With insurance, you get what you pay for. The best coverage usually comes with the highest premiums. However, if your looking to save some cash, there are ways of reducing your insurance costs without making too many sacrifices in your coverage.
Deductibles - A deductible is the amount of money you have to pay out of your pocket before your insurer will pay the rest of the claim. The lower your deductible is, the higher your insurance premium will be. For example, if your auto insurance carries a deductible of $250, consider doubling it to $500, and you'll see a drop in your premiums. Just be sure you don't raise your deductible so high that you would not be able to afford to pay it in case you need to make a claim.
Claims and Records - Try to avoid making multiple or excessive claims against your insurance policy. Insurers keep track of how much they dole out to you for damages and repairs, so if you can avoid making a claim do so. Otherwise, your insurer may deem you a high risk policy-holder and consequently raise your rates. If you've been claims-free for an extended period of time, search for an insurer who rewards customers for being claims-free.
Also, be sure to keep a clean driving record without traffic citations or misdemeanors. One ticket can raise your rates significantly, and two or more could result in very high premiums. If you do receive a citation, find out if you can take a driver's safety course to keep the ticket off of your record and avoid higher insurance premiums.
Risks - Avoid issues that your insurer could consider particularly risky. For instance, home swimming pools pose a danger for anyone who cannot swim and may result in higher insurance premiums. Similarly, an auto insurer may consider a high horse-powered sports vehicle riskier than a small family sedan.
Compare - Make a habit of regularly comparing prices among insurers. They are competitive, and you may find that another insurer can provide you with the same or similar coverage for less than what you are currently paying.
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