Cheap Insurance - Ten Ways

Home
>
Insurance
>
Cheap Insurance - Ten Ways

Cheap Insurance - Ten Ways

Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance - whatever type of insurance you need, you can buy it for less. Try the following:

1. Raise you deductible. Why have a $100 deductible if a $1000 deductible won't break you? It may hurt to pay the first thousand someday, but what if meanwhile you saved several thousand? High deductibles mean lower rates. Of course, get quotes with various deductibles, to be sure you're saving enough for the higher risk.

2. Lower your coverage. Insurance agents secretly admit that people usually get sued according to policy limits. You'll be sued for more if your limit is a million than if it's a hundred thousand. A judgement beyond the policy limits is a scary thought, but this can happen no matter what your limits are. If you don't have many assets or much money in the bank, consider lowering your coverage to save money. Get quotes first, of course, to see how much you'll save.

3. Lower the insurance company's risk. Using seatbelts, not smoking, and having alarm systems can mean cheap insurance. Ask your agent about any discounts that are available.

4. Use an independent agent. Why limit yourself to one insurance company? Independents can show you the cheapest policy regardless of which company it's from. Just check a rating service to see if the issuing company is financially solid, especially when buying life insurance.

5. Drop your insurance. The insurance companies will hate me for this one, but consider eliminating some coverages. You need liability coverage on your car, but collision coverage on a $2000 car doesn't make sense. Invest the money elsewhere, and take the $2000 loss once or twice in your life, or maybe never.

6. Buy stocks instead of insurance. If you and your wife both have good incomes, it probably makes more sense to invest your money than to buy life insurance. If loved ones have enough income or assets, life insurance premiums are usually wasted money.

7. Get rebates. Some states that allows "rebating". California law, for example, allows agents to rebate part of their commission to you. If you live in a non-rebating stae, find a California company online!

8. Get the legal minimums. If you have no assets to protect, ask for state-mandated minimums on auto liability policies. Most companies give you their higher, more expensive "company minimums" if you don't push the point.

9. Review your policies. It is common for parents to still pay for health insurance coverage on adult children long after they are working and have their own coverage. See what other unecessary coverages you may be paying for.

10. Get several quotes. For cheap insurance, compare quotes from several companies, and ask about different policy options. One more thing: take notes.

Steve Gillman has been studying every aspect of money for thirty years. You can find more interesting and useful information on his website; http://www.EverythingAboutMoney.info

In The News:

Home-value insurance: We're not convinced it's a good idea
Washington Post
Several weeks ago, we were asked whether it made sense to buy insurance on a property's value that would pay off if the value declined. We suggested that buying property value insurance when property prices are the lowest they have been relative to ...

and more »

NOLA.com
Senate acts to extend flood insurance program
Boston.com
WASHINGTON—The Senate on Thursday voted to extend the life of the National Flood Insurance Program for 60 days, giving lawmakers time to work on a long-term extension that would seek to restore fiscal solvency to the debt-ridden plan.
Senate Approves 60-Day Flood Program Extension; Will House Agree?Insurance Journal
US House expected to follow Senate in approving flood insurance extensionNOLA.com
Senate votes to extend federal flood insurance for 60 days, good news for ...Press of Atlantic City
The Hill (blog)
all 227 news articles »

TheChronicleHerald.ca
Canada tightens employment insurance rules
Reuters
Noting that some employers were hiring foreign workers even while Canadians were making claims for employment insurance in the same occupation and province, she added: "We want to redress the balance right now so that Canadians get first crack at the ...
Canada Tightens Rules For Employment Insurance ClaimantsBloomberg
Redford government takes wait and see stance on Employment Insurance crackdownCalgary Herald
What exactly are the changes to the Employment Insurance system?National Post
Toronto Sun -TheChronicleHerald.ca
all 280 news articles »

HSBC CEO: Sees Euro-Zone Deposit Insurance; Pay Yes-Vote Near 90%
Wall Street Journal
(Adds remuneration vote and other detail in final nine paragraphs.) By Max Colchester Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The euro zone will likely hold together, but continuing volatility could result in a deposit-guarantee scheme being created ...

and more »

Farmers Insurance and the University of Farmers Receive Two Awards From ...
Sacramento Bee
By Farmers Insurance LOS ANGELES, May 24, 2012 -- /PRNewswire/ -- Farmers Insurance and the University of Farmers received the awards at the 13th Annual gala CUX Awards for Excellence and Innovation in Corporate Learning. The event was held as part of ...

and more »

EMC Insurance Group Inc. Declares 122nd Consecutive Quarterly Cash Dividend
MarketWatch (press release)
DES MOINES, Iowa, May 25, 2012 (BUSINESS WIRE) -- On May 24, 2012, EMC Insurance Group Inc. (NASDAQ:EMCI) (the "Company") declared a quarterly dividend of $0.20 per share of common stock payable June 11, 2012 to shareholders of record as of June 4, ...

and more »

FIFA authorises first insurance policy for international injuries
Reuters
By Mike Collett | BUDAPEST May 25 (Reuters) - FIFA's new insurance policy will cover players injured on international duty and provide clubs around the world with a maximum annual payout of $9.7 million per player, delegates at the FIFA Congress were ...
FIFA Establishes $75 Million Insurance Fund for Soccer PlayersBloomberg

all 13 news articles »

Get insurance bundled while prices are still hot
Reuters
By Beth Pinsker Gladstone | NEW YORK (Reuters) - If you believe the multitude of insurance ads you see on television, bundling can save you money. And right now, there may actually be some truth in advertising. One sample quote from Travelers Cos Inc, ...

and more »

TEXT-Fitch affirms Westpac Lenders Mortgage Insurance at 'AA-'/Stable
Reuters
(The following was released by the rating agency) May 24 (Fitch) Fitch Ratings has affirmed Westpac Lenders Mortgage Insurance Limited's (WLMI) Insurer Financial Strength Ratings (IFS) at 'AA-'. The Outlook is Stable. The rating reflects WLMI's robust ...
Rating Action On AIGDaily Markets

all 84 news articles »

Long-Term Care Insurance May Be the Next Big Employee Benefit, According to ...
Seattle Post Intelligencer
Under an agreement with EraNova Institute, LTC Financial Partners has secured rights to distribute a special report on the future of long-term care insurance as an employee benefit. The company will make complementary copies of the report available to ...

and more »

Google News