Tips for Getting the Best Deal on Insurance
Throughout our lives we'll need a variety of insurance products, from car and mortgage to life and travel insurance. It's no secret that protecting our assets can be very expensive. However, we need to buy insurance so we don't have to pay expenses out of pocket if an emergency or unforeseen event should pop up.
The way to be able to afford all the insurance products you need is to get the best deal on insurance policies. If you need to buy new insurance or if your current policy is up for renewal, there are a few steps you can take to ensure you're getting a good deal.
Look online and compare rates
The internet is a world of wonder and nowadays we can buy almost anything online. If you buy your household items, clothes and furniture online, there’s no reason to avoid buying financial products online.
You should get at least three quotes before buying insurance to ensure you're getting the best price available. Be sure to ask for the exact same details such as the amount of coverage and the deductible to ensure you're comparing apples to apples.
You can compare to find the best deal on insurance by using sites that grab multiple quotes in one place to help you find the lowest rate possible for you.
Ask your current provider to match prices
When comparing prices among insurance companies, don't be afraid to bring the quotes to your current provider and ask them to match a competitor's price. Your current provider won't want to lose your business and hopefully they can match or beat any other quote you get. It never hurts to ask, especially when it comes to saving money.
Choose the right amount of coverage
Buying more insurance than you need is a complete waste of money. It's the financial equivalent of overspending at the grocery store and throwing spoiled produce in the garbage. Talk to a licensed insurance advisor and discuss your current financial situation. This can include the type of car you want to insure, the size of your home and the value of your belongings for home insurance, as well as your income if you're buying life insurance.
Think of your financial advisor like your doctor, you need to be open and honest with them before they can give you good advice. This is essential if you want the best deal on insurance. Don't be too shy to talk about money. Only when they have all the details can your financial advisor give you the best insurance recommendations.
Keep a good credit score
According to USA Today, allowing insurance providers to check your credit score can lower your insurance premiums. "There's a statistical correlation between credit scores and the likelihood someone will file an insurance claim. Consequently, drivers and homeowners with low scores often pay higher premiums than those with pristine credit." Manage your credit responsibly, and you’ll be eligible for the best deal on insurance.
No matter your situation, you can look for ways to save money on insurance and get the best possible deal.