Some types of protection, like car or home insurance, are required in many locations. While having this insurance is a good thing, there is no sense in overpaying for the coverage you are buying.
To help you reduce your costs for home and car insurance, you can apply these ideas:
Always get multiple quotes: Even if you think you have a great price right now, it’s worth spending 10 to 15 minutes getting comparison quotes. I have often seen this save people hundreds of dollars a year. A great website you can use to get multiple quotes with no obligation to buy is Hometown (Canadian? Use this one instead).
Raise Your Deductibles: A deductible is the amount you have to pay out of your pocket if you file an insurance claim. For example, say you have a repair that will cost $2,500 and your insurance policy has a deductible of $500. You will have to pay the first $500 of any claim, and your insurance company will cover the rest. By increasing your deductible, you can usually save money on your insurance premiums, since the company will not have to pay as
much toward your claims.
Ask What Discounts Are Available: Sometimes you can get a discount on your insurance if you have a college degree or you belong to certain groups or unions. Be sure to ask your insurance provider to see if they offer anything that might help get your premiums reduced.
