How To Save Money On House Insurance

Do you need to keep more money in your pocket to cover the cost of house and auto insurance? If so, then you may want to explore other options. Home and auto insurance can cost dozens of dollars a month, particularly when you consider that the majority of drivers are likely unaware that they are required by law to have proper insurance on their vehicles. The good news is that there are inexpensive ways to reduce your premiums while still keeping everything else the same. Here are some ways that you as a home and auto insurance consumer can save money on your policy:

Get a Cheaper Policy
One of the most affordable ways to get insurance coverage is to go with a lower-rated policy. You can generally get coverage for about half the price of a standard policy. However, keep in mind that these policies don’t come with as many coverage options, so if you need to go to court, you may want to choose a standard policy to save money in the long run.

Pay Into an Insurance Fund
If you have a significant repair bill or if you’ve had any kind of accident in the past few years, it’s worth it to pay into an insurance fund. This will lower your premiums in the future and make you eligible for discounts on future policies. There are a few different types of insurance funds. Most people have one type of insurance, like car insurance, and another type of insurance, like homeowners, with which they are in the habit of cashing out. But there are many other types of insurance, like workers compensation, life insurance, and more. You can put money into an insurance fund each month, or you can choose to pay a yearly fee, which is one of the more expensive options.

Have an Accident Forgiveness Program
An accident forgiveness program will reduce your damages if you are deemed to have been at fault in an accident. Depending on where you live, you may be able to apply for this program as part of your car insurance policy. You can also look into getting an homeowner’s policy that includes accident forgiveness. When you have an accident, you are required by law to file a claim. This can be a very pricey process, so if possible, try to avoid driving while you’re under the influence. If you are provisionally declared at fault in an accident, you can pay as little as $25 or nothing at all. If you are not required to pay anything at all, this is known as an “accident free” driving record. Depending on where you live, you can get this record lowered by designating a safe driver as the legal driver in the event of an accident.

Get a Lower Premium for Certain Vehicles
If you have a car that is a certain make, model, or year, it’s worth looking into getting an insurance discount for. Certain vehicle brands are more expensive per mile to insure, so this provides you a discount if you drive these types of vehicles. You can generally look into getting a lower premium for certain makes, models, and years of vehicles by checking out your insurance provider’s website. Some car insurers also provide special discounts for certain vehicle makes and model years, though some may only offer this discount with an extended warranty or additional coverage option. Keep in mind that you may want to consider this option even if you don’t have a car that matches the make, model, or year of the discounted car. Getting a discount for a car you use every day will help you save money in the long run.

Have More Comprehensive Coverage
Some insurance providers will let you choose between a basic coverage or a “plus” coverage. A plus coverage will likely cost you more, but it will also include features like roadside assistance and weatherization, things that a basic policy doesn’t. Many insurance providers offer a “plus” plan that is “plus-up” for certain makes, models, and years of vehicles. If possible, try to pick a policy that offers a basic coverage as well as a “plus” plan. This will give you better value for your money. Some providers also let you create a “custom” plan that will cost you more up-front, but offer increased coverage and benefits in the future.

Be Smart With Your Claims and your Insurance Rates
When you are the one filing a claim, it is best to be as smart as possible. Make sure you are filing a claim that is valid and has been appropriately assigned to an insurance adjuster. Make sure you are sending the right information, and that you are complying with the proper policies. If you are sending in a claim that you know is not valid, or that you know is being denied, you could end up paying more in the long run because the insurance company is trying to save money by ignoring you.

Conclusion
If you are looking for ways to save money on house and auto insurance, then keep reading. There are plenty of ways to go about this, and hopefully these tips will help you save some money in the process.