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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.
- 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.
Other Cheap Insurance Secrets
- Health insurance tip: Find a group to join. If you don't have
health insurance through your employer, join a group that enables you to
get a better policy rate. A fraternal organization or the chamber of
commerce sometimes have arranged for group policies.
- Home owners insurance tip: Consider higher deductibles. Insurance
is for disasters, not small stuff. Plan to pay the first $1000 someday
when something happens. In the meantime you'll save money every year on
your policy.
- Credit life insurance tip: Just say no. These policies pay the
balance of your auto, home or other loan if you die. If you feel you
need it, regular life insurance for the same amount is much cheaper.
Whatever type of insurance you are buying, be sure to get several
quotes. Ask questions about every part of the policy, and don't pay for
things you don't need. Ask about any special discounts you might be
eligible for. Asking many questions and really understanding the policy
is the key to getting cheap insurance.
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