Insurance is expensive, whether it's for your car, your health or your home. However, there are ways you can save depending on your insurance plans.
While the steps below can save you money, check your insurance policy terms and agreements before you act. Insurance companies differ in terms of cost deduction policies.
While you must check your insurance policies for confirmation, many insurance companies will lower prices for customers if they take these precautions:
Carpool: If you carpool with three other people, each of you driving in one-week shifts to and from work, you can cut your mileage down by 75 percent. Many insurance companies track mileage and adjust your insurance based on the amount you drive — the more you drive the more likely an accident will occur, therefore the more expensive your insurance is.
Credit Score: While a credit score might not have anything to do the way you drive, it can still save you money. If you pay your bills on time and are a loyal customer, many insurance companies will reward you for this. The reasoning: If you're responsible in your personal life, you'll be responsible on the road as well.
Disaster Proof: Make your house more disaster resistant. Place storm shutters over the windows and reinforce your roof, or if you're building a house, use heavy duty roof materials. With an older house, retrofit it for earthquake preparedness. Also, modernize your heat and electrical to decrease the chances of fire.
Home Security: A monitored security system can lower the price of your monthly homeowners insurance, but the money you spend per month on the security system might cost even more. Instead, consider home security cameras. Cameras from a company like Lorex do not entail a monthly subscription or contract.
Obamacare: Signing up for the state online marketplace can save money, time and hassle. Not only can you no longer be denied coverage because of a pre-existing condition, you can't be charged more per month for them either. While how much you pay for health insurance depends on how much money you make, for the vast majority of Americans, this health care reform has decreased the cost of premiums. If you're an individual who earns less than $28,725 or a family of four that earns $58,875 a year, you qualify for government assistance in paying for your health care premium.
Keep Records: Keep a copy of your medical records. When you visit the doctor or go to the hospital, take them with you. When you have a consultation, a detailed list of your medical history can mean fewer needed tests (as having records handy prevents repeated tests). Having records can also reduce the number of visits you make. If the doctor has test results in hand, she can immediately advise you on your medical and preventive options, instead of scheduling another appointment once test results come back from the lab.