Insurance 101: Getting the Best Deal
Insurance is a necessity for your household, but you also want to be diligent about keeping costs down. Thankfully, you can take advantage of some money-saving moves that ensure that you have the coverage your family need and the funds to afford it. You’ll want to follow these time-testing advice tips while shopping for policies and evaluating your current insurance needs.
Home and Auto Shopping Basics
Depending on your household’s finances and coverage requirements, you may benefit from choosing services from a captive agent. A 2016 NerdWallet article explains more about captive agents, representatives who sell exclusively for a single insurance company. These providers were once the only method through which you could purchase policies in the past. However, NerdWallet writer Alex Glenn points out that it might be wise to find a professional among Dallas local insurance agents for several reasons:
- First-hand expertise to guide you as you shop
- A personal relationship with one point of contact
- Ability to recommend insurance solutions for busy people
Multiline Policies Save Money
You’ve probably seen commercials advertising the benefits of bundling multiple types of products, such as home and auto. The Insurance Information Institute reveals that there’s wisdom in that promotional message. Those combined policy packages are where you’ll find significant discounts, since insurance companies reward customers these types of savings. It’s a good idea to stay openminded when you’re searching for auto products, and the same holds true if you need a homeowner’s or renter’s policy. It pays to comparison shop, and don’t be afraid to jump ship if a new carrier gives you a better deal on a bundle.
Got an Older Vehicle? Rethink Your Coverage
It’s easy to get caught up in the grind of daily life and forget to reassess your insurance needs, along with what you’re spending on premiums. If it’s been a few years since you’ve gotten another quote, you could be missing out on reduced rates. Additionally, older vehicles may warrant a reduction in coverage, especially if they’re paid off and are worth less than 10 times your premium.
Don’t Forget About Your Deductibles
Deductibles, or the dollar figures that you’ll pay before your insurer begins to reimburse you for claims, also impact how much you’ll pay in premiums. With lower deductibles, you spend more because the insurer is on the hook to pay greater sums to help you recoup your losses. Whether it’s for auto, home, or renter’s policies, make sure that you can safely afford your chosen deductible out of pocket in case you do incur a claim.
Insurance can take a significant bite out of your monthly budget, but you can use some smart shopping practices to cut down the bill without sacrificing coverage. Consider purchasing your policies from a captive agent, who can often offer you special discounts and bundles. Be sure you aren’t throwing away money for policies on older vehicles of lesser value, and pick a deductible that lowers your premiums while still being affordable. These basics should help you get better value for your money while offering sound protection for you, your family, and your belongings.