday, October 27, 2015, 6:00 AM | Leave Comment

Doesn’t it seem like insurance is advertised everywhere these days? And with so many insurance companies clamoring for your business, and with so many plans out there, how are you supposed to know what the best insurance option for you is?

While there is not one magical insurance plan, following these tips can help you avoid overspending on your insurance.

  1. Do Your Research

    It may sound like common knowledge, but researching the options available to you will help you save money.

    All too often people choose an insurance company at random, and then sign up for whatever plan the company recommends.

    Don’t be afraid to comparison shop. The more you explore your options the more money you will save.

  2. Consult Statewide Insurance Commissions

    Commissions are an unbiased resource that exists to serve consumers.

    Consult your statewide insurance commissions to get their opinion on plans you are considering.

    Statewide commissions also preserve the integrity of insurance companies in your area and can warn you of any potential scams or red flags.

  3. Try to Bundle

    From your house to your car, to your health, there are a lot of things you can insure. Strive to get as many types of insurance as possible from one company.

    Typically, the more insurance you sign up for, the cheaper each type of insurance will be.

    Think of it like buying in bulk. The more insurance you buy, the cheaper the individual unit cost.

  4. Negotiate Rates

    Some insurance companies have strict, definitive rates, but others have some leeway. Don’t be afraid to ask for a lower rate then you are quoted.

    It never hurts to ask. And plus, you just might get what you ask for. The old adage, “Nothing ventured, nothing gained” applies to insurance too.

  5. Utilize Discounts

    Insurance discounts exist. Make sure you clarify the terms to qualify for these discounts. Keep in mind that some discounts are automatically applied to your account, while others require additional action on your part. Be sure you clearly understand the process for receiving discounts.

  6. Remember Local Options

    Nationwide insurance companies may adorn billboards and TV screens, but they are not your only options. Look into local alternatives. Regional dealers and federal credit unions often offer lower rates.

    Plus, you may get more personalized service from local providers.

These tips will help you to make educated, economical decisions when selecting your insurance. Remember that while there is no magical insurance bullet, you can save money if you put in the necessary time and effort.

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