How to Reduce Insurance Premiums


Paying insurance premiums is something that has become a necessary part of life, whether for your home or automobile. It is a means to protect your valuables should something ever happen to them and they need to be replaced or repaired. Insuring your valuables can become quite expensive; however, there are a few things you can do to reduce your premiums. What you don’t know can hurt your pocketbook.

Auto Insurance Premiums

Purchase a vehicle that has a high safety rating, such as the Volvo or Lincoln Town Car. Cars that have low safety ratings, such as the Corvette and many other sports cars, are high-risk vehicles and are expensive to repair; therefore the premiums will be high. Visit the safety ratings section of the Kelly Blue Book safety ratings site, to view safety ratings for vehicles on the market.

Include an anti-theft device on your vehicle. It can lower the risk of your vehicle being stolen, which will be a plus to your insurance company.

Ask the insurance company for a policy that carries a higher deductible. You will pay less for your premiums upfront. However, if you have an accident, you will have to pay more money before seeing benefits from your insurance policy.

Drive your vehicle less. You can do this by carpooling and by using public transportation as much as possible. The less you are on the road, the less chance you have of being involved in an accident. Advise your insurance company that you are driving less, and ask if your premiums can be lowered.

Maintain a safe driving record. Drive at the speed limit to avoid receiving speeding tickets. An unsafe driving record and speeding tickets will raise your premiums.

Shop around for better insurance rates. If you find a lower rate, contact your insurance company and let them know - they may lower your premiums to prevent you from taking your business elsewhere.

Home Insurance Premiums

Install a home security system. Install deadbolt locks on your doors. Improving your home's protection against crime is attractive to your insurance company.

Participate in your local neighborhood watch program. Notify your insurance company that you are a participant.

Ask for a higher insurance deductible. This means less money now, but more money later if you ever need to use your policy.

Shop around for better quotes. If you find a better rate elsewhere, advise your insurance company to see if they will lower your premium to keep your business.

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