Insurance Tips and Suggestions: Get the Biggest Bang for Your Buck
Insurance is one of those services you have to have but hope not to have to use, so you definitely don’t want to pay a penny more than you have to for it. Too many of us don’t do our research and end up paying way more for our insurance than we should. We fall victim to thinking that insurance companies are there to help us when, in fact, they are there to make the most profit possible for them. Here are some tips for getting the biggest bang for your buck when it comes to insurance.
Get Term Life Insurance
If you aren’t looking to build a nest egg with your life insurance policy and just want to protect your family and your assets against the possibility of your premature death, then get a term policy. With a term life insurance policy, you pay much lower premiums for a higher level of coverage, and the premiums never go up. The drawback is that after the term is up, you will no longer have insurance, and your premiums will not have accumulated any cash value.
Don’t Pay for More Insurance than You Need
One of the biggest mistakes people make is to over-insure themselves. For example, if you have a 20-year-old car that’s worth a few hundred dollars, you shouldn’t pay for anything more than liability insurance. If you are a 25-year-old with no family and few assets, you don’t need a $1 million term life insurance policy. If you are young and healthy, you’re probably better off getting a bare bones health insurance plan. Each plan is different and you should do your homework to make sure you aren’t paying more than you need.
Bundle Your Policies
If you aren’t bundling your insurance policies, you are probably paying too much for insurance. Bundling is getting all your policies with one company, which usually results in major discounts. For example, you might get your auto and home insurance both from the same company. Insurance companies usually offer discounts of 10 to 25 percent depending on how big your policies are and how many you are bundling together.
Take Advantage of Group Discounts
Another way to get discounts on insurance is to get group rates. Insurers give groups discounts for bringing in large numbers of people. For example, many employers offer life insurance for free or for a small fee to their employees. You might also be able to get discounts on other types of insurance. Many car insurers offer discounts to teachers and other professions. You might be able to get discounted life, health or auto insurance through a union or service group you belong to.
Hire a Lawyer
A quick search on the web will pull up countless horror stories of individuals who are left high and dry after a serious accident by their insurance company. After any accident that you are entitled to some kind of coverage it’s a good idea to contact a lawyer to help mitigate your interactions with the insurance company. With their help you will be sure to get more than if you didn’t.
These are just a few of the ways to save on Meyer’s Insurance Ltd insurance. There are many more out there, and with a little work you can save a bundle on your policies. Saving money on these essential expenses should be high on your to-do list as they can really add up. Consider following these suggestions if you are trying to get the best bang for your buck!
Category: Insurance
