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Guide to Saving on Insurance

Insurance is one of those things we have a hard time appreciating until we need it. For the most part we loathe our monthly or bi-annual premiums and would give anything to get out of having to pay them. Unfortunately, insurance is a fact of life, but that doesn’t mean it has to cost more than it has to.

Regardless of type, insurance is a place where serious savings can be found if you know where to look and what to do. Considering these safeguards against misfortune and catastrophe are essentially and sometimes literally mandatory, any bit of reduced payout is a plus.

Here are four of the most common types of insurance taken out by working professionals, and the ways in which one can chip away at their pesky premiums:

Healthcare

medical

The majority of people are insured by an employer and don’t have to fret about health insurance savings. But for those self-driven ladies out there with their own businesses and practices health insurance responsibilities rest on their own shoulders. Being a nonsmoker and reducing your intake of alcohol are always the go-to ways to see savings on your monthly health insurance premiums.

Visiting the Healthcare.gov Marketplace is also a smart idea, if not downright necessary. You could be eligible for tax subsidies which dramatically reduce monthly payments without compromising coverage. You can also get  information on the health care reform tax credit by visiting Turbo tax’s website.

Auto

car

 

Operating a moving vehicle responsibly, whether male or female driver, is by-far the most effective way to keep auto insurance premiums down. But sometimes even that isn’t enough; bad credit can often lead to an increase in auto insurance rates. Same goes for your zip code and other variables often out of your control.

When shopping for car insurance online, it’s a wise move to focus on non-standard specialists if you’re someone with a less-than-perfect credit score or lingering teen driving history. This can save you big, however we once again must stress: safety equals savings!

Life

Once again we find ourselves in a situation where responsible lifestyle choices can have a huge impact on the payment. Height/weight ratio, blood pressure, and diabetes status are just some of the many health factors which go into determining someone’s life insurance premium. If life insurance is going to be a part of your monthly or annual budget sooner or later, than it’s cheaper to do it sooner, as younger folks tend to have much cheaper rates.

Home/Renters

fresh

More and more women are becoming independent homeowners, which requires homeowners insurance. Proving you have smoke and carbon monoxide detectors, deadbolts, and a basic burglar alarm can each individually result in up to five percent off the premium. This holds true for renters too, so if your apartment, condo or rented house lacks any of these components, pressure the landlord to make the installation. Whether owning or renting, review the policy annually to make sure you aren’t needlessly covered for items no longer in your possession, and adequately covered for the valued additions.

Insurance can be one of the more painful of payments to make on a monthly basis. It is also, however, one of the few places where the exact price you pay varies from person to person. With that said, the potential for savings is great. The bottom line is be safe and act smart. Lowered insurance costs are sure to follow.

About Jess

Jess hails from Sunny Australia and is the youngest of the frugal ladies. She loves shopping for a bargain, reading, watching movies and spends most of her life on the beach

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  • Robin Rue

    This is really helpful. We have health insurance thorugh my husband’ work, so the prices are firm.

  • agape084

    Thank you for the really great insurance tips! Every bit of savings helps!

  • Amy Desrosiers

    I was literally paying almost a grand for a clean record. I switched last year and have saved almost 50%!

  • Jess Weaver

    Great tips about saving money on insurance. We have all the types you mentioned. You just never know when something might happen!

  • Terry My Journey With Candida

    Health Care is something we are dealing with right now. My Hubs has been looking for one that fits our needs.

  • Nina Say

    What great tips, thank you. I think we can all save a bit more as long as we stay proactive.

  • Definitely some great tips! Good info to know about insurance!

  • Pam

    It’s definitely important to review your home and auto insurance every so often. You could always be saving money somewhere.

  • It’s so easy to stick with a plan out of convenience. Sometimes you have to review and compare to save.

  • My husband sold insurance for many years. He said that it’s best to look around for better deals!

  • Jeanine @ sixtimemommy.com

    This is really great! Insurance is so important and can be so stressful and hard for people to know exactly what they’re doing!

  • Catherine Sargent

    This is a great post. I always shop around when my insurance is coming up for renewal.

  • Ann Bacciaglia

    It is important to have some sort of coverage. I live in Canada and can not imagine getting sick and not having OHIP.

  • Theresa

    I think it’s time for us to shop around for a new policy. After several medical bills rolled through, I wonder what the heck my insurance is even covering anymore!

  • Debbie Lamb

    I have a excellent independent agent – he checks every year for us – we have changed companies quite often

  • We haven’t checked out insurance in a while. I wonder if getting a new water heater will decrease my insurance rates?

  • This has been something I’ve been putting off, but need to do. I really need insurance for my husband and I.

  • Chrystal M.

    Right now my husband does not get benefits from his employers. So, we are at the mercy of the so-called ‘affordable’ health care and we do need to get our life insurance in order. These things aren’t fun, but as we get older its something we need to take more seriously.

  • gogrowgo

    These are all great tips. Insurance is definitely one of those places where we shop around.

  • Debbie Denny

    Very good advice. Helpful for many people to understand.

  • Elizabeth @ Food Ramblings

    We’re getting life insurance now, so these are great tips!

  • Melissa Vaughn Coleman

    Lots of great advice! We are military so we can’t shop around for our health insurance but I definitely think it is important when you can, espcially for auto.