Save Money on Insurance

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Save Money on Insurance

save money on insurance
Need to save money on insurance? Looking for low cost insurance?

In this guide to living cheap you will find several frugal tips and ideas on how you can keep your family insured for less.

Insurance can be a costly and (in some cases) legally required part of family life. Most states require you to have some form of car insurance.

Health insurance is something that most families cannot do without - especially given the economic climate.

Then there is also home insurance and life insurance. Each of which can save you tons of money if ever you have to utilize them.

However, the upfront costs for these policies can be quite hefty.

Never fear, though. On this page, you will find frugal tips and ideas on how you can save money on insurance and how you can obtain low cost insurance to protect your family and your valuable assets.

First, we will discuss some general tips on how you can save money on insurance and find low cost insurance. Then, in this guide to living cheap, we will discuss frugal tips and ideas concerning four types of insurance: car, health, home, and life.

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Save Money on Insurance: General Tips to Get Low Cost Insurance

It's a good idea to take one week each year (hint: how about this week) to go through your insurance and see where you can be saving money. A few minutes this week can add up to hundreds of dollars in savings.
  1. Shop Around. Different insurance agents and companies will assess the same things (such as the person(s) being insured, the item(s) being insured, the risks, etc) differently. For that reason, the same factors could result in several different premium quotes. Get quotes from several different sources before you make your decision. When it comes to the sources, you should look at both online quotes and offline ones.
  2. The same way that you should shop around for comparison quotes when you are buying insurance, you should do the same when you are renewing your insurance policy. The company or agent that had the best quote last year may no longer be the best deal in town when it comes time for your policy renewal.
  3. Buy What You Need. This is pretty straightforward. When selecting features for your insurance policy buy what you actually need. Nothing more, nothing less. This is important for two reasons. First, if you buy something that you don’t need, you are definitely wasting money. It's like paying for braces when you have perfect teeth. Sure, it's a great investment for some people - but it's not necessary for everyone. Secondly, if you neglect to buy coverage that you should and something actually does happen, you will not be covered. This means that you will have to come out of pocket to handle whatever the situation is. Neither is an appealing option.
Ok, so now let's move on to the tips on how to get low cost insurance in specific areas.

Save Money on Insurance: Car Insurance

First things first, especially if you have not yet purchased a car and are looking at this to prepare for your purchase - flashy cars will inevitable cost you more to insure. That is for the simple fact that they are considered a higher insurance risk.

Why? Because flashy cars are typically expensive. Expensive cars are made of expensive parts. Expensive parts are more expensive to fix. So, if you haven't already bought a car - keep this in mind: Better to have something solid and reliable than something flashy and impressive.

If you are in a position to sell your expensive car and purchase something a bit more modest, you might want to consider doing so. Not only would you be saving money on your insurance, but you would be putting more money in your pocket to do other things just by selling.

Secondly, you should be sure to look into discounts. Certain types of drivers (young adults for instance) are typically going to be hit with higher monthly premiums. However, there are discounts available for some drivers. Below are ten car insurance discounts that you may qualify for:
  1. Automated Payment Discount- Some companies will offer you a discount if you agree to set up an automatic payment plan when you set up your policy. This would allow them to automatically withdraw your monthly premium from your bank account. Keep in mind that most of them have a cancellation fee if you decide to switch from the automated system to "manual" payments.
  2. Multiple Policy Discount- Companies that offer different types of insurance policies may offer discounts to people who purchase more than one type of policy. So, if you find a company that offers car insurance, life insurance, homeowner insurance and health insurance, it is likely that they would offer you discounts if you purchased two or more separate policies from them.
  3. Multiple Car Discount - Similar to the above discount, if you insure more than one vehicle with the same company, you will probably qualify for a deduction.
  4. Club Membership Discount - Some clubs, organizations, and even employers have partnerships with some insurance companies that afford their members/employees with special discounts.
  5. Defensive Driver Discount- Some insurance companies will offer discounts to people who have completed a defensive driver course.
  6. Equipment Discount- Some insurance companies will extend discounted rates if you have certain safety features on your car such as front/side airbags and antilock brakes.
  7. Good Student Discount - If you have a high school or college student, your insurance company may reward you with a lower monthly premium for your child having good grades.
  8. Good Driver Discount - Some companies also offer discounts to clients that they feel are "good drivers". What qualifies is a good driver varies from company to company.
  9. Low Mileage Discount- Some companies offer a discount to clients who drive their car less often than the average driver. So if you do not drive your car very often (many stay at home moms don't since they don't have to commute to work) or if your family has recently cut back your weekly/monthly mileage by a significant amount, you may want to contact your insurance agent to see if you now qualify for any low mileage discounts.
  10. Military Discount- Some insurance companies offer discounts to former/current military members and their immediate family.

