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Tips to Lower Insurance Costs and Save Money

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Tips to Lower Insurance Costs and Save Money

Postby collegiate » Mon, 19 Jun 2006 10:31:04 -0500

Get Multiple Quotes
In general terms, you can potentially cut insurance costs by simply asking for quotes from two or three different agents or companies. Competition in the marketplace means that companies are in competition for your money. Use this competition to your advantage.

Combine Insurance
One way to cut your insurance cost is to learn if one company can meet two or more of your insurance needs. Buying a combination of plans might reduce your rates.

Professional Discounts
Consider what types of insurance might be available through a professional association or other organization. Perhaps your employer has a special plan with Triple A or are you becoming eligible for AARP?

Watch for Double Coverage
Don?t carry double coverage. You don?t need insurance on the rental car if it?s covered on your car policy.

Check for Discounts
Be sure to make use of discounts for low risk behavior or safe practices. Homeowner policies may offer discounts for homeowners who install various safety measures. Health coverage is may be less expensive for non-smokers and those who are not overweight. Be sure to check with your agent or policy for any discounts that may apply to you.

Do you Really need the Coverage?
Is it time to lower the amount of coverage you have? If you have little debt and adequate resources in place with no dependents then perhaps your life insurance policy can be reduced or eliminated.


Make Annual Payments in Full
If possible, make one annual payment if it reduces administrative costs. Check to see if online payments can help you to avoid processing fees.

Don't Cut Coverage Too Much!
Cutting costs is certainly one of the primary ways to increase the available amount of money for savings and personal spending. Be sure to weigh the options, alternatives, and possible impacts of making reductions or changes in your insurance plans. Money spent on insurance is not simply money ?out the window? but rather an investment which protects all your other investments. The old saying remains true: Don?t be penny wise and pound foolish.
collegiate
 

Hello.....

Postby Catherine » Thu, 09 Aug 2007 12:34:36 -0500

Hello

I am catherine. I am newbie here.

It will be very nice.

Your tips for lower insurance costs and saving money are very useful to me. whatever I am searching for a long day, it is available here.

Thank you for your comments.
Catherine
 
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Postby markdamon » Sun, 13 Jan 2008 03:13:16 -0500

Be careful to read all insurance quotes carefully to make sure they have appropriate coverage for your needs, having the lowest priced policy may not always be the smartest choice.

Mark Damon
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Re: Tips to Lower Insurance Costs and Save Money

Postby Susan » Tue, 27 May 2008 05:52:28 -0500

Hmm, I'm still a little bit afraid if it comes to insurances. My friends told me stories, so I want to make sure that I get a good one.
It is wiser to find out than to suppose. - Mark Twain
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Re: Tips to Lower Insurance Costs and Save Money

Postby james89 » Fri, 17 Jul 2009 02:19:47 -0500

I have only insured my laptop and phone (the only two things of value that i own).
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Re: Tips to Lower Insurance Costs and Save Money

Postby Jenne3215 » Thu, 22 Oct 2009 01:35:16 -0500

I hate paying for insurance every semester. I have never used mine ever its a big waste of money. I have never been sick. I wish there was a way to not buy it.
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Re: Tips to Lower Insurance Costs and Save Money

Postby didinette » Tue, 17 Nov 2009 05:56:29 -0500

Hi, I'm also afraid to pay an insurance. I have to go to Finland for a year. The university has advice this both insurance :

http://www.internationalstudentinsurance.com

Does anyone have experience with this companies ?

I don't know if I have to buy the cheap US company ?

Thank you for your answers.
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Re: Tips to Lower Insurance Costs and Save Money

Postby Zictor » Thu, 07 Jan 2010 04:16:54 -0500

collegiate wrote:Get Multiple Quotes
In general terms, you can potentially cut insurance costs by simply asking for quotes from two or three different agents or companies. Competition in the marketplace means that companies are in competition for your money. Use this competition to your advantage.


