Save Money On Auto Insurance
This is one of those areas where you have to weigh the risks with your driving habits and other personal choices regarding your insurance needs. The first thing you should consider is how saving money on insurance might cause you other hassles, headaches or fears. If you are just trying to drop your coverage to save money, you might want to consider some specific steps to minimize your risk and maximize the benefit of doing this.
I can give you a real world example of this as I just did this myself. And, actually, I got more coverage on our vehicles and saved more money on our auto insurance. How did I do this? Did I get cheaper car insurance? No, in fact, like I mentioned, my benefits increased. We’ll get to that in a moment.
This particular lizard has nothing to do with me saving money on auto insurance.
The main point of this article on our Save Money Topics site is to let you know that there are ways to do this effectively and that embrace the right way to do it. Sure, you could save money by cutting out all of your insurance. But the problem is, one, this would be illegal and two, you would be at great risk. Insurance is just one of those things we all hate to pay for until we need it – then it all pays off.
So, what is an effective way to embrace the philosophy of saving money we advocate here all while dropping your insurance costs? There are a few ways actually. We will discuss a couple of them here and give you the example of what I recently did that I alluded to in the beginning of this article. Just like in other examples of how to save money on groceries, there can be several ways to go about it. You don’t simply need to starve yourself or go completely without to save some costs.
One way to shave off some premium is to reduce your coverage limits. Please understand, I am not in the insurance business and have no license to sell it or anything else. I’m also not trying to tell you what to do. However, the point has been made elsewhere that we are talking about a depreciating asset – your vehicle. At some point, the amount of coverage you have in terms of what your insurance company will pay you to repair or replace your vehicle is in excess of what you need. So, in this case, you might be able to save a few bucks doing that. Sometimes, this isn’t even a big savings.
Another choice is to do what I did. For one, I contacted an old friend who I knew in the business. I had a question for him about another insurance matter and asked him if he wouldn’t mind checking to see if he could get me some better rates and coverage, etc. He was more than happy to check around. He is a broker, so is not limited to the products than one particular company sells. When he got back with me, he showed me that he could increase my coverage limits by almost double, added full glass coverage, roadside assistance and car rental reimbursement AND it saved me around $50 USD per month, that was for both of our vehicles. Not a huge savings, I agree. But, what was more impressive was that I got more coverage and higher limits for less! Oh, and I forgot to mention that since my homeowner’s insurance was through him as well, there was an additional 10-15% reduction in insurance premium there as well.
Overall, I couldn’t be happier with the outcome. It is still with a major insurance company – no fly by night cheap stuff by some company you’ve never heard of. This one you’ve heard of. So, the next time you are thinking about saving money on insurance products for your home or auto, give these methods a shot.
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