More info on Saving Money on Auto Insurance

Save Money on Insurance: Health Insurance

As a mom, one worry that often crosses our mind is that of our family's health. Let's face it - things happen. As much as we work to protect our families, sometimes illnesses and injuries arise. And many of them require a trip to the doctor's office. And we all know that doctor's visits are not cheap.

That's why having health insurance is so important. Some stay at home moms are fortunate enough to have coverage under their husbands. However, that is not the case for everyone. And sometimes the insurance premiums are so high that it's still quite an undertaking to pay this monthly bill. So what can you do to get low cost insurance that will cover your family in the case of a medical emergency?

First off, consider if your family would be better off opting for private insurance coverage as opposed to the one offered by an employer. Another thing to consider would be your monthly premium versus out of pocket expenses. If your family members rarely get sick, you may find it worth your while to increase your co-pay/deductible and, thus, decrease your monthly payment.

You should also look into any options that promote healthy living. These types of options may qualify your family for a discount for certain healthy habits that your family practices. Some healthy living incentives may include weight loss, not smoking, and regular exercise.

More info on Saving Money on Health Insurance

Reduce Medical Expenses

Save Money on Insurance: Home Insurance

What would happen if you lost everything in your home to a fire? You may think that this is a crazy question to ask, but it is a question that many people who never thought to ask it have wished that they did.

One fact of life is that you never know what will happen. All you can do is try to prepare for the unexpected. One way to do this is to insure those things that you care about the most. Your home is one of them.

Although homes can be rebuilt, it is not at a low cost. Not to mention the costs of replacing all of the things in your home. This goes for theft as well. If someone were to steal all of your belongings, you would have to come out of pocket to replace them. That is why having homeowner's or renter's insurance is so important.

So what are some things you can do to obtain low cost insurance for your home and belongings?
  1. Check your policy to ensure that it covers property damage, burglary/theft, and personal damage.
  2. Shop around both online and offline to find the best deal for the coverage you need.
  3. Try to find a policy that includes coverage in the case of fire, flood, tornado, earthquake, and other natural disasters. Especially if you live in an area prone to these things.
  4. See if you can get a multiple policy discount if you have several policies with the same company (e.g. home and car insurance)
  5. Having a security system may qualify you for a lower discount.
  6. Another thing to look out for is being charged for the full price of your home AND land. Paying to insure your land is most likely unnecessary unless you live in an area prone to flooding or earthquakes in which the land itself could be damaged in addition to the home.

More info on Saving Money on Home Owner's or Renter's Insurance

Save Money on Insurance: Life Insurance

Thinking about the need for life insurance can be downright depressing. You don't want to think about leaving your loved ones behind. But the fact of the matter is, it is something that you need to do to be prepared for the unexpected.

Ask yourself this: What would happen to your family if you died today? Would they have enough money to survive? Would your children need childcare? Would they be able to cover the funeral expenses? Your answers to this question probably indicate that there is, indeed, a need for life insurance. Just in case.

So how can you get low cost insurance that will help your family in case the unthinkable happens?

First off, let's discuss the types of life insurance that are available.
  1. Term Life Insurance- This is the most straightforward and the most affordable. It provides coverage at a fixed rate for a specific period of time (term) in the event of your death. It does not build cash value.
  2. Whole Life Insurance- This type provides you with coverage until your death. It can also be cashed in and earns interest in stocks, bonds, and mutual funds.
  3. Variable Life Insurance- Similar to whole life insurance, this option gives you more input on how the money is invested. This is the most expensive option and is not recommended for most stay at home moms.

As you could probably tell, I believe the best option would be term life insurance. You may qualify for term life insurance under your spouse's policy. However, it is also possible to obtain life insurance from private insurers both online and offline. You just have to be willing to shop around, compare quotes, and inquire about possible discounts.

More info on Saving Money on Life Insurance

Do you have more tips on how to save money on insurance? Please share in the comments section here:

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Sneak Peak at Next Week

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