Insurance isn’t a luxury. There are times when you simply must have it, as with Liability Insurance for your car. Other times, having insurance, such as Long-Term Disability Insurance is just a really smart choice to make. But, let’s face it, insurance premiums can run pretty high, so finding ways to save on your insurance and still have the coverage you need is really smart too.
1) Combine Your Home & Auto Policies
Insurers tend to offer bundling or multi-policy discounts when you use them for both your Home and Auto Insurance coverage. The first benefit you are likely to see with bundling is a reduction of up to 20% in your premiums.
Secondly, if you make a combined claim for an incident which damaged both your car and your home, some companies will waive one deductible after the other deductible is paid. What’s more, there are complex packages which let you bundle in coverage for your boat, motorcycle, RV, and rental property, as well.
2) Raise Your Deductible
Your deductible (found on the declarations page of your policy) is what you pay out-of-pocket before your insurance kicks in. Raising your deductible can lower your premiums and lead to big savings. For instance, the Insurance Information Institute says you could see savings of up to 40% on a $1000 Auto Insurance deductible.
Decide if you are able to afford paying more than the current deductible out-of-pocket if you have an incident. If you are, then raising the deductible to an amount you can comfortably afford is a good idea.
3) See If You Qualify for Any Deductibles
Not all types of insurance carry a deductible. For instance, Liability Insurance for your car never has a deductible. You could be eligible for a deductible, however, if you have Personal Injury Protection (PIP) Auto Insurance. Eligibility will depend on where you live, so you will have to check to find out.
Sticking with the car insurance theme, you will most likely find that you are eligible for a deductible if you have Comprehensive and Collision Insurance. These cover you in events like having fallen tree branches damage your car or your car hitting a branch in the road.
4) Drop Unnecessary Coverages
If your car amounts to a bucket-o-bolts, then it is probably wise to save on your insurance by dropping the Comprehensive and Collision coverage and going with just the basic Liability Insurance instead.
Most of us need life insurance but sometimes 
you end up having too much, especially if you have multiple policies. Perhaps you took out one policy to provide a financial cushion for your young children in event of your death and another which covers your mortgage. You could consider dropping the first policy once your children and grown and independent but you still have a mortgage to pay.
5) Talk to an Insurance Broker
Insurance brokers are in the unique position of knowing what multiple insurance companies have to offer. Their benefit to you is that instead of working for a particular company, they work in your interest to find the coverage that best meets your needs.
If what you need is insurance that matches your budget but still provides the coverage you are after, then that is what the broker will seek out for you. You save on your insurance and get an expert working for you at the same time.
