Tips on Cutting Your Insurance Costs

Easy Ways to Save on Car Insurance

Increase your deductible. You could raise it from $200 or $500 to $1000 and lower your rates. Even having it very high, say $2,000, is better than having no insurance at all.

What's your car worth? Is it really worth keeping collision and/or comprehensive coverage?

Ask for discounts. Being a safe driver can help, as can having low mileage. Sometimes an advanced professional degree or being a teenager with good grades can also get you lower rates.

Don't speed. Tickets for moving violations can raise your premiums.

Easy Ways to Save on Homeowner's Insurance

Being 55 or older might help you get a discount because you are home more, making the house more occupied and thus safer.

Modernizing your house can help you save. If you've upgraded electrical, plumbing or heating, this can help.

Installing an alarm system can lower costs.

Also, have construction costs gone down in your area? If so, you might be able to lessen the amount of coverage because you could rebuild more cheaply.

Finally, cut riders on jewelry or silverware that you no longer need.

Insurance You May Not Need

Travel insurance: if you are planning a long and expensive trip, but you hear rumors of layoffs at your company, travel insurance can be a great safety net in case you lose your job. Also, if you or the kids were to get sick, you could lose a lot of your deposits, which is roughly 10 percent of the trip.

Umbrella insurance protects you in case you get sued for something like someone slipping on your front walk, or you accidentally hit someone with a 9-iron on the golf course.

In this economy, people are feeling a lot more litigious. You can typically get $1 million of umbrella insurance for about $125 a year.

Wedding insurance: some policies out there protect you if the weather is bad. But honestly, do you really want to try and reschedule everyone?

Put the money toward a tent and some heaters instead.

Rental car insurance: you might be covered under your existing auto policy, or under your credit card. Many gold cards have such protection. Just hold on to your receipts.

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