How to Save Money On Auto, Home and Life Insurance Policies

Everyone is trying to save a few dollars wherever they can. One way to save a few dollars each and every year is to take a look at the insurance premiums that you are paying for your Auto Insurance, Homeowner Insurance and Life Insurance Policies.

Difficulty: Easy

Instructions

1. 

   Homeowner/Renter Insurance
   Another way you can save several hundred dollars a year is on your homeowner insurance. You can also save money on renter insurance. If you simply purchase insurance from a low-price, licensed insurer this is an lay-up. Call your state insurance department for a publication showing typical prices charged by different licensed insurance companies. Simply call at three or four of the lowest priced insurers to discuss what they will charge you. It is very important to call at least three or four insurers for price quotes.
   It is important to make certain you purchase the correct coverage to replace the house and its contents. "Replacement" of the house means rebuilding to its current condition.
   Important tip, make certain your new policy is in effect before dropping your old one.

2. 

   Auto Insurance
   One way that you can save several hundred dollars a year is by buying your auto insurance from a licensed, low-price insurer. Simply call your state insurance department for a publication that will show typical prices charged by various Auto Insurance companies. You will then call at the three or four lowest-priced, licensed insurers to discuss what they would charge you specifically for the same coverage. Compare and save!
   You can also call your agent or insurer about raising your deductibles on collision and comprehensive coverage to at least $500. if you have an older car, discuss dropping theft and collision coverage altogether. Just by doing this you can save hundreds of dollars on insurance premiums each year.
   Important tip, make sure that your new policy is in effect before dropping your old one.

3. 

   Life Insurance
   Life Insurance is another big way to save money each year. If you are looking for life insurance protection only, and not a savings and investment product, buy a term life insurance policy.
   If you are looking for whole life, universal life, or other cash value policy, you should plan to hold it for at least 15-20 years. The cost of canceling these policies after only a few years can bring the cost of your life insurance upwards of double of what it would normally cost.
   For more information check the National Association of Insurance Commissioners website (www.naic.org/cis) or even your local library for information on the financial soundness of insurance companies.

Tips & Warnings

• Important tip, make sure that your new policy is in effect before dropping your old one.
• Shop around and find a reputable insurance company.

[kaldrich88]

on 7/28/2009 GReat advice on How to Save Money On Auto, Home and Life Insurance Policies. Thanks so much! 5*

[cherrystew]

on 7/18/2009 Thanks for the tips! 5*