Sunday, October 13, 2013

Did you know you can save on insurance like this?

Whether its car insurance or health insurance, renters or homeowner insurance, chances are good that even though you might think you're saving money, you're probably not. Insurance companies, after all, don't exactly fill you in when you're overpaying. They’d much rather let you make your payments and be oblivious to the fact that you could be saving hundreds of dollars every year. Even in the realm of discounts for auto insurance, there's no one at the insurer who routinely looks through policies and says "aha! this person should be getting a discount!" That little job is up to you! 

So, what’s the best way to start saving on your insurance? Well, that’s a bit of a loaded question because it depends on what kind of insurance you’re talking about. Auto insurance discounts aren’t the same as homeowner’s or renter’s insurance discounts, so there are a few things that you actually have to do differently. The same is true of life insurance and health insurance. It all has nuances, but there are a few things that span all these insurance products and can do more than just save you some money, they can also help you live a better life! 

First, keep yourself healthy. It might sound funny, but health is pretty much the number one thing you can do to keep your insurance rates in line. Why is that? Well, first off, let’s talk about health insurance. Every insurance company out there today offers discounts for certain things, but recently, health insurance companies have begun to charge extra for insurance for people who aren’t perfectly healthy. You’re probably seeing this most commonly in the premiums that you pay for your company-sponsored health insurance plan. If you’re a non-smoker, you might not think about it much, but the health plans for employees who are smokers tend to be a third higher to nearly twice as much as a non-smoker’s health insurance plan. This is obviously because insurance companies have determined that according to their statistics, smokers incur greater health costs than do non-smokers. The funny thing is, you won’t just see this in health insurance. It’s also important in life insurance, as well.

Life insurance policies depend on healthy individuals buying insurance that they don’t need right now. In the greater business sense, this is how these companies can continue to exist. Those who don’t need the insurance don’t use it, while those who do need the insurance do. If you’re healthy, the company is going to see you as less of a risk, and will be willing to give you more insurance for less money. The criteria that they use, (not surprisingly,) is your body mass index, history of health problems, and your personal habits (such as smoking or drinking, riding motorcycles, and other stuff.)

The second thing you should do to save money on insurance is to keep your cool. This most often applies to auto insurance, but it can have repercussions in other areas, as well. When driving, keeping your cool will keep you driving at the speed limit, avoiding road-rage incidents, and out of a hurry most of the time. If you can avoid tickets and accidents, then you’re golden as far as auto insurance goes. As an added bonus, you’ll see your blood pressure go down, reducing stress, (proven fact!) and doubling down on your health and life insurance savings.

Finally, stay safe. To save money on your homeowner’s, renter’s insurance and auto insurance, always think proactively. When safeguarding your valuables against theft, try to think like a bad guy. What weaknesses would you exploit? Do you tend to leave a window open at night? All day when you’re not home? Do you follow the same routine all the time? All these are things that thieves look for. Also, if you drive safely, you’ll see the same benefits in your car insurance through a lack of tickets and accidents.

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