Covering Your Assets: 3 Ways to Save When Choosing Insurance for Your Car, Home and Life
One of the things we all need as we go through life is insurance – insurance for your house, your car, your health and of course, insurance for your life. The more property you own the more likely you are to have several insurance bills to pay. As with any bills, these outlays can seriously shrink your net income. As such, it’s only natural that you’ll constantly be on the lookout for ways to cut the cost of your insurance cover. This article provides you with three key ways to save on your insurance.
- Make it clear to insurers that you are safe
Regardless of the insurance policy you are taking, an insurer will charge higher premiums if they expect a high likelihood of the risk insured to occur. The less the likelihood that something bad will happen to you, your family and /or your property the less premiums you are likely to pay.
One way to ensure that you reduce your insurance cost in therefore to put measures in place that help mitigate risk. There are many ways to go about it. Implementing automatic sprinkler systems, smoke alarms and burglar alarms in your home can make it more resistant to disaster and hugely reduce your Homeowners Insurance costs.
Showing your insurer that you undertake defensive driving will cause a big drop on your auto insurance premiums, and so will having a more theft-deterrent car. You can make your car more theft proof by having an ignition cutoff switch or installing wheel locks. Being an infrequent driver also lessens the time you spend on the roads. Consequently, this lessens the odds of getting into a car accident, translating into a lower insurance premium.
You can cut your health insurance when you live a healthy lifestyle, such as by quitting smoking or losing weight. These too will translate into lower premiums, which aggregate into less insurance bills overall for you.
- Use the same insurance company
There are two ways you can interpret “using the same insurer”. One, it can mean sticking with one insurance company for many years; and two, it can mean buying your home, auto and life insurance policies from the same insurance company. The beautiful thing is, either of these will lower your insurance cost.
When you do not jump from one insurer to another year after year, you will likely receive a special discount for being a loyal, long-term policyholder. On the other hand, many insurance companies are generally willing to lower your premiums if you buy from them more than one policy.
So, it will be a good idea to insure your car, your home and your life with the same firm as a way to lower the overall bills you pay on insurance.
- Ensure you have a good credit score
Today, most insurers consider your credit score as one of the criteria for deciding how much you should pay on premiums. Correcting any errors that may blemish your credit profile and paying your bills on time will significantly help you get better insurance terms.
While there are more ways to cut premium costs on the different policies, these three will help reduce your insurance bills across the board.