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5 Best Ways to Lower Monthly Insurance Costs

5 Best Ways to Lower Monthly Insurance Costs Leave a comment

I am an economist and the founder and owner of Finance Blog Zone

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When it comes to finding ways to lower monthly insurance costs, it can be a bit tricky. You can budget, you can build your savings, but they don’t teach you in school how to save on insurance. In order to help you conquer your monthly bills, here are the five best ways to lower monthly insurance costs for you and your family. 

Keep Shopping

When it comes to finding a good deal, nothing says lower monthly insurance costs like shopping around for the best rates. Insurance companies are just like any other business. Their overall goal is to make money and have you as a customer. 

That being said, you can shop around until you find a company with coverage you like, at a price you can afford. Keep shopping to find the lowest monthly costs for your insurance needs. 

Improve Your Credit Score

credit score
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Though it may seem weird, improving your credit score can have a huge impact on your insurance costs. You may be wondering How far back do insurance companies look at your driving record? And your credit score? The answer is they look as far back as they can!

If you have a bad credit score, you are considered a bad investment and you generally have to pay more. If you have a good credit score, you can lower monthly insurance costs by a LOT.

Reduce Your Coverage

Though you may not want to, a good way to lower you monthly insurance costs is to reduce the coverage you have to begin with. From your car insurance to your health insurance, there are lots of things that you may be paying for that you just don’t need. 

Here are a few things you can take off your plan and reduce your coverage without feeling completely vulnerable to chance: 

  • Unnecessary Home Coverage – Cut out unnecessary home coverage where you can. For example, if you live in the desert, don’t pay for flood insurance. 
  • Health Insurance and Selective Items – Some health plans include payments for selective surgeries and things like acupuncture and more. Be certain to take these things out of your plan in order to reduce your coverage. 
  • Minimum Sate Coverage – For things like car insurance, be certain to stick to the state and local minimums. This way you aren’t paying for absurd prices when you don’t legally have to!

If you can’t reduce your coverage, and still need to lower your monthly insurance costs look into “Do you need to buy GAP insurance?” Or how you can maintain coverage for less with bundles and discounts. 

Bundles and Discounts

A great way to lower your insurance bill is to find discounts and bundles. Most insurance companies offer discounts for seniors, veterans, and more. Sometimes all you have to do to get a discount is ask! 

Bundling insurance for car, home, and more can also mean big savings. Check with your provider about bundle options. 

Driving Courses

A great way to save on monthly insurance costs for your car is to take extended driving courses. Defensive driving courses, motorcycle courses, and more are great for drivers both young and old. You can get the same wonderful coverage you have now, for a lower rate with some further education. 

Some driving courses cost money, while others may be offered by your local government agency. Be certain to check to see if you can get lower rates on your car insurance by simply learning something new! 

Tips for Lower Monthly Insurance Costs Today!

We are all looking for ways to save a little money. When it comes to lower monthly insurance costs, these five tips can help you put money in your own pocket. Take advantage of these tips today, and start saving money on insurance now!

I am an economist and the founder and owner of Finance Blog Zone

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