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How to Save Money on Your Insurance: 10 Practical Tips and Tricks

 How to Save Money on Your Insurance: 10 Practical Tips and Tricks

Insurance is one of those expenses that you can’t avoid, but you don’t want to pay more than you have to. Whether it’s car insurance, home insurance, health insurance, or any other type of insurance, there are ways to lower your premiums and save money in the long run. In this blog post, we will share 10 practical tips and tricks on how to save money on your insurance, without compromising your coverage or protection.

Tip 1: Shop around with multiple insurers every year or two

The pricing model for insurance companies changes over time, and different insurers may offer different rates and discounts for the same coverage. That’s why it’s important to shop around with multiple reputable insurance companies every year or two and compare their quotes and policies. You can use an insurance broker or an online comparison tool to help you find the best deal for your situation. You might be surprised by how much you can save by switching to a different insurer or plan.

Tip 2: Increase your deductible

Another way to reduce your premium is to increase your deductible, which is the amount you pay out of pocket if you have to make a claim. The higher your deductible, the lower your premium will be. However, you need to make sure that you have enough savings to cover your deductible in case of an emergency. You should also avoid making small claims that are close to your deductible amount, as they can raise your rates and affect your claims history.

Tip 3: Make your home more secure

If you have home insurance, you can save money by making your home more secure and less prone to damage or theft. For example, you can install smoke detectors, burglar alarms, deadbolt locks, fire sprinklers, storm shutters, and other safety features that can reduce the risk of fire, burglary, or natural disasters. Some insurers may offer discounts for these home improvements, or even require them for certain types of coverage.

Tip 4: Ask about lesser-known discounts

There are many discounts that insurers offer that you may not be aware of or eligible for. For example, you may get a discount if you are a senior citizen, a student, a military veteran, a member of a certain organization, or a loyal customer. You may also get a discount if you pay your premium in full, enroll in automatic payments, go paperless, or take a defensive driving course. Make sure to ask your insurer about all the possible discounts they offer and how you can qualify for them.

Tip 5: Account for home improvements

If you have made any significant home improvements that increase the value or quality of your home, such as adding a new room, renovating the kitchen or bathroom, upgrading the plumbing or electrical system, or installing solar panels, you should inform your insurer and update your coverage accordingly. This will ensure that you have enough coverage to rebuild or repair your home in case of a total loss. It may also lower your premium if the improvements make your home more energy-efficient or resilient.

Tip 6: Bundle your auto and home insurance

One of the most common ways to save money on insurance is by bundling your auto and home insurance with the same company. This means that you buy multiple insurance policies from the same insurer and get discounts on your premiums. Bundling can also simplify your billing and claims process, as you only have to deal with one company and one agent. However, bundling is not always the best option for everyone. Sometimes, you may find cheaper rates by buying separate policies from different insurers.

Tip 7: Build your credit score

Your credit score is one of the factors that insurers use to determine your risk level and premium rate. A good credit score shows that you are responsible with your finances and less likely to file claims or default on payments. A bad credit score can increase your premium by hundreds of dollars per year. Therefore, it’s important to build and maintain a good credit score by paying your bills on time, keeping your credit card balances low, checking your credit reports for errors, and avoiding applying for too many loans or credit cards.

Tip 8: Get rid of high-risk stuff

Some things that you own or do can increase your insurance costs because they pose a higher risk of damage or liability. For example, if you own a swimming pool, a trampoline, a dog breed that is considered aggressive, a motorcycle, a boat, or a recreational vehicle (RV), you may have to pay more for your home or auto insurance. If you don’t use these things often or at all, you may consider getting rid of them or storing them elsewhere.

Tip 9: Shop around for health insurance

Health insurance is one of the most expensive types of insurance, especially if you don’t have access to an employer-sponsored plan or a government program. However, there are ways to save money on health insurance, such as shopping around for the best plan that suits your needs and budget, choosing a high-deductible health plan (HDHP) with a health savings account (HSA), joining a health care sharing ministry, or applying for subsidies or tax credits if you qualify.

Tip 10: Review your coverage options regularly

One of the best ways to save money on insurance is to review your coverage options regularly and make sure that they match your current situation and needs. You may be paying for coverage that you don’t need or want, or you may be underinsured or overinsured. For example, you may want to adjust your coverage limits, deductibles, endorsements, or exclusions based on changes in your income, assets, family size, lifestyle, health status, or location. You should also check your policy documents and declarations page for any errors or discrepancies that may affect your premium or claims.


Insurance is a necessary expense that can protect you from financial losses and hardships in case of unexpected events. However, you don’t have to pay more than you have to for your insurance. By following these 10 practical tips and tricks, you can save money on your insurance and get the best value for your money. Remember to shop around with multiple insurers every year or two, increase your deductible, make your home more secure, ask about lesser-known discounts, account for home improvements, bundle your auto and home insurance, build your credit score, get rid of high-risk stuff, shop around for health insurance, and review your coverage options regularly. Happy saving!