Four ways to save on insurance costs

Over 250 years ago, Ben Franklin wrote, “nothing can be said to be certain, except death and taxes.” 

Had he added “overpaying for insurance” to that list, he would have been wrong. That’s because, while insuring your home or auto may be unavoidable, we can do something about paying too much for it.

Most of us pay our insurance bill without much thought, especially if it’s the same monthly amount. But with the rising cost of living, we’re all looking to save a little money — including on insurance.

How To Save Money On Insurance

Let’s look at four quick and easy ways to save and still get the coverage you need.

1. Increase your deductible

The deductible is the amount of money that you pay out-of-pocket before your insurance policy coverage kicks in. Increasing it will automatically make your monthly premiums lower.

Just be confident that you can afford to pay that higher deductible in the event of a claim — know what the deductible amount is and make sure you have reserves in the bank to cover it.

2. Review your policy every year

Lower your insurance premiums by reviewing your coverage regularly and dropping anything that you no longer need. For example, if you drive a car that’s ten years old, consider dropping collision coverage. And if you’re in the market for a new car, opt to buy a less flashy, pre-owned one — it’ll be less costly to insure.

You’ll also want to see if you qualify for any new or additional discounts. For example, some insurance providers offer discounts for having a good credit score, being retired or a senior citizen, having a clean driving record, or being in the military or other organizations. These can add up and help to lower your premiums.

3. Take safety precautions

Want to be proactive about preventing losses? By installing a security system in your home or anti-lock brakes on your vehicle, you can save money on insurance premiums and reduce the need to make a claim. This also works with health insurance: you may be offered lower premiums in return for healthy habits, like exercising regularly and not smoking.

4. Shop around (we can help!)

The easiest way to save money on insurance is to shop around and compare rates from different companies. Just as pandemic-era employees saw huge salary jumps by switching jobs, switching insurance providers can be the fastest way for you to get a better rate. Sure, it can take time to research and compare rates from multiple insurers, but Guided Solutions has your back.

We’ll do the leg work for you to find the best deal and help you understand what’s included in each policy. And if you decide to remain with your current insurance provider, checking out the competition gives more leverage to negotiating rates in your favor.

We Can Save You Time and Money

Even if you’ve heard of some of these tips before, taking a moment to make sure you’re putting them into action could save you hundreds of dollars.

By raising your deductible, reviewing your policy and hunting for discounts, being smart about safety, and shopping around, you can reduce your monthly premiums and still get the coverage you need.

Whatever insurance you’re in the market for, the Guided Solutions team can help. We’ll compare available rates and find a policy that fits your needs. Let’s get started.

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