Ways to Save Money on Insurance

Updated

Whether it’s car insurance or health insurance, both are usually really expensive and honestly? They can be really confusing. High deductible or low, premium features or no? It’s enough to make your head spin. While I can’t give you specific advice on what you should choose, I can give you a few ways to help you save on insurance here. Depending on how much money you make at any given time dictates how you feel when it comes to spending boat loads of hard earned cash for none other than payments. It’s time to start a plan or create a structure so that you can save money on insurance, read more below. Here’s ways to save money on insurance. 

Start to Evaluate

Always take a 2nd (or in some cases), a third look at what you’re paying for when it comes to monthly reoccurring payments like insurance. Companies in general have a really bad habit of hiding charges that you otherwise wouldn’t think to look for. Take a close look at your bill, line by line to see what you’re being charged for. If you aren’t sure? Ask. Another thing to look for is whether you’re paying for a service that you don’t use. If you have roadside assistance with your insurance company but you also have Triple A, drop one of them to save. Why continue to pay for something you absolutely will never use, you’re just wasting money away that can be used for something else. 

Shop Around for Your Budget 

This time in the past year when I went after lowering my car insurance, I started shopping around. Lo and behold, I was able to save myself $264.00 per year just by switching. The thing is though? I never would have guessed that our current company would have been cheaper. We made the switch and never looked back. Taking a look at what other companies offer also gives you a second chance to re-evaluate what your family needs or doesn’t.

Pay Semi-Annually or Annually

Paying your bill monthly can cost you a few hundred dollars per year extra (money that can be savings or be valuable else where). Instead, pay your bill every twice a month or once a year to save. When we pay our car insurance bill once a year we pay almost $600 less than we would if we were to pay monthly. To make sure that you have the expense in your budget, figure out what the annual charges are per month (charge divided by 12) and pay that amount to yourself once a month. At the end of the year, you’ll have the full amount ready to pay!

Plan for a Higher Deductible

I know it seems counter-intuitive as a goal, but paying a higher deductible usually means paying less per month or year. To combat higher out of pocket prices, be sure you keep a separate savings account for them and to save your receipts. You may be able to deduct some of those out of pocket expenses on your taxes, further saving you money in the long run. Everyone loves saving some money for bigger and better things in life right? Not payments…

Insurance services are one of those must haves in life. Use the tips above to save a bit on them and if you have any others that I missed, I’d love to hear them! We could all stand to save a little bit more. Set a goal for yourself to start a savings if you haven’t already, this will lower your stress and ultimately provide a better cushion for your life. You never know what bad things will happen in life, remember with every good there is a bad! So it’s best to be prepared for it. 

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