Tips For Getting The Most Out Of Insurance For A Lower Cost

When we say “get the most out of your insurance” most people start thinking about how to save money on their health insurance policies. But that’s just one type of insurance. There are car insurance policies, homeowners insurance policies, renters insurance policies, etc. And it’s likely you’ll need more than one policy depending on your assets. So how do you reduce costs while getting the most out of your policies? It’s easier than you think!

There’s one key trick to cutting costs and also getting the most from the policy in question: ask. Speak to your insurance provider (or a lawyer) about what’s included in the policy you want and whether or not there are ways to cut premiums before you even sign up. 

For example, many of us know that taking a simple defensive driving course can reduce car insurance premiums. Using those skills on the road can pay off even more — because accidents mean rate hikes, and safe driving means lower costs. You can also buy a safer car. Anyone who wants a low car insurance rate won’t be driving a sports car, after all — because people think those are meant to be driven fast.

For health insurance, it usually pays to know more about what you need. That means reading the fine print. Do you have very low out of pocket costs and monthly rates? You might have a high deductible, which is the amount you pay for certain other services (such as a visit to the emergency room) before the plan kicks in at all. If you’re older or prone to serious accidents or illness because of lifestyle or your job, then you’ll want the lowest deductible possible. Sometimes, that means paying higher rates. But you’ll save more in the long run.

Do you need homeowners or renters insurance? You should make sure the coverage makes sense based on what you stand to lose. Don’t obtain coverage for $1 million when you only own $10,000 worth of goods. If an accident does occur, authorities and insurance auditors will both be suspicious. And make sure you read over the policy. You don’t need the insurance to cover flood damage if you live on a big hill and your house doesn’t have a cellar, right?

Usually, there are certain types of calamities not covered on these types of premiums. These include rust, mold, wear and tear, termite damage, etc. You can increase the liability on the claim to protect against monetary damages from these types of calamities — or you can try to add them specifically if allowed.

Lastly, when it’s time to call your insurance provider because of an accident, injury, or the destruction of your property, call a qualified lawyer first. Were you the victim of assault? It might actually make sense to ask for a consultation with a criminal defense lawyer before calling a personal lawyer. Our friends at know a thing or two about how the process works.

The 4 Basic Insurance Policies Everyone Needs

When it comes to insurance, people will try to sell you a million different kinds. Remember in Family Guy when the salesman tries to sell Volcano Insurance? It’s hard to say why insurance salesmen get a bad reputation. Perhaps it was from when they had to sell insurance by ringing on people’s doors. But today in the world of online where people can get a quote at their fingertips, what insurance is actually worth purchasing?

Health Insurance

Without your health, you have nothing. You can’t work and earn money for your family if you sick or injured. With hospital bills in the thousands of dollars range, having health insurance can help mitigate those costs. Even if you are “never sick” what if you and your beloved decide to have a baby? Having health insurance can make sure that you don’t go into debt before the baby even arrives.

Life Insurance

In the event of an unexpected death, don’t put the financial burden on your loved ones. Having life insurance can help your family and friends pay for the cost of a funeral, coffin, wake/shiva and a gravestone, as well as provide them with a bit of a temporary cash flow as your income will now be gone.

Property Insurance

Homeowner’s insurance is required if you are to get a mortgage from the bank. They want to make sure in the event that something happens the house is insured. In the event of a natural event such as a hurricane or tornado or fire, or from a crime like a burglary, replacing everything you own is a LOT of money. Insurance can help you rebuild. If you rent, then having renter’s insurance is advised.

Auto Insurance

Considering most states by law mandate that you have it, it’s something you definitely need. If your car gets damaged and parts need to be replaced, insurance will help pay for the cost, so you can spend time on recovering if you are injured.

As you can see, insurance can help you if you are ever in trouble with either your home, your car or even yourself!