Showing posts with label Insurance Premiums. Show all posts
Showing posts with label Insurance Premiums. Show all posts

Friday, March 20, 2020

5 Tips for Saving Money on Insurance Payments

Insurance is an absolute necessity for living a responsible life. There are many things that can go wrong over the years. Many of these bad events will sadly be completely unexpected. 

Without insurance coverage, your savings may be wiped out entirely. You may even end up deep in debt. Still, insurance coverage can be expensive. Many people may feel ripped off by the premiums they have to pay each month. With that in mind, below are a few tips for lowering the cost of insurance coverage.

Consider Your Deductible

One way to lower your insurance premiums is to increase your deductibles. The deductible is the amount you pay out of pocket for an insurance claim. 

Higher deductibles mean less risk for the insurance company. If you have enough saved to pay those deductibles without it being a burden to you, this might be a good option.

Buy Multiple Policies from the Same Insurer

Another way to lower your insurance premiums is to look for possible discounts from different insurers. One of the most common discounts comes from buying multiple insurance policies from the same company. 

If you want to insure a motorcycle, you may get a discount by using the company that insures your cars.

Avoid High Risk Purchases that Need Insurance

Certain things are simply more expensive to insure than others. There are good reasons for this. Usually, your chosen insurance company has done the numbers and determined there is an elevated risk. 

Avoiding these kinds of purchases can lower your premiums. Sports cars, for example, almost always come with higher insurance premiums than other vehicles.

Work on Improving Your Credit Score

The premiums you are asked to pay by an insurance company are calculated using a number of different factors. 

One of these factors will certainly be your credit score. If you want to lower your premiums, work on repairing your poor credit. You should be doing this regardless.

Protect Insured Assets

Another way to lower your premiums is to show your insurance company, such as Bear River Insurance, that you have taken steps to lower the risk of a claim being filed. There are many ways to do this. 

For example, installing storm shutters could possibly lower your homeowner’s insurance premiums. Inquire with your insurer about the different possibilities.

Insurance premiums can be expensive. Thankfully, there are strategies you can use to bring down the cost of your insurance premiums. The list above is only a starting point. Talk with your insurance company about different ways you can save money on your insurance.

Saturday, September 30, 2017

Insurance Premiums: How to Determine What Your Monthly Pocketbook Can Handle

Insurance Premiums

In this economy, everything is getting more expensive. And with the skyrocketing costs of homeownership, how do you decipher how much you can afford on homeowner's insurance each month? Don't let high insurance premiums keep you from getting the home of your dreams.

Work out a Budget

Don't go through this process alone. You can either sit down with a financial advisor who is trained in this area of expertise, or a friend or family member who is good with numbers, too. 

Write down all sources of monthly income and what percentage of it goes to your other bills such as credit cards, student loans, and car payments. You will also need to factor in the expenses of homeownership, such as monthly mortgage payments, utilities, and taxes. 

Keep your credit score in mind, too, as this will most likely affect what you pay.

Deductibles Will Affect How Much you Pay Each Month

If your deductible is higher, you will pay much less each month than with a lower one. This means a lot more money in the long run if you ever have to file a claim, but your month to month bills with being lower in the short term. 

However, if you live in areas prone to natural disasters, you may have separate deductibles for those parts of the policy. For example, if you live near the water in an area prone to flooding, your flood insurance may have its own, separate deductible.

Always Shop around and Compare Rates

This almost goes without saying. Why would you pay more to one company for the same coverage that costs less elsewhere? The best way to compare rates is to go through an agency that can evaluate numerous companies with your information and give you a list of the best rates, their deductibles, and how much coverage you are guaranteed. 

Some companies, like Rob Jackson Insurance, know that you should make sure when comparing prices that you factor in how much each policy is worth. You might want to go with a slightly higher monthly rate and have adequate coverage than find yourself in a tough spot if disaster hits.

Besides increasing your deductible, there are other things you may do to lower what you pay for homeowner's insurance. Increasing the security on your home, making it more resistant to weather damages, or even revising your policy once a year can all help potentially lower your payments.

Thursday, May 25, 2017

How to Organize Your Family's Insurance Premiums for Easy Payment Options

Having a family means the need for several types of insurance. Most families have health insurance, auto insurance and homeowners or renters insurance. Many families also have life insurance. 

Trying to keep track of all those insurance policies and when the premiums are due can be tough, so to make it easier, you should try some of these ways to organize your family's insurance premiums for easy payment options. 

Set Up Automatic Payments

One way to make paying your insurance premiums easy and convenient is to set them up for automatic payments. Many insurers offer this option, allowing your monthly or annual payment to be deducted from your bank account or charged to a credit card. 

Even if one or more of your insurance companies does not offer this option, you may be able to set it up through your bank or through a credit card. Having your premiums paid automatically means you don't have to worry about them.

Bundle Policies

Bundling policies together with the same company can reduce the number of payments you have to make. 

For example, if you get your car insurance and homeowners insurance from the same company, you likely will only have to make one monthly premium payment instead of two. Another advantage of bundling policies is a lower cost per service. 

Some companies, like United Security Agency often offer services like this that make billing much easier to manage. Most insurance companies can even offer discounts to customers who have multiple policies. For example, if you have two policies with the same company, you might get a 10 percent discount on both.

Pay Less Frequently

Many insurance policies offer a range of payment options. You may be able to pay once a year, once a quarter or once a month. 

Paying less frequently means you will have fewer payments to make, although you will have to pay a larger amount each time. You also might get a discount for paying a larger amount less frequently.

Take Advantage of Programs

There may be programs you can take advantage of to make paying your insurance premiums easier. For example, if you get your insurance through a company that has an affiliation with your employer, you might be able to have it deducted from your paycheck. 

Or if you get it through a professional organization, you may just be able to pay it along with your dues.

Organizing your family's insurance premiums for easy payment options may take some work, but it is worth it. Not only can you increase your convenience, you also may save money in the process.

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics