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Simply Savings | Ways To Save Money On Insurance Costs!


Insurance is a necessity these days, not a luxury so there is really no way to avoid spending money on it.  You sure don’t want to find out the hard way what it is like to experience a catastrophic event without insurance!  Fortunately, there are lots of ways to save on insurance; you just need to know how to do it.  Whether you are planning to a life, health, auto, or home policy, here are some great tips to help you save big money on your insurance policy.

Life Insurance

You can save the most money on life insurance by maintaining a healthy lifestyle. For example, smoking, obesity, and high blood pressure will all cost you extra in health insurance premiums.  If you can maintain healthy habits, you will find that it will save you money on your health insurance premiums and helps you lead a healthier lifestyle.

It is cheaper to buy term insurance instead of a whole or universal policy.  With a whole life policy, part of the cost of your premiums goes toward the insurance company’s investments; your insurance policy then has cash value if you should decide to cash it in.  While policies with a cash value make sense in some circumstances, you usually save money by paying for a term life policy and simply investing the difference yourself in whatever investments you choose.

Health Insurance

The best way to save money on health insurance is to buy it through your employer if you can.  In nearly every case, it is cheaper for you to buy a health insurance policy at work than on your own especially if you are older or if you have a pre-existing condition.   If you lose your job, you can still keep the policy (albeit at a higher rate) for a time after your job ends.

If you don’t have the luxury of an employer-provided insurance plan, you can still save money if you shop around for different providers. Also, if you happen to be self-employed, you may be able to deduct 100% of your insurance premiums from your income.

Next, you need to compare policies to see which one fits you and your families needs. Policies vary widely; thoroughly compare the coverage each one provides.  For example, if your kids go to the doctor often for colds and sniffles, you may want a policy that offers a low co-payment for office visits. The best deal is not always the one with the cheapest monthly premium or the longest list of covered items; it is the the one that pays for the services you need, at the lowest out-of-pocket cost so make sure to check around before committing.

Home Insurance

As with most purchases, it pays to shop around. Make some phone calls, research the internet, and ask for recommendations from friends to find the best price. Make sure though you don’t base your decision on price alone. Once you have found a good price, go online and check out the strength of the insurer with rating companies like Standard & Poor’s or A.M. Best.

Another way to save money on your policy is to raise the deductible. Even if you file a claim, the difference between a $500 and $1000 deductible may save you 25% on annual premiums so make sure to weigh it out to see what is best for your family.

Ask your insurance agent how to help you reduce costs. Depending on your location and other factors, you may be able to make improvements to your house to increase security or reduce potential damage in the event of a disaster, and thus reduce your premiums.

Automobile Insurance

Again, shop around and compare premiums. Also ask your home insurer for a discount if you insure your house and your car with her.

If you happen to  be looking around for a new car, check out insurance before you buy.  You will pay more for insurance if you buy a car that is a high-priced hot rod or a favorite of thieves.

Consider reducing coverage for older cars. It just doesn’t make sense to carry full comprehensive and collision insurance on an older car. Check out the value of the car; if it is worth less than ten times the premium, re-think a full coverage policy.

Unfortunately, there is really no way to completely avoid insurance expenses, but if you apply some sensible strategies and look around for best pricing, you will be able to minimize the expense while maintaining the level of coverage you need.

What type of things have you done to save costs on Insurance?   We’d love to hear from you! And while you are here, don’t forget to sign up for your FREE daily newsletter from Learnvest, it offers great ways to make your money stretch!

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  1. For anyone who is in or has a family member in the military USAA is a great way to save on insurance. My husband served and we have been using USAA policies. Very helpful group of people and great rates.
  2. Every other year, we shop around for a better home/auto insurance bundle quote. It never hurts as rates can change every year. I have my health insurance through my husbands employer which helps to keep our costs down.
  3. I wish I could save on health insurance through my employer. Unfortunately, we have someone who has a issue and the whole company suffers, to have a family plan is $2,000 a month. Thanks so much for this article.

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