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Quick and Simple Ways To Cut Your Insurance Bill

It appears that the theme of saving money seems to really be going over well with our readers and that is the focus of this week's article.  When it comes to saving money many times we miss the opportunity that may be right under our nose in the so called 'must pay'  monthly bills.  These are the important items that we must keep paying and are too important to even consider dropping.  This would include our monthly insurance premiums.  We can't go without insurance right?  Well, in some cases you can.  In other cases you can make some changes to the coverage that you have and start saving big money right away.


If you missed it, check out my recent article on a new way to save money on auto insurance.

1.  Insurance You Might Not Need At All

Collision & Comprehensive Auto Insurance

If we own a car we need auto insurance and in most states we have to have it or we are in violation of the law.  But what coverage do we really need?  For starters, if your vehicle is worth less than $3,000 you should probably drop your collision and comprehensive insurance.  This is the part of your policy that would repair/replace your vehicle in the event it was damaged or stolen.  Most experts agree that on an older car you will likely recover very little if you file a claim and the amount the insurance will cost you will be disproportionately high.  Remember that you will still need to keep your state required liability coverage (the part of the policy that covers damage you may cause to other persons and their vehicles).


Accident & Disease Specific Coverage

I am also not a fan of supplemental health insurance policies that pay only if you are injured as a result of an accident.  AFLAC is the biggest name in this niche and although I like their commercials, we have turned down their sales pitch on numerous occasions.  We already have health insurance and carrying additional medical coverage for accidents is unnecessary and redundant.  There are also supplemental coverage plans for cancer that are very popular.  Again, if you have a good health insurance policy in place you can pass on specific disease coverage.  If you are being charged for any of these kinds of policies through payroll deduction, you should consider canceling them and giving yourself an immediate raise in your take home pay.

Credit Life & Disability

When you take out a loan these days, even a small one, credit life & disability is really being pushed.  You should purchase your life insurance in an amount sufficient to cover your family's needs after your death and this would include paying off your debts as well.  There is no need to purchase this kind of coverage piecemeal.   Although I am not a big fan of disability coverage, if you feel that you need it you should purchase it through your insurance agent.  Buying tiny disability policies with each finance contract you enter into is cost prohibitive.

2.  Raising Deductibles

Another easy option is to raise your deductibles.  Although it is certainly nice to have a low auto insurance deductible, you can really save a substantial sum by raising your deductible to $500 or even $1,000.  I have had clients report back that they save more than 40% by agreeing to take on the first $1,000 of risk on their auto insurance policy.  This can also be done on your homeowner's policy.  Just raising your deductibles on these two coverage areas can add up to a very tidy savings.

3.  Ask Your Agent About Additional Ways To Save Money

I have friends in the insurance business and they tell me that it is never a good outcome for them to lose a customer.  They would much rather work with you to make your insurance coverage more affordable than to lose you as a customer altogether.  You may be able to qualify for discounts by placing your auto insurance and homeowner's with the same company.  There may also be other discount programs that have easy to satisfy requirements,  be sure to ask about these.  Also inquire about raising deductibles and other means by which you can whittle down your overall monthly outlay.

4.  Life Insurance

Check Out My Prior Articles On Life Insurance

Answers To 4 Big Questions About Life Insurance

Do I Need To Carry Life Insurance On My Children?
Should I Buy Mortgage Life Insurance To Protect My Family?
How Does A Person Determine How Much Life Insurance They Need?
My Elderly Parents Are Planning To Buy Final Needs Insurance, Is This A Good Idea?



5.  Best Websites For Comparison Shopping Insurance

Auto Insurance

GEICO Auto Insurance

Allstate Auto insurance

Progressive Auto Insurance – Car Insurance Quotes

Homeowner's Insurance

FCIC – Twelve Ways to Save Money On Your Homeowners Insurance

Homeowners Insurance Quotes – InsWeb

Homeowners Insurance

Homeowners Insurance – Homeowners Insurance Coverage –

Allstate – Property Insurance – Home Insurance, Renters, Condo

State Farm - Property Insurance - Home Insurance, Renters, Condo

Life Insurance

Select Quote

Advantage One Insurance

If you have your own insurance saving idea, please use the comments section below to share it with our readers.

Helping you make the most of God’s money!

James L. Paris
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