Budget Insurance - How to $ave on Insurance

Want to learn how to Budget Insurance costs? There are several ways that you can lower your car insurance, home owners insurance, health insurance or life insurance. Some of the obvious ways are to raise your deductible or you can install a security system in your car or home.

Some of the not so obvious things that you can do to lower your insurance rates are to get rid of that unused trampoline in your backyard or, if you have a teenager, buy an older car that you can pay cash for and have them listed as the driver of that car instead of your brand new Lexus.

There are other ways to budget insurance. If fact sometimes, it may be as simple as just asking. Talk to your insurance agent and tell them that you want to lower your premiums without losing any of your benefits. You’d be surprised at how many times they can find a way to do just that. But, budget insurance isn't always about saving money, it's also about how to make the most out of the money that you do spend.

Get the most out of your Auto Insurance premiums. Most people can cover a $500 deductible but what about a $500,000 lawsuit? It just makes more sense to raise your deductible and increase your liability coverage to at least $500,000 when your premiums will remain roughly the same. If you already have a high deductible, raising your coverage fro $300,000 to $500,000 will only cost you about $60 more per year for 2 cars. For more ways to save on your Auto Insurance, check out our page on Auto Insurance – Ways To Save.

When it comes to homeowners insurance, read your policy carefully. Does it cover replacement cost or the actual cash value? Does your policy cover the structure or both the contents and the structure? Replacement costs usually run an average of about 10% more per year. The longer you own your house or personal property, the more depreciation becomes an issue and replacement cost coverage becomes more critical. If you don’t already have them, adding fire extinguishers and smoke detectors as well as deadbolts will reduce your rates. If you do have them, make sure that your agents knows. For more ways to save on homeowners insurance, check out our page on Homeowners Insurance – Ways To Save.

Are your Health Insurance premiums skyrocketing? Shop around. Go to your state insurance department Web site for a list of licensed companies and brokers who sell health insurance in your area. They will also have information about complaints (including complaint ratios), this will be of great help when trying to find out which companies are giving the best service. Many states even offer a “Buyers Guide” to help you comparison shop. Visit our Health Insurance – Ways to save page for more information on how you can save on your health insurance (coming soon).

Finally, let’s talk about Life Insurance. You need to make sure that your family is taken care of in the unfortunate event that something terrible was to happen. Keep in mind when choosing your insurance, that throughout life, your insurance needs may change. As your children become grown, have a good education and are living on their own, you may not need as much coverage. The type of insurance you choose also affects the price. Term Life is usually much cheaper than Whole Life since Term Life only covers you for a certain number of years where Whole Life doesn’t have an ending date. Thanks to the internet, Insurance rates have plummeted nearly 60% from what they were just 10 years ago making Life Insurance today much more affordable. For more ways to save on Life Insurance be sure to visit our page on Cheap Life Insurance – Ways To Save.

Many companies offer discounts for safe drivers, paying annually instead of monthly, and having multiple policies. Make sure to pay all of your bills on time. A missed mortgage payment or credit card payment will affect your credit rating and sometimes make your rates go up. It may seem unfair but they figure if you are late with other payments you may be late with theirs. Lastly, shopping around is the best way to budget insurance.

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