Insurance Comparison Shopping
Top Five Ways to Save On Your Auto Insurance
It is recommended that you shop for car insurance at least twice a year; once in January and once again about halfway through the year. The average consumer saves up to $301 on a six-month policy after shopping around and purchasing a new auto insurance policy from one of the top companies at InsWeb.com*. If you are paying too much for car insurance, there are several measures you can take to try and lower your car insurance costs.
Shop Around for Auto Insurance Every 6 Months
Shopping around for auto insurance will ensure you that you are getting the best deal possible. Many people think that staying with a company for a few years will ultimately save them money; but this isn't always the case and these people end up paying more for their car insurance. You should shop for car insurance at least twice a year to make sure you are getting the best deal possible.
Multi-Policy Insurance Discounts with Home Insurance and Auto Insurance
Various insurance companies offer discounts if you insure more than one vehicle on a single policy. Also, if you purchase a homeowners insurance policy through the same company that insures your vehicle(s), most insurance companies will offer you lower rates for having multiple insurance policies through them.
The Higher the Auto Policy Deductible, the Lower the Car Insurance Premium
Yes, it's true; the higher your deductible is, the lower your premium. If you find yourself with more financial comfort in the future, you might think of lowering the deductible(s) you raised when you needed to save money. Remember, the deductible is your out of pocket expense before the insurance company will start paying for the damages.
Compare Car Insurance Rates Before Buying a New Car
Before you buy a new vehicle, compare insurance quotes. This way you can see how much it will cost to insure. High profile cars, cars that commonly have parts stolen, and cars that are expensive to fix will generally cost you more to insure.
Additional Auto Insurance Policy Discounts
There are many discounts that are available to drivers. Asking your car insurance provider what discounts they offer, and which apply to you, can help you save as well.
The Good Driver Car Insurance Discount
As most of us know, the better we drive, the better our rates will be. Most insurance companies offer discounts to drivers who have not had accidents or received tickets in the last three to five years.
The Safe Vehicle Car Insurance Discount
Many companies offer discounts for various safety features on your vehicle, including air bags, alarms, factory-installed mechanical seatbelts and antilock brakes.
The Good Student Car Insurance Discount:
Students currently enrolled in school often receive a discount on auto insurance for their good grades; as many companies feel conscientious students make conscientious drivers.
When you decide to shop around for a new car insurance policy, using InsWeb.com's online quote form can save you time on shopping and comparing car insurance quotes.
Top Ten Term Life Insurance Money Saving Tips
Term life insurance is a very affordable way to provide life insurance coverage for your loved ones. Even though it is affordable, there are still ways to save on a policy while making sure you maintain the proper coverage level you need.
1. Buy Life Insurance When You're Young
Many people may feel they don't need life insurance when they are young. While your financial needs may be lower at a younger age, the rates are also substantially cheaper when you're young. Remember, the goal is to cover your primary assets (like your salary and house) so that if something were to happen to you, your beneficiaries would be able to persevere financially. The best advice is to lock in as much protection at a young age while your health and prices are still good.
2. Your "Half" Birthday Could be Costly to You Life Insurance Premiums
While some companies raise their prices based on your actual age, most companies increase the price of their policies six months before your birthday. It's a term called "Age Nearest" in the industry, and that half-year price increase could really add up over a 20-year term policy. As above, the quicker you purchase your policy the better.
3. Select the Right Length of Term Life Insurance Coverage
Everyone has different needs, and not one size fits all when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement. People who are trying to quit smoking, for example, might be best suited purchasing a shorter term (and then replacing it with a longer term policy when they qualify for non-tobacco prices). Lastly, individuals who have 30-year mortgages might want to consider a 30-year term to ensure that the house is protected throughout the period of the loan.
4. Check for Life Insurance Policy Price Breaks
Companies often offer "price breaks" at certain coverage amounts (e.g., $250,000 vs. $225,000). The truth is that many people can actually pay less money for more coverage. Check how little your prices increase when you increase coverage to $250,000, $500,000, or $1,000,000.
5. Buy the Right Amount of Life Insurance Coverage
Many agents may try to sell you more coverage than you need. The purpose of life insurance is to "indemnify" (replace financial loss), and what most people should be looking for is income replacement for their beneficiaries. Independent financial planners recommend the following rule of thumb: purchase an amount of coverage equal to 6-10 times your annual gross income.
6. The Right Hobby With the Wrong Insurance Company Could Cost You on Life Insurance
People who participate in high-risk sports or activities (such as hang-gliding, skydiving, mountain climbing, scuba diving, and racing), or even those who like to have an occasional cigar could very well pay more money if they don't pick the right company. Every company looks at risk factors differently and some are more liberal in certain areas than others. Speak with a licensed insurance expert and make sure they have all the underwriting criteria at their disposal and match you with the right company.
7. Work Life Insurance Policies Aren't Always the Best Deal
While purchasing a life insurance policy through your employer is convenient, it may not be the best deal available to you. Work policies are often based on a composite profile of the employees you work with, many of whom may be less healthy than you, or have other underwriting factors that might drive up rates. These type of policies also expire if/when you leave the company. Inexpensive term life insurance polices that cover your dependents until they can live comfortably on their own are often a better alternative.
8. Check Out Your Payment/Billing Options with Life Insurance
Many life insurance companies offer discounts to consumers who pay their premiums annually, or who pay monthly by electronic funds transfer (EFT).
9. Review Your Life Insurance Policy Often
Do a review of your life insurance policy a minimum of every three years, if not more often. Rates may be lower, and your circumstances may have changed, necessitating more or less protection. If you are replacing a policy, make sure you allow enough time to get your new policy in place so coverages won't overlap or lapse.
10. Don't Overspend on Term Life Insurance Protection
Term life insurance is the most affordable and cost-effective pure protection available, and it is typically much less expensive than a comparable whole life policy. The old axiom still rings true: "Buy Term and invest the difference."