insurance savings utah

The Best Ways to Save on Insurance

Insurance is designed to protect you against catastrophe. If disaster strikes, you can find yourself dealing with difficult financial hardships, disabilities, and more. When you have insurance, you pay a monthly or annual premium in exchange for coverage. When you have to file a claim, your insurance policy will kick in, and the provider will start working with agents to begin repairs or start the healing process. Finding the right insurance is a delicate balance. Some people are paying too much for coverage they don’t leave, while others are undercovered and will still end up with financial challenges following the filing of a claim. There are several types of insurance, including;

Raising Deductibles

One of the easiest ways to reduce your monthly insurance cost is to raise deductibles. It is important to carefully plan for this as you could be paying a $500 deductible currently, and your new one could be $2,000. While the monthly savings could be $50 or less, you have to consider if you will have the money available to pay the premium when and if you need to file a claim. A high deductible is a good idea for individuals that have never or rarely file insurance claims. If you have an older car, consider the repair or replacement cost and decide if keeping the deductible lower will save you money in the long run.

Combine Insurance

Another great way to save money on insurance is to combine your insurance policies. For example, if you currently have an auto insurance policy, call your provider to determine how much it would be to add on homeowners insurance, life insurance, and other policies you may need. Combining with the same provider can save you money.

Compare Rates and Coverage

It is essential to compare rates often. If you have been with your provider for years and see slow increases in your rates, call them! Your insurance provider may offer discounts for staying with their company or may have discounts that you are not aware of currently. By comparing rates and coming back to your provider and telling them you have found a better deal, insurance companies are likely to match the coverage for a similar rate.

Care About Your Health

Life insurance policies usually require yearly physical exams to continue providing coverage. It is essential to take steps towards a healthier you to keep life insurance costs under control. Talk to your insurance provider to determine what parameters they use to group people into risk categories for insurance coverage. Some of the factors insurance companies look at include:

  • Age

  • Sex

  • Physical well-being

  • Tobacco Use

  • Personal health history

  • Family health history

  • Occupation

  • Residence

  • Activities

Look for Discounts

Discounts are everywhere! We already looked at combining insurance to save money, but several providers offer discounts on various things, from maintaining a clean driving record, employer discounts, early payment discounts, and more. Use our helpful insurance tool to find the best insurance rates in your area and obtain the coverage you deserve!