Actually, if you see two different brokers offering the same plan for different prices, go for the expensive one. By law, the cost of the commission is included in the premium, and it is paid by the insurer to the broker. A broker who lowers his commission to get business probably isn't very serious. Be careful. On the other hand it is extremely advisable to contact as many brokers as possible (they don't all work with every possible insurers). Bombard them with questions and go for the one you have a better feeling about. And read carefully the benefit schedule and the contract.


collegiate wrote:Check for Discounts
Be sure to make use of discounts for low risk behavior or safe practices. Homeowner policies may offer discounts for homeowners who install various safety measures. Health coverage is may be less expensive for non-smokers and those who are not overweight. Be sure to check with your agent or policy for any discounts that may apply to you.


Regarding health coverage, this behaviour is mostly seen in American companies. European companies are forbidden by European law to discriminate in any way. This might seem weird for Americans, but the very idea of insurance is a group of people coming together to pool their resources in case one of them might need medical help. All these exclusions and discrimination are the reason the American system ends up ranking so badly compared to other developed countries (and even some developing ones!). Don't believe me? Just check available plans. Their options for geographical area of coverage in 90% of the cases are 1. Worldwide 2. Worldwide excluding US (around half the price).


collegiate wrote:Don't Cut Coverage Too Much!
Cutting costs is certainly one of the primary ways to increase the available amount of money for savings and personal spending. Be sure to weigh the options, alternatives, and possible impacts of making reductions or changes in your insurance plans. Money spent on insurance is not simply money ?out the window? but rather an investment which protects all your other investments. The old saying remains true: Don?t be penny wise and pound foolish.


Best advice ever. Reminds of that book "Fooled by Randomness". The guy says investors prefer to make a little money every day and lose a lot in one big crash because it feels better. Apparently there is some way by which our brains are programmed that makes us more sensitive to how frequently things happen than to their magnitude. Nassim Taleb, the guy who wrote the book calls it the delusion of knowledge: Just because it didn't rain for a week it doesn't mean it won't rain tomorrow. His investment strategy is to lose a little money every day and then make a lot when something really crazy happens. Most of the time he is kinda nervous, but during the meltdown of 2008, do you think he was laughing or crying?

Same thing goes for insurance. You might save a little money here and there by reducing your coverage. The problem is that if you actually need that coverage, you won't be able to get it afterwards.
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Re: Tips to Lower Insurance Costs and Save Money

Postby samaste.march » Mon, 21 Jun 2010 11:44:02 -0500

This tips are saving money and lower insurance costs. This comments are very useful to me. Very good information provided by the Zictor.
Mistakes are the portals of the discovery.
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Re: Tips to Lower Insurance Costs and Save Money

Postby RyanOdell27 » Tue, 06 Dec 2011 07:01:35 -0500

Thanks to Collegiate for giving such useful tips. Doing a bit of research and comparing costs of policies online will save you a lot of time and money. If there are a group of you going abroad then try to get your policies together if possible. Buying policies in bulk can often bring cheaper prices.
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Re: Tips to Lower Insurance Costs and Save Money

Postby Jude » Sun, 10 Jun 2012 04:41:42 -0500

keaton, thanks for that link!! I've been thinking about the defensive driving thing as well.. Thanks.
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Re: Tips to Lower Insurance Costs and Save Money

Postby piobaxter » Thu, 05 Jul 2012 08:00:11 -0500

great!! Appreciate the posting of the link.:)
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Re: Tips to Lower Insurance Costs and Save Money

Postby lasily001 » Mon, 01 Oct 2012 05:47:27 -0500

Hi,

Thanks a lot for this useful post! I believe it is important to save money and work in such a manner that money can be utilized in the right manner. Lower insurance costs will obviously help us to save money.
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Re: Tips to Lower Insurance Costs and Save Money

Postby zeeshan » Fri, 14 Dec 2012 05:54:25 -0500

I am very appreciate your site,and your article is useful, thank for sharing us this information.-DEMI
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