Why You Should Review Your Insurance Policies to Make Sure You Are Maximizing Your Savings

It may be obvious that you should review your insurance polices to make sure you’re saving the most money but it’s something people rarely do these days. There is an extremely high level of competition in the insurance industry and that is something consumers should be aware of and take full advantage of the benefits competition brings to the market place.

Let’s create an example on what a little bit of time could possible do. Full coverage auto insurance on 2 vehicles runs about $300 a month depending on your policy. Lets say your health insurance runs you another $200 a month, this isn’t including any type of homeowners, renters, life or other type of insurance you may have. We’re already at $500 a month for our insurance payments. Just taking the time to look over your insurance policies and compare them with some other insurance companies could save you over 10%. For this simple example that would be around $600 a year!

Now maybe you don’t want to shop around for insurance from different companies because you’re happy with the company you have, you’ve been with them for a while and they’ve treated you good. You can still save money! Almost all insurance companies offer discounts, many of them offer a long term customer discount so if you’ve been with the company for a few years get on the phone with your agent and make sure you are getting all of the discounts you qualify for.

You can also make some adjustments to your insurance policies to save money. Increasing your deductible has a profound impact on your insurance premiums. Installing security systems in your vehicles and home can create discounts on your insurance premiums. If you own a home and simply add deadbolt locks on your doors many times you can receive a discount. If you live in the United States and have health insurance you could switch to a high deductible health insurance plan and combine it with an HSA (Health Savings Account). The money you place into the account Is deductible from your income tax and you would normally see a substantial discount on your insurance premiums.

Some things to remember when looking for low priced insurance is that it’s not always about the discounts you qualify for it’s about the final price. You may be saving 30% on your current policies because of discounts you qualify for but actually spend less money purchasing it from a different company.

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