Cutting insurance costs can leave you with a lot more in your pocket by the end of the year. Here are some tips.
In order to save money on your insurance, you may want to think about raising your deductible. What is your deductible? It is the amount of money that you have to pay following a claim. The higher the deductible, the less you pay in premiums. However, you should not raise the deductible so high that you can’t pay it if you need to.
Carefully consider whether you want to make a claim or not. Sometimes, it is simply not worth it if the damage is below a certain amount. Not only will your insurance potentially go up in the wake of a claim, but your no-claims bonus may be affected as well.
In most cases, it simply doesn’t make sense to have a low deductible. When speaking to insurers, write down how much you will pay per month based on different deductible levels. Compare those numbers to see what the best deal is. Keep in mind that if you do have to put in a claim, you are responsible for the amount of the deductible.
Always Tell The Truth
As with everything in life, you should tell the truth when speaking to the insurer. Do not exaggerate. Do not leave out details suggest Money Expert. You may think that you can deceive the insurer fairly easily, and you may be able to do so. However, if you put incorrect information down on the insurance form, you are committing fraud. If you are caught, you could be subject to criminal prosecution. It is just not worth it.
Reword Your Career Description
You may be able to save money by simply rewording what you do for a living. Again, make sure that you don’t lie when doing this. For example, if you list yourself as a “personal assistant” you may save more than if you list yourself as a “secretary.” There are online tools that can help you figure out what words to use. Check out the Car Insurance Job Picker and see if you can lower your bill just by using slightly different language.
Don’t Renew Automatically
Have you ever compared the cost of your renewal price with the price that a new customer would pay? If not, you should. You may be overpaying by quite a bit, as many other people have found out.
Insurers generally raise their prices year after year. They count on the fact that customers will simply be satisfied with the status quo and don’t want the hassle of switching insurers. If you are due for a renewal, start to compare prices. If you find a better deal, speak to your insurer and see if they are willing to do anything for you. It can’t hurt to ask.
Look Into Multi-Vehicle Discounts
Does anyone else in your household own a car? You may be eligible for a multi-vehicle discount if you group the cars together and insure them with the same company. You probably won’t be able to find prices online, so you have to call to determine what type of discount you would get from the various insurance companies. Some insurers even let you keep separate policies and still offer a discount if the drivers reside at the same residence.
