How to Save Money on Insurance?

Insurance is one of those bills I hate to pay. No one really likes to pay bills but insurance is one that you get nothing for the money most of the time. If you are lucky, you get to pay this bill all of your life and never get any return on the money. Of course if you really need it you will be glad that it’s there but the rest of the time it’s just wasted money. Because of that I’ve learned ways to save as much as possible on my insurance bill. Some of them are actually rather odd.

Don’t Drive a Red Car

Seriously, I’ve had more than one insurance agent tell me that “red” cars cost more to insure. I’ve had police officers tell me that red cars are pulled over more often. So what do you do if your car is red? Make sure it’s red. As in, is it “red” or “maroon” or “sunburst” or some other color that isn’t specifically called red? In my case, I just don’t buy red cars anymore. Still, it’s rather odd.

Combine Your Insurance

Use only one insurance company whenever it is at all possible, use only one for all of your insurance needs. If you have your home, business, car and life insurance policies all with the same company, you are in a better position to negotiate a better deal on your rates than if you have your policies spread out among different companies.

Ask For a Decrease

This may surprise you, I know it did me, but you can often get a discount simply by asking for one. Normally, you have to be either a long term customer and thus the company doesn’t want to lose your business or a new customer who is switching several policies to a new company and they want your business. It doesn’t hurt to ask and I saved $250 a year by doing just that.

Ask about Special Discounts

Sometimes a company will give you a discount based on certain factors that you might not have taken into consideration. Does your home have a security system? Is there a fire protection system in place that automatically alerts the fire department? These things can all lead to a reduction in your home owners policy. Does car has any anti-theft devices? Anti-theft devices could lead to a reduction in your car insurance.

In short, anything that is covered by insurance should be studied carefully to ensure that you are getting every possible bit of savings.

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