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Step 1
Buy all of your insurance from the same company and the same insurance agent. Insurance companies usually give discounts if you have multiple policies with them. In fact, you may find out that just by switching to a single insurer, your total policy cost will be much lower.
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Step 2
Ask about discounts. Things like driver's education classes, car alarms, defensive driving certification and no accidents can all lead to discounts on auto insurance. Things like home security systems, smoke detectors and deadbolts can all decrease the cost of home insurance premiums.
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Step 3
Raise your deductibles. The way you should think of deductibles is how much money could you come up with if you didn't have insurance at all. This will determine what your deductible should be. For example, if you didn't have car insurance, but could easily cover a $1,000 car repair, then you can raise your car insurance deductible to $1000. The same applies to home insurance. Raising deductibles is one of the easiest and quickest ways to reduce insurance costs.
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Step 4
Don't purchase more insurance than you need. This applies specifically to life insurance. Take into account any employer sponsored life insurance your beneficiaries would receive, as well as social security or pension benefits. Carefully calculate out the cost of living for the survivors to determine how much life insurance you need. You can use a life insurance calculator to assist with this process. See the Resources section below for calculator suggestions.
Comments
missnye said
on 12/2/2009 very helpful info!*****