It is a common problem though for most insurance customers to cope with the continually rising cost of premiums for most types of insurance. Having insurance thus can put a huge amount of financial pressure upon your shoulders if you do not know how to manage it wisely. To get the most out of your insurance without spending too much, you can make use of these following tips.
1. Try to buy more than one policy through the same company.
Most major insurance providers offer discounts and benefits for individuals who purchase more than one policy. Getting two out of the four basic insurance policies, to wit: health, life, auto, home, from the same company could possibly qualify you for a discount. Employing certain measures favorable for the company such as installing home safety gadgets may also warrant some discount from the homeowner insurance provider.
2. Compare insurers.
Compare and evaluate different companies before you buy. As the price of insurable products and premiums are not closely regulated, they can vary amount between carriers. Policies are not standardized according to coverage or price. Thus, being the lowest premium has nothing to do with being the best deal.
3. Reconsider the sum of your deductibles.
You would probably think that having the most expensive policy with the lowest deductible is the best way to go. Well, not always. Often, taking higher deductible results in considerably lower rates. For homeowners insurance for instance, always consider all the factors that will affect the premium such as proximity to disaster-prone areas like earthquake fault lines or hurricane and tornado zones. As loss history is a strong factor for which a carrier may charge you, it is also important to get a copy of the insurance loss history of the house before making a decision.
4. Check on your policies occasionally.
It is the agents' job to sell to customers everything they have to offer but it doesn't mean that you need each and every one of them. Some insurance providers are known to attach to your policy what is called ‘add-ons' and these add to your premiums cost. Have some of these add-ons removed to minimize your premiums. If possible, pay your premiums annually or semi-annually instead of monthly. Though it is more convenient to do monthly payments, these add "service fees" to your account.
In addition, if you have a rather bad credit history but are in great need for insurance, one of the things you can do is to agree to pay for your insurance premium as a lump sum. Otherwise, you can just look for cheaper insurance with an alternative insurance company.
1. Try to buy more than one policy through the same company.
Most major insurance providers offer discounts and benefits for individuals who purchase more than one policy. Getting two out of the four basic insurance policies, to wit: health, life, auto, home, from the same company could possibly qualify you for a discount. Employing certain measures favorable for the company such as installing home safety gadgets may also warrant some discount from the homeowner insurance provider.
2. Compare insurers.
Compare and evaluate different companies before you buy. As the price of insurable products and premiums are not closely regulated, they can vary amount between carriers. Policies are not standardized according to coverage or price. Thus, being the lowest premium has nothing to do with being the best deal.
3. Reconsider the sum of your deductibles.
You would probably think that having the most expensive policy with the lowest deductible is the best way to go. Well, not always. Often, taking higher deductible results in considerably lower rates. For homeowners insurance for instance, always consider all the factors that will affect the premium such as proximity to disaster-prone areas like earthquake fault lines or hurricane and tornado zones. As loss history is a strong factor for which a carrier may charge you, it is also important to get a copy of the insurance loss history of the house before making a decision.
4. Check on your policies occasionally.
It is the agents' job to sell to customers everything they have to offer but it doesn't mean that you need each and every one of them. Some insurance providers are known to attach to your policy what is called ‘add-ons' and these add to your premiums cost. Have some of these add-ons removed to minimize your premiums. If possible, pay your premiums annually or semi-annually instead of monthly. Though it is more convenient to do monthly payments, these add "service fees" to your account.
In addition, if you have a rather bad credit history but are in great need for insurance, one of the things you can do is to agree to pay for your insurance premium as a lump sum. Otherwise, you can just look for cheaper insurance with an alternative insurance company.
No comments:
Post a Comment