Maintaining your current insurance coverage is indispensable even when you have to cut back. Without dependable insurance, a car accident, a serious illness, or unexpected damages to your house could be financially destructive and push you immediately into bankruptcy.
Also, be sure that you are using all the insurance discounts you are entitled to. For example, you can be eligible to a discount if you use public transportation frequently, if you brush up your driving skills by taking a class, if you purchase your auto and home insurance from a similar company, if you're over sixty-five, if you install some safety features in your house, and so on.
Homeowners insurance
These are a few tips to reduce your home insurance costs:
- If you insure your home, you shouldn't count the land value, just insure the structure.
- Ask if you'll save money by setting up smoke detectors and deadbolt locks. If your house already has security systems, make sure it is reflected in the policy.
- If a family member is a smoker but has quit, ask if your insurance company can lower the premium costs. Households with smokers are often required to pay a premium for insurance as smoking is a major cause of house fires.
Auto insurance
Follow these methods to trim your auto insurance cost:
- If your car is old and not too valuable, drop the collision coverage, particularly if you are spending more on the insurance coverage than your car's value. Another alternative is to increase the deductible amount of your comprehensive and collision coverage.
- Make sure that you are using all available discounts, for example:
- Owning a car with airbags, automatic seat belts, and antilock brakes.
- Being in a certain profession. Statistics show that individuals with certain types of professions - teachers and engineers, for example - have lower accident tendencies.
- Servicemen. Some insurance companies offer you a break on the insurance cost if you serve in the military or if you are a retired military personnel.
- If you have to buy a new car, get one like your mom might drive. High performance/high profile cars cost more to repair and to insure.
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