How to Save Money on Insurance

Kristina Kraus
Greater Nevada Credit Union

Insurance can help us protect the things that matter, from our home and cars to our kids and pets. That’s why it’s so important to take time to make sure you have the right coverage throughout the different stages of your life.

Before you automatically renew your insurance, next time take a moment to make sure you’ve got the right policies and at the right price. 

According to the Wall Street Journal, roughly 1 in 3 people never shop their auto insurance and nearly half don’t shop for their home insurance. With home and auto being two of the more popular insurance products, if you aren’t shopping around for those two you probably aren’t shopping around for other policies either. If that’s the case, you won’t know if you’re getting the best deals. Insurance companies have made it easier to get a quote over the phone or online, so be sure to shop and compare before you renew.

Typically, the more you bundle policies, the more you save. Since not all insurance companies have a wide selection of products, if you have multiple items to insure, you may want to find a provider that offers a broader selection. That way, you can often benefit from discounts associated with having more than one policy at that agency. For instance, Greater Nevada Insurance offers coverage for home, renters, business, auto, life, pet and more, and provides free quotes for both single and multiple policies.

Your credit score can affect how much you pay for insurance. Insurance providers look at many areas when pricing your policies. Make sure you maintain a good credit score, something that often gets factored in to insurance policy costs, by paying all of your bills on time and not using more credit than you need. Click here to take a look at other ways to maintain good credit.

Generally, the more you use your insurance, the more you pay. In other words, the more claims you file, the more likely your future insurance costs will go up. To avoid this, there are some things you may want to pay for out of pocket. For instance, if you cause minor damage to your car and your insurance deductible amount could cover most of the repair costs, consider paying for the repair yourself, rather than filing a claim with your agency.

If you have a good track record, consider raising your deductible. Generally, the higher your deductible (the amount of money you pay out of pocket before insurance covers the rest) the lower your policy costs. If you have confidence that you won’t be filing many claims, you could raise your deductible to lower your premiums, and then keep an emergency fund in case an incident does occur.