Save Money Shopping For Insurance

Are you a loyal customer? 

I was a loyal insurance customer, having only used one company for car and home coverage since 1979! Then, they raised our rates. It no longer mattered how long I’d been faithful to them. They wanted more money. So, I called my friend, who is an independent broker, who found us health insurance when we qualified for Medicare. He took matters into his hands and, in 24 hours, found us a policy at nearly half the cost of the other one! I was shocked and delighted.

Over time, insurers raise premiums, and unless you comparison shop every year, you’ll pay more than necessary. The key is comparing apples to apples. A lower premium might cover less, and a great discount might start with a higher premium. NerdWallet said that multi-policy discounts average 18%. If your insurance costs $5000, an 18% reduction qualifies for $900 in savings. Plus, bundling makes it convenient to deal with just one insurer.

Here are some other tips they offer to save on home coverage. Increase your deductible, make your home more secure, and skip small claims. Ask about lesser-known discounts, including home improvements. Build your credit score. Rethink the purchase of trampolines and pets – they can cost you, and if you don’t want to change companies, then compare rates annually. Ask your current provider for available discounts, and negotiate your premium. Should your rate increase without a good reason, consider switching. Shopping around is good stewardship!

And if you’re trapped in excessive credit card debt, Christian Credit Counselors can help. They can create a debt management plan just for you. For more information, visit online at crown.org/ccc