How to Save on Car and Homeowner Insurance

As with everything else, the money we have to spend on our car and homeowner’s insurance can be pretty steep.

However, there are ways to save on these items too! Keep reading to find out how.

Use the same company for both.

Generally, insurance companies offer both vehicle and homeowner’s insurance and if you purchase both through them, you can often receive a good multi-policy discount for doing so.

Make sure you ask specifically about multi-policy discounts as some companies don’t mention it unless asked.

Ask about other discounts.

Multi-policy discounts are not the only discounts offered by insurance providers.

So, while you’re shopping for a new insurance provider, be sure you ask about the other discounts they offer their customers.

For instance, some homeowner’s insurance companies offer discounts for non-smokers and also for homeowners with a working security system installed.

Many car insurance policies offer discounts for good driving records and even taking a driver’s safety course.

Raise the deductible.

If you have a good driving record and very seldom have to use your car and/or homeowner’s insurance, then raise the deductible.

Your monthly premium will go down when you raise your deductible, but remember that if/when something happens the money you are required to spend out-of-pocket will be more.

If you can afford to, set aside the extra money you save every month to cover the deductible if you ever have to use it.

Shop around.

When you’re shopping for a new vehicle or a new home and have found one that you’re interested in, call your insurance company and find out how much that particular vehicle will be to insure…do the same with a home.

It’s a good idea to do this with more than on vehicle and/or home before making your final decision to buy as you’ll know without-a-doubt which vehicle/home you’ll be able to afford after the monthly payment and insurance is all figured in.

Know what is covered by your policy.

Finally, it’s important that you know all the details regarding your vehicle and homeowner’s insurance policies.

Know exactly what is covered and determine whether or not you really need all of those things.

Sometimes insurance companies over-insure their customers because it means more money for them.

Therefore, do your homework and make sure you fully understand everything you’re paying for and that you really do need all of that coverage.

Learn more about budgets and managing your money when you read the rest of our information here about: How to Make a Budget and Save Money

It is one of the most important life skills you can learn as the sooner you take control of your finances, the sooner you can grow your fortune in life.

You can also get my free book download to help you learn how to save money on groceries:

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