Disclaimer: The is a sponsored post in collaboration with LinkVehicle and Nationwide Insurance. Opinions are my own.
It is no secret that insurance premiums—whether they are for home, car or life insurance—represent a major expense.
We groan, we complain and we gripe every time we need to make some sort of insurance payment. To give you an example, I literally almost cried a couple of weeks ago when I paid for liability insurance for my blog. It really wasn’t easy to write that check.
Of course, not having insurance can end up costing you more money in the long run. Let’s face it, the costs of not having insurance can be dramatically higher if there is a mishap than the amount you pay monthly. That’s why I like to think of insurance as protecting your hard earned money.
However, there is no need to passively accept high premiums. With a little investigation and comparison shopping, you can save significantly on insurance and still enjoy the same level of coverage.
Hunt for Insurance Deals
Just as you shop around for the best price on a car, you need do some research if you want to save on insurance premiums. Read the details and the fine print to determine if something that looks like a good deal will actually save you money.
Once you have found a good insurance package, make sure it doesn’t contain items you don’t need. One of the biggest mistakes people make when they buy insurance policies is purchasing too much insurance. I know I’ve definitely done this in the past and I almost did it again a few weeks ago when I was shopping for insurance!
This is admittedly something I didn’t know when I first started shopping for different kinds of insurance. The amount of money I’ve wasted on high premiums for coverage I didn’t even need is astounding!
One way to make sure that you don’t make the same mistake I did is to check that what is offered isn’t a duplicate of what you already have. For instance, if you are an AAA member, you don’t need additional towing insurance.
Build a Relationship
It isn’t enough simply to find a good insurance company, but it is also helpful to build a relationship with your insurance agent. Working with one company is helpful because it streamlines the process and helps prevent duplicating coverage.
If you work with an experienced insurance agent who is familiar with your needs as a customer, it is more likely that he or she can find deals for you. In addition, your agent can help negotiate rates and other details of the policy. To find an insurance agent in your area, click here for more info.
Ask for Less, Get More
One mistake many people make when getting insurance is that they try to get too much all at once. For instance, a number of policies let you set your own deductible, or the amount you pay out of pocket before the insurance company covers the damage.
In order to save money, it is tempting to set the deductible low so you don’t pay too much if there is a mishap, but this could mean paying higher premiums month after month. The better plan is to save each month by making the deductible a bit higher and paying less in insurance premiums. If you do happen to have a mishap, then that’s what an emergency fund is for.
In addition, it is a good idea to show restraint when it comes to making claims. A simple scratch or dent to your car that is easy to fix for a relatively small amount of money doesn’t require filing a claim. If you file too many claims, the insurance company may regard you as a risk, and you may have to pay higher premiums.
Make the Switch
If you are paying too much for insurance month after month, it is a good idea to switch policies or providers sooner rather than later. Read the fine print of your own policy and do some investigating on those offered by other providers. Once you find the right provider, work closely with your agent to find the best insurance deals. Keep your claims to a minimum and set your deductible at a reasonable level to save money on insurance.