Have you made any resolutions for 2013? A common resolution for many people is to save more money throughout the year. While it can be difficult to adjust your lifestyle or there simply isn’t any room in your budget to save, it is important to look at all expenses and identify how you can save money on each expense. Car insurance for example, is an expense that every driver must have by law; but that doesn’t mean you have to overpay for your insurance.
As we’re getting into the new year, now’s the time to take action on your New Year’s resolutions. Here are a few ways to save money on your car and home insurance.
Car Insurance Savings
Shop your rate.
The rates charged by insurance companies can vary by hundreds and even thousands of dollars; as each provider uses their own claims experience to determine premiums charged. That being said, it’s important to shop around for a better insurance rate. Fill out three easy steps to get FREE car insurance quotes and your rate will be compared against over 30 insurance companies to offer you the lowest rate available within our network.
Review your policy.
It’s important to review your car insurance policy periodically and make sure it’s up to date. Research any discounts that your insurance provider may offer and see if any apply to your policy. Also, has your commute distance changed since you purchased car insurance? Or has a ticket or accident been removed from your driving record? (Note: tickets are on your driving record for three years and accidents stay on your record for six years.) You should notify your insurance provider if any of these circumstances have changed as they will have an impact on your car insurance rate.
Re-evaluate your coverage.
Liability insurance coverage is mandatory for all drivers; however, comprehensive and collision are not. If your vehicle is old, you may want to remove collision and comprehensive coverage – as the car may not be worth repairing in the event of a car accident. Also, you should evaluate your deductible amount – the money that you’re required to pay out for a claim. Lower deductibles typically cost more on your insurance premium than higher deductibles.
Home Insurance Savings
Remove unnecessary coverage.
If you’ve purchased coverage that will not likely affect you, such as earthquake coverage, you may want to remove the coverage and lower your insurance premium – especially if you live in an area where the natural disaster typically does not occur.
Increase your deductible.
By increasing your deductible, it will decrease your home insurance rate – as you’re assuming more of the risk if you were to make a claim. An important thing is to make sure you have the deductible amount available to pay out should you need to make a claim.
Taking the time to research any discounts could save you money on your home insurance rates. For example, if you’re a senior citizen or if you have a burglary alarm installed in your home, discounts may be offered.
Another savings tip: Most insurance providers offer discounts if you combine your auto and home insurance policies. Don’t forget to call your provider and find out how much you can save if you combine both of these policies.
Hopefully these tips will help you save money in 2012 on your car and home insurance. Remember to always do your research – whether to shop around for insurance quotes, review your policy or re-evaluate your coverage. The more you’re aware, the more you’ll potentially save.