When getting rid of debt, every dollar counts. One way to reduce expenses is to evaluate your insurance premiums. Here is a list of insurance savings tips to investigate.
Insurance Savings Tips & Debt Management
The more money you can use on your debts, the faster you can find relief and move forward with your other financial goals. By leaving no stone unturned, including insurance premiums, you can be sure that you tried every avenue.
Whether it’s auto, home or renter’s insurance, there are ways to save money to redirect toward debt elimination. Here are 10 insurance savings tips you can try to save money.
List of Insurance Savings Tips
- Good Grades- Studying literally pays off! Many companies offer discounts for maintaining a certain GPA.
- Multiple Policies- Insurance companies value your business. By taking out multiple policies with the same company, you should expect to receive a discount.
- Membership Clubs- AARP and AAA have the potential to get you discounts on insurance.
- Drop Comprehensive- Are you driving an older vehicle? Drop the comprehensive part of your policy to save big bucks. Check the Kelly Blue Book value and see how much your car is worth. Then make the decision based on how much you would receive for your car if in an accident.
- Price Shop- While it takes some work, price shopping can save you hundreds of dollars. Don’t get comfortable with your insurance company. Loyalty doesn’t get you anywhere in this game (beyond the multiple policy discount of course). There are even websites or companies, like Progressive or AAA, that will price compare for you.
- Increase Deductible- Increasing your deductible is an easy way to save some money. It’s best to have a solid emergency fund in case you need $1,000 fast.
- Keep Good Finances- Your credit score can have an impact on your premium price. Stay up-to-date on your accounts, don’t take on too much revolving debt, and more to get a better rate.
- Buy a Cheaper Vehicle- If you need to, trade in your expensive, flashy sports car or large vehicle for an older, cheaper more reliable model. Of the insurance savings tips, this is probably the most drastic. However, it can also save you hundreds of dollars.
- Paying Up Front- Some companies offer a slight discount for customers who pay their six month premium up front rather than making several payments.
- Install Security System- A home security system will usually cause a decrease in your yearly premium. This is fairly straightforward action and might put your family more at ease.
As you eliminate personal credit card debt, keep these tips in mind to find extra savings for faster debt relief.