Looking for ways to save money on insurance? Here are a few simple ideas
If you’re like most Americans, you’d like to save money on insurance… but you want to be cautious, too. After all, what’s the point of pinching pennies if you end up with a useless policy that eventually costs you more than you’ve saved?
Fear not, because there are simple ways to save money on your insurance policies that won’t preclude you from maintaining excellent coverage. They don’t work so well for health insurance (that’s kind of stacked against you anyway), but as our British friends might say, they work a treat for other forms of insurance.
Biting the Bullet
The easiest, most effective way of saving money on your yearly life insurance premiums is the most fiscally painful in the short run, but it’ll save you literally hundreds of bucks that you can put to better use. Here it is: Just pay the entire premium at once, rather than quarterly or semiannually.
I can hear the screams of pain from here.
Yes, yes. It’s expensive to pay the whole premium up front, but this is definitely something that you should save up for. Why pay $1,000 over the course of a year (or whatever your premium is) when you can pay $750 and get it over with? Because, look here: you can buy a five-day ocean cruise for as little as $290.
Get the point?
And while you’re at it, arrange to pay your auto insurance premiums annually or semiannually rather that monthly. The savings should cover the rest of your cruise fee, plus a few drinks and tips.
A Brilliant Deduction!
Did you know that you can save lots of money on your car and homeowner’s insurance by raising the deductibles? Many insurers automatically assume that you’ll want to have the lowest deductible possible, which is usually $100 before the insurance kicks in (sometimes more for household windows).
Well, you can save some decent dough if you’ll raise those deductibles to $250 or even $500. The savings can be rather surprising, depending on the type of insurance and your insurer. No promises here, but you may even be able to upgrade to a seven-day cruise with a stopover in Cozumel for a couple of days.
And There You Have It
If you’re the cautious type, it’s understandable if you want to hang onto the best possible insurance for your needs… but there’s a fine line between caution and waste. Carefully consider what you really need. And even if you prefer to be cautious, there’s no reason to overpay. For Pete’s sake, think of the cruise!
Face it. There’s no reason not to save money on insurance, if you’re willing to plan ahead.