Save on Insurance With These Simple Tips

Below are some simple tips and suggestions to consider if you need to reduce your monthly budget. Following these tips could save you hundreds of dollars each and every month.

If you have health insurance coverage through work you may want to review this with the person that is in charge of managing this program, typically the HR person. Review what you have now and see if there are any other alternatives.

Typically the cheapest alternative is to go with a catastrophic plan. This usually has the highest deductibles and thus the lowest cost. But if you choose this program make sure you have money set aside to cover those deductibles. Your emergency fund could also be used to for this. But you would be better off if you had a separate fund just for medical emergencies.

It is a good idea to review your auto insurance coverage with your insurance agent yearly. Doing this simple thing can not only save you if disaster strikes and you do not have enough coverage, but you may also qualify for better rates due to one thing or another.

Also you should review your deductibles. If your current deductible on your car and home is $250. You could save up to an additional 12% by increasing the deductible to $500. You could save up to an additional 24% by increasing your deductible to $1000.

Be cautious with your deductibles. You must make sure that you have the money set aside to cover the deductibles if disaster were to strike. This is where the emergency fund can really come into play.

Life insurance is absolutely critical for any family. However, if you are single and have no dependents you should seriously consider dropping it, unless your employer offers it for free. There are all kinds of life insurance. With the cheapest being term life insurance. Many experts say that term is the only way to go. But if your insurance agent is a trusted advisor you should definitely listen to what they have to say regarding the other types of life insurance.

If your budget is tight you should review all of your insurance plans with your insurance agent. Doing this on an annual basis could end up saving you hundreds of dollars each and every year.

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