Everybody should have insurance beyond just mandated automobile insurance. It may not seem like a critical expense when you are 25 years old, single, and in great health. However, time is a bald cheetah and, before you know it, you are 55 years of age with a spouse, two kids, a bad heart, two cars, and a house. No doubt, getting insurance at 25 may have seemed like a good idea after all.
Well, you cannot change the past, but you can get ready for the future, including insurance costs. Instead of feeling like you are getting fleeced, you can take the necessary steps to make sure that you are not spending a third of your monthly budget on insurance.
Auto insurance is mandated, but everything else is voluntary. Some people might choose not to buy home or life insurance. But why? Life happens pretty fast and the unexpected can occur at any moment, whether it is tomorrow or 25 years from now. Whatever the case, it is a good idea to contact an insurance broker to explore your options. This will ensure you are not spending an arm and a leg by incorporating the necessary measures into your daily lifestyle.
What can you do? We have you covered – like your insurance! Here are nine ways on how to get lower car insurance and home insurance premiums.
How to Get Lower Car Insurance Premiums
1. Reconsider the Car You Own
There are a couple of types of automobiles that can raise your monthly insurance premiums. The first is a more expensive car because your BMW, Porsche, or Lamborghini will require costly parts and service time upon repair. The second is a larger vehicle because it is a lot easier to get into an accident with a bigger car. The third is if you use your car for things like being an Uber driver or Amazon delivery person.
So, when you want to slash your auto insurance premiums, be sure to be mindful of the car you own. Put simply, if you own a Toyota or a Honda, then you can bet the vehicle will have no bearing on how much you pay every month for insurance.
2. Drive Less
Indeed, the less your drive, the less of a chance you will get into an accident. Makes sense, right? Well, that is exactly what insurance companies are thinking when they look at how often you drive. If you are only using your car a couple of times a week or an hour a day, then your premiums will most likely diminish over time.
3. Shop Around for Better Deals
Like you would for your cable or a new television, it is important to shop around for better insurance deals. This might mean that you need to purchase insurance from a provider other than your primary financial institution. It may be a headache, but it applies less pressure on your wallet.
Believe it or not, some insurance companies will price match and offer a discount as well.
4. Enroll in a Defensive Driving Course
Sure, you are a great driver – it is the other motorist who is a bad driver. But you can add a bit more savings to your overall insurance policy by enrolling in a defensive driving course. By signing up for this kind of course, you can show the firm that you are taking driving seriously and you have the aptitude to survive and thrive on the open road.
Even this is just for show, it is a worthwhile investment.
5. Install Anti-Theft Devices
The days of just a steering wheel apparatus and a lock and key have evolved into high-tech auto security tools that can significantly reduce the odds of having your car stolen. What you have available to you today is just short of James Bond-level of security.
So, what could you install to eat away at your insurance premiums? Here are a few:
- Steering wheel lock.
- Tire lock.
- Baby monitor.
- Kill switch (the flow of electricity cannot reach the fuel pump).
- Electronic tracking system.
These are only just some of the products sold on the open market.
How to Get Lower Home Insurance Premiums
1. Add Home Security Features
Similar to anti-theft devices for your car, you can add an abundance of security features in your home that will turn your humble abode into Fort Knox. Everything from high-tech locks and keys to security cameras all over the premise, you can do a lot to make your home more secure than a bank.
It is just too bad that perhaps you will feel like you are in a prison under 24/7 monitoring!
2. Bundle Your Car & Home Insurance Policies
Banks will often give you a discount if you bundle your insurance policies (home, auto, life, and health). The savings will make a dent on your monthly budget, so it is worth considering to make the transition from multiple providers to a single organisation.
3. Improve the Structure of Your Home
Let’s be honest: A home that is 100 years old will cost more to insure than a property that has just been erected. Why? Everything is new, from the wiring and plumbing inside the home to the foundation. There are many things you can do around the home to improve the infrastructure, which will result in savings on your monthly insurance policy.
To begin, speak with a contractor who can guide you through the process and provide some suggestions and tips.
4. Make Your Home Disaster-Resistant
Do you live in an area that is prone to floods or fires that regularly damage homes? If so, it might be time to make your home far more disaster-resistant, which is a good idea if you do not reside in a region with extreme weather events. Indeed, property damage is one of the most expensive payouts that an insurance company can make, so they want to encourage homeowners to at least think about various disaster-resistant installations.
Unsure where to begin? Well, again, meet with a contractor or even engage with an insurance broker who might work with you on what you can do today for savings tomorrow.