In the current economy, many people are looking for ways to temporarily lower insurance costs. When you have to make a choice between making the house or car payment and paying for insurance, you may have a difficult decision. Instead of letting your coverage lapse, look for ways to lower the cost and still retain insurance protection.
First, the easiest way to reduce your insurance cost is to raise your deductible. When you first purchased your protection, you may have asked for low deductibles to reduce the out-of-pocket expense when you are involved in an accident or a disaster strikes. By raising the deductible, your premium will be cheaper while you retain the same amount of coverage.
Another way to lower the cost is to combine policies with the same company. When you bundle your protection with the same insurance provider, they will probably offer a multiple policy discount. If you already have homeowners insurance, auto insurance and life insurance, save money by combining these policies.
A third way to temporarily lower the cost of insurance is to shop around for a new provider. Even if you have been with the same company for a long time, you may be able to find a cheaper rate. Insurance companies are in competition with each other and they may offer different incentives. Take a few minutes to compare quotes and you may be surprised by how much money you can save.
Finally, make sure you make your payments on time. This will not only save you money on late fees, but having good credit will also get you lower insurance premiums. Don't cancel your insurance all together; just find a way to lower the cost until you are financially stable once again.
Finding out your Options when your Auto Insurance Denies your Claim
As if dealing with the hassle of an auto accident wasn’t enough, your insurance company has now denied your claim. Your car is wrecked, you’re out several hundred or more dollars, and y...
Read More →
How do you Know when it is Necessary to Call the Police when Involved in a Car Accident?
When you are in a major auto accident, you already know that it is important to call the police and an ambulance. If you do not contact the authorities personally, then it is likely that passersby ...
Read More →
Can I Keep the Auto Insurance Claim Money and Repair the Damage Myself?
When you make a claim on your auto insurance after an accident or an incident that caused damage, you will receive funds to make repairs after an estimate is obtained for the cost. If you do not ha...
Read More →