By Chloe E Warren
Whether you've never bought insurance before, or you've been covered for years and are looking for the best ways to save money, the reality is that there are simple tips that can get you the best deal for your situation. We'll cover some of the best tips for saving money on home insurance and auto insurance. While some tips will apply to both, others will be specific to the type of insurance you're buying.
Find the Best Home Insurance Policy
The most important thing for you to remember is that not all policies are the same. Though you may request quotes from several companies, you can't simply compare the costs - you must compare the coverage that comes along with each quote. Here are the main factors to look out for:
- Deductible. Put simply, a deductible is what you'll pay out of pocket if you have to file a claim. The lower the deductible is, the higher your premium generally is. On the other hand, some people choose a high deductible because it generally means lower premiums. You'll need to consider the options to decide which option is best for your needs.
- Coverage. There are numerous types of coverage, including fire, theft, and you'll need to make sure the policy you choose offers the coverage types you need. You should also make sure the home insurance quotes you get cover all the buildings on your property, such as garages or sheds. Finally, if you have items with significant value, like jewelry, then you may need additional coverage for those items.
- Discounts. There may be discounts available for a wide range of factors, including having a home alarm. Make sure to ask your provider if you qualify for any discounts that may not be included on your initial quote.
Find the Best Auto Insurance Policy
It's true that auto insurance is extremely competitive, which means you'll have numerous quotes to choose from. You'll need to consider the same factors as you do for home insurance, but in different ways.
- Deductible. As with home insurance, the higher your deductible on your auto policy, the lower your premium is likely to be. However, keep in mind that if your deductible is very high and you need your insurance, then you'll need to have that money on hand. You don't to be put in a situation where you can't get to and from work, simply because you wanted to pay a few dollars less for insurance each month.
- Coverage. Generally speaking, if you have an older vehicle with a lower replacement value, then you may want a policy that doesn't include collision coverage. Essentially this means that if you're in an accident and deemed at fault, your insurer won't provide coverage for repairs or replacement - they will only cover the repairs and costs of the other party. You can see a substantial savings if you elect not to have collision, but remember that this is typically only a good value if the value of your car is low.
- Discounts. There may be numerous discounts available, including those for professional affiliations, students, paid groups like CAA, good driver discounts, or multiple vehicle discounts.
If you're looking for both home and auto insurance, be sure to ask the companies from whom you request quotes if they offer discounts for having both insured through the same company.
If you enjoyed reading this article written by Chloe Warren, you would also enjoy visiting Mitchell & Whale which has a lot of trusted and reliable information about home & auto insurance.
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