Insurance Tips to Lower Your Insurance Cost

If you are like me, you do not delight in buying insurance. We all tend to complain about the cost and what we get for our cash. That being said, we need to buy insurance to protect our family and assets. So here are some insurance buying tips to help make the process a little easier.Take a contrary angle on it. Start by finding out what the policy doesn’t shelter. We often act upon what a policy covers but then end up amazed when we make a claim and learn it is not covered. You can read your policy but it’s also a good idea to get your insurance agent to read and explain it all to you. Then you can judge whether you need to purchase specific coverage for certain exclusions.Each year when you renew your insurance policies you should take some time to review your needs. Things change from year to year and your current insurance needs to reflect those changes. It would be nice if your agent brought up the subject but few do. So be prepared to do your own analysis.We all want low cost insurance but remember you usually get what you pay for, so don’t be fooled by exceptionally low prices. If you find what appears to be a really cut-price insurance policy then be sure you are comparing like products. They are not all alike and can differ greatly.That said, shopping for insurance online can save you anywhere from 15% to 45% depending on the type of insurance and the company. There are several excellent insurance sites online so let your fingers do the walking and do plenty of comparisons.If you decide to switch insurance providers before your insurance comes up for renewal you’ll have to pay a penalty that is based on how much time is left on the existing policy. It’s always best to change providers when a policy comes up for renewal.You should also not switch insurance companies too often because in the end you’ll be paying more. Establishing a long-standing relationship with one insurance company may earn you discounts that over time are substantial. So do change insurance companies if there is a good reason but don’t do it haphazardly.When it comes to filing claims avoid too many small claims. Each claim goes on your insurance record no matter what the size or even when you aren’t at fault. If you do not avoid this you’ll find your premium going up at renewal time. The insurance company will assign you to a higher risk class if you file too many claims. This will result in you paying more at renewal time.You can also do your part to reduce the risk of loss by making sure you have good dead bolts installed, proper locks on your windows, anti theft devices on your vehicles, home security systems, and anything else that reduces the risk of a claim. Many insurance companies will even give you with a discount if you do these things.Don’t exclude important details and don’t misguide! For example, telling your agent that you are a non-smoker when you actually smoke will result in a denial of your claim should you file one. In the end, you’ll really be the one to loose and not the insurance company. It goes if you do not disclose your true driving record, home insurance claims you’ve had in the past, or any other relevant information requested by the insurance agent.Once you get a policy you should read it over carefully and make sure that all the coverage is correct. If something is unclear or wrong, call your agent for clarification.Insurance is one of those things that annoys you through most of your life but by following these insurance buying tips you can make the process less of a hassle and less expensive.(c) Copyright 2006 Portal Maker Zone