How do you get insurance that is cheap? You should definitely look around and get a few quotes, but that's just the beginning.
Can you find insurance for a low price? Yes. You can not only spend less on all kinds of insurance, but you can also get more of the coverages you need for less. Here are a few tips that only people in the know would know.
Life insurance that is cheap
- Buy more than one policy. You can save money by buying two or even three smaller policies instead of one large one. Have one run until your kids move out and the other until your retirement fund starts to pay out.
- Find out more about the company. Visit the National Association of Insurance Commissioners website at www.naic.org/cis. It has links to check out companies, such as their finances and any complaints that have been made against them.
- Find out about discounts. In some states, agents can give you part of their commission back. You can call or check online. To buy insurance in the state, you don't have to live there.
Low-cost auto insurance
Obviously, get more than one quote. You probably already know that raising your deductible as high as you can afford will also lower your rate. Here are some tips you might not have known about how to save money.
- Get the minimum amount of liability insurance required by law if you don't have many or any assets. Many companies try to sell their "company-recommended minimums" for liability and even try to pass them off as the legal minimums. Just get the legal minimums. If you have no money or property, you can't be sued.
- Look over your rules once a year. Every year or so, look over your policy and get new quotes. If your ticket is older than three years (or however long the company thinks is important), the price will go down, but you have to ask for it.
- Take your children out of your policy. If your kids go to college more than 100 miles away, you can take them off the insurance policy and save a lot of money. When they come to visit, you can't let them drive the car.
Other tips for getting cheap insurance
Find a group to join. This is a health insurance tip. If your employer doesn't offer health insurance, join a group that can help you get a better rate on a policy. Group policies are sometimes set up by a fraternal group or a chamber of commerce.
- If you own a home, think about raising your deductibles. Insurance is for big things, not little things. Plan on paying the first $1,000 when something comes up. Between now and then, you'll save money on your policy every year.
Just say no to credit life insurance. If you die, these policies pay off the rest of your auto, home, or other loan. If you think you might need it, regular life insurance costs much less for the same amount.
No matter what kind of insurance you're looking for, be sure to get more than one quote. Ask about every part of the policy, and don't pay for things you don't need. Ask if there are any discounts you might be able to get. The key to getting cheap insurance is to ask a lot of questions and really understand the policy.
