Insurance is a commonly included item in most of our budgets. While the type of insurance may be different like home insurance, health insurance or car or insurance, it goes without saying that if you manage to save some money on your insurance bill, you can make a considerable difference to your budget as well.
Here are 3 easy steps to cut back your insurance bill and save some money in the process.
1) Pay Higher Deductibles
Paying more money to save money does seem a bit counter-intuitive at first. But here’s how it works. When you agree to pay a higher deductible, the insurance company looks upon this as a favor from your side. Now the insurance company decides to reciprocate by extending a discount in your insurance premiums. After all, you are taking off a burden off the company’s shoulders (albeit small) by paying a higher deductible until the insurance benefits kick in.
2) Many Insurances One Provider
It is very common for an average individual to have more than 1 type of insurance. Majority of the folks have insured their homes, their cars and their health with different insurance companies.
You may have chosen different providers because you were approached by them at the time of your need. But most of the insurance companies do not limit themselves to a single type of insurance. They do offer coverage for all major types of insurance.
What you can do is compare the different companies and then select one of them which has an affordable coverage plan. Now approach this company and intimate them of your decision to merge your other insurances along with the one you already have with them. So if this company is already providing you home insurance coverage, indicate that you would like them to handle your health insurance and auto / car insurance as well.
This is a win-win situation for both of you, because the insurance company gets more business and reciprocates by extending considerable discounts in premiums to you.
3) Don’t Stop Shopping
Don’t be under the impression that you need to stick with the insurance company you currently have. It always helps to look around for more lucrative deals. Chances are that you will stumble upon better discounts or better coverage plans if you look around.
The best way to do this is to keep track of the latest entrants into the insurance market, because these are the companies that are eager to land new customers and build their business. Subscribing to one or two popular websites that deal with review and updates about insurance companies should do the trick for you.