Cheap Insurance Secrets
November 28, 2007
Can you find cheap insurance? Yes. You can not only spend less on all types of insurance, but you can get more of the coverages you need for less. Here are a few insider secrets to help you out.
Cheap Life Insurance
- Purchase multiple policies. Instead of buying one large policy, save money by buying two, or even three, and staggering the terms. Have one run until the kids are out of the house, for example, and the other until your retirement fund kicks in.
- Investigate the company. Visit www.naic.org/cis, the National Association of Insurance Commissioners site. It has links to check out companies, including their financial condition, and the complaints filed against them.
- Ask about rebates. Some states allow agents to rebate a portion of their commission to you. Check online or by phone. You don’t have to be from the state to buy insurance there.
Cheap Auto Insurance
Get several quotes, of course. You probably know that having as high a deductible as you can afford will also reduce the rate. Here are some money-saving tips you may not have known.
- Get the legal minimum for liability coverage if you have few or no assets. Many companies try to sell their company-recommended minimums on liability, and even pass them off as the legal minimums. Just get the legal minimums. If you have no assets, you’re not a target for a lawsuit.
- Once a year, review your policies. Have a policy review and get new quotes every year or so. If the ticket you had is past the three year mark (or whatever the company thinks is important) they will drop the rate, but not automatically, so ask.
- Remove your kids from your policy. If your kids are at a college that’s more than 100 miles away, you can have them taken off the insurance policy and save a lot of money. You can’t let them drive the car when they come home to visit though.
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