Many individuals and private families reel under the weight of various insurance policy plans, and this is sore affecting their family incomes and standards of living. They sure understand the importance of paying their premiums stoutly and actually do so, but their the effects on their overall finances and family living standards are not lost on them – so they need to scout for ways to save big on their insurance plans without compromising the quality of existing plans. Imagine paying for family health insurance, home and property insurance, auto car insurance, and life insurance among others, what would be left to take care of the family and work out personal dreams and objectives? The answer to this question underscores the reasons why you must save big on insurance, and the following are how:
i. Raise your deductibles: You know what it means to raise or increase your deductibles, don’t you? This means that you increase the amount of out-of-pocket sums you pay on accidental situations that warrant insurance compensation interventions. When you raise your deductibles, insurance companies see you as reducing the incidents of compensation claims on them and they automatically reduce your premiums to very affordable rates – enabling you to save big on plans that you cannot do without and that could not have been possible without the raised deductibles.
ii. Speak to your agent on discounts: Talk to your insurance agent to analyze your insurance policy and plans and see how you qualify for discounted rates on your premiums. Many people qualify for insurance discounts without knowing it, and they go on paying high rates because their insurance companies would be the last to inform them unless they maintain a good relationship with their agents. Your agents should work out your discounts and help you to save big based on factors that favour your policy and the amount of policy plans you have with the insurance company.
iii. Raise your credit score: Insurance companies consider you a great risk to insure when you have a bad credit rating. What you may not know is that insurance firms perform background checks on you and see how your credit scores or ratings are. If your credit scores are very low then you are slammed a high premium rate when they insure you, but when you work hard to repair raise your credit ratings then they reduce your premium rates. If you have been paying very high rates due to your bad credit scores before repairing them, then you must inform them of the changes made so that they can effect your reduced premium rates immediately.
iv. Use the same company: This makes common sense: use the same insurance firm or company to insure all your family, property, health and other things. Or rather, insure all your cars with the same insurance company; insurance all family health and medical plans with the same insurance firm; insurance all home and property assets with the same insurance company, and you will be able to save big on all these insurance policies.
v. Secure your home and cars: Install security features and gadgets in your homes and cars to forestall any incidences of burglary, vandalism and thefts. Security gadgets like fire extinguishers, burglary alarms, anti-lock facilities and other security features would reduce or minimize the incidents of accidents in your homes and cars, and this would greatly save you money since your insurer would automatically reduce your premium rates.