Insurance is one of those things that we all hate to pay for, but are thankful for when we really need it. However, good insurance can be costly. Here are a few things you can do to help keep your insurance prices down as best as you can.
Review Your Insurance Discounts - Every so often (at least every year) check all the discounts your different insurances offer. With cars, some come with your age, some come with where you live or work, some come with good driving records. With house insurance, adding some safety features can give you a discount or two. Some work health insurance plans offer incentives for healthy behavior that can earn money for your HSA. Whatever the case may be, you will not know what yours may offer, unless you check. No insurance stays exactly the same forever.
Check your Deductible/Do the Math - With our health insurance especially, we always check the different plans our company offers every year. Sometimes there are no changes, but other times some deductible changes in the plans have benefited us in certain years. When my husband knew he was going to have hip surgery during one year, we did the math and found that a higher deductible would serve us better that year because of the two surgeries he was going to have were going to meet our overall out of pocket anyway, so we knew exactly what we needed to save that year to meet it. We had less taken out of his checks for the premium and we saved up for his out of pocket total. By totaling what you have coming out to meet your premium a check a year, how much you will be paying in a deductible, you can see which plans actually cost you more money in the long one and which don't. It takes time, but it's worth it to see it on paper.
Shop Often/Know When to Lower Coverage - With car insurance especially, it's good to shop often. Usually yearly or bi-yearly we check to see if any auto companies offer incentives or better bang for our insurance buck. Also, as your car ages, you may want to change how much coverage you have on your vehicle. It's always a good plan to be aware of what is out there and available.
Quit Bad Habits - Some car insurance policies, definitely health insurance, life insurance and possibly even some home insurance will cost you more if you smoke. Maybe it's time to quit the habit to save some money in more ways than one.
When in Doubt, Use an Agent - We have had an insurance guy for the last 5 years and he has been great about keeping our insurance from rising a lot for us, making sure we get all available discounts and keeping up with our frequent moves and job changes. It has really given us peace of mind about what we are doing with our money for insurance. Having someone in your corner sure doesn't hurt, in fact, it's really reassuring.
Hope this helps you keep your insurance costs down and maybe gives you some ideas about what to check to make sure you are getting the best insurance deals out there.