You Can Save Money on Home and Car Insurance

by Redeeming Riches on December 14, 2012

You’re no different than anyone else. You want to save money. Period. On anything you can. Others will tell you how to save on decorating or television services or even buying groceries. But there also are ways to save on auto and home insurance without scrimping on coverage. That means if you do have trouble, you’ll have quality policies that will provide you the protection you need.

First, if you’ve had coverage from the same provider for a while, you should consider a change. Why? Because it will give you the perfect opportunity to shop for better rates. Pit providers against one another and find the best home and auto insurance deals. You can call providers individually or get multiple quotes at once from websites that do all the work for you. Just make sure that you’re using the same criteria to evaluate each carrier.

The news is that there is more you can do to reduce how much you pay. Check out the following tips:

Auto insurance

  • Discounts. Nearly every auto insurance provider offers discounts, but sometimes you have to ask to make sure you get them. You could get a break for insuring more than one vehicle with the same provider, for having airbags and automatic seatbelts and for driving low mileage. Your teenager could get a price break for passing an approved driver-safety course and having good grades. There are lots of other discounts, too, though they vary by state and provider.
  • Deductible. This one is a gamble, so be sure you’re confident before you decide to do it. In general, you can pay a lower premium for auto insurance if you agree to a higher deductible. Your deductible is the amount you must pay before you get help from your policy for a covered claim. When you settle on a deductible, make sure you have that amount on hand in case you need it – otherwise, you could find yourself underinsured.
  • Coverages. Liability coverage is required in all 50 states. That’s the one that offers help if you cause an accident that injures someone else or damages another person’s property. Uninsured/underinsured motorist coverage also is required in some states, as are other coverages. However, other coverages are always optional – comprehensive and collision protections are among them. Collision pays for repairs to your car if you cause a wreck, while comprehensive protection covers vandalism, fire and other things that could damage the vehicle. If you are still paying off a loan on your car, you could be required to have these coverages. If not, you could save money by going without them – particularly if the value of the auto isn’t enough to justify protection.
  • Bundling. This is one of the most lucrative ways to save, and it’s one of the easiest. Most home insurance providers also sell car insurance, and vice versa. Simply use a single carrier for both policies and you could save up to 20%. You’ll also have the convenience of dealing with one provider for both needs.
  • Discounts. There are many ways to lower your premium. Some are as simple as having deadbolt locks and alarm systems. Others could require a bit of effort. You could save as much as 20% if there are no smokers in the household. Again, be sure to ask your agent whether he or she has considered all the discounts that could be available.
  • Deductible. This is similar to the gamble you could choose for car insurance. You can raise your deductible to lower your premiums, but take great care in doing this so that you can raise the amount you need in a pinch.

Home insurance

There are plenty of ways to save on your insurance needs, at least as far as it concerns home and auto coverage. Remember, though, that you still need great coverage and great customer service. Make carriers compete for your business, and you should come out ahead.

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