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All Insurances
Deductibles (everything but Health) -
Most people carry many types of insurance, from Auto, Home, Renters, Life, Boat, etc. The chance that you are going to have 1 claim on any policy every year is very slim. For example if you changed all your deductibles from $250 to $1000 or even $1500, you would save let's say $400-600/year in all your insurance costs. If you had 1 claim every 2-3 years (which is pretty high) you would break even, but if you had less than 1 claim every 2-3 years you would save money. Run the numbers with your insurance companies and then be sure to consider all your policies as a whole and the slim chance you will have a claim on any one during a typical year.
Deductibles (Health) -
Health is one of the risks you can't control as well, but the higher your deductible the less expensive the insurance. Do some analysis on the risk/savings trade-off. If you have kids 18 or younger or are over 35ish a lower deductible is probably safer, but if you are in between 18-35 and are in good health a higher deductible is your best bet. Unfortunately many private insurance companies may not lower your deductible once you get older if you have had major health issues; however you could try changing companies at this point.
Auto
Discounts, Discounts, Discounts. Ask your auto insurance carrier to tell you about every discount they offer; examples include Multi-policy discounts, Alarm Systems, Air Bags, Driver Training, Drug & Alcohol Awareness Training, Companies you work for, Schools you went to including alumni memberships.
If you can classify some cars as pleasure use versus commuting use, this will save you money. If you can reduce your commuting miles this will also save you money (move closer to work, take the train/bus, etc.).
Insurance you don't need:
* If you have health insurance and most of the people you transport do, you don't need Personal Injury Protection or Medical Payments.
* If you have health insurance and collision/comprehensive you don't need Uninsured/ Underinsured Motorists Coverage.
Call all the insurance companies you can identify and get detailed quotes (this could take about 45 minutes with each company). Call agents that represent multiple companies and get quotes. Use the Internet and find comparison web sites for some of your research. Make sure you provide the Vehicle Identification Numbers and every other detail so you can get an accurate quote, also don't forget to ask about discounts. This whole process may take you 6-10 hours, but on average it could save you hundreds of dollars each and every year!
If the wholesale value of your car is $1200 or less (you can check values at your bank or credit union), it is probably a good idea to drop collision and comprehensive to save money. If you have a $500 deductible, yes that $800 would be nice if you had an accident but the yearly insurance cost for that $800 of protection is probably not worth it. Run the numbers with your insurance agent and have them make a recommendation.
Also see 'Insurance, All Insurances, Deductibles'
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Dental
There are many type of dental plans, from discounts to insurance. You can find many options on the Internet. Your health insurance company may also offer dental insurance. Be sure and look at a number of discount and insurance plans to get your best price. Of course if you have young kids, better coverage probably makes more sense.
Also see 'Insurance, All Insurances, Deductibles'
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Extended Service Contracts
In Short, Don't throw away your money on these! If you bought them for only 1/4 of the items you buy and only 1 item broke, you would have actually paid the equivalent of that "free" repair/ replacement many times over. By the way, if you buy the item on a Credit or Cash card, many of them double the manufacturers warranty.
Health
Call all the insurance companies you can find and get detailed quotes (this could take about 45 minutes with each company). Call agents that represent multiple companies and get quotes. Use the Internet and find comparison web sites for some of your research. Make sure you provide your complete health history and every other detail so you can get an accurate quote. This whole process may take you 6-15 hours over a few weeks, but on average it could save you hundreds of dollars each and every year!
Also see 'Insurance, All Insurances, Deductibles'
Don't have the patience or time, We can do the research for you!
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Homeowners
Discounts, Discounts, Discounts. Ask your Homeowners insurance carrier to tell you about every discount they offer; examples include Multi-policy discounts, Alarm Systems, Alarm Monitoring, Companies you work for, Schools you went to including alumni memberships, etc.
Call all the insurance companies you can find and get detailed quotes (this could take about 45 minutes with each company). Call agents that represent multiple companies and get quotes. Use the Internet and find comparison web sites for some of your research. Make sure you take the time to provide all the details about your home so you can get an accurate quote, also don't forget to ask about discounts. This whole process may take you 6-10 hours, but on average it could save you hundreds of dollars each and every year!
Also see 'Insurance, All Insurances, Deductibles'
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Life
If you want life insurance, buy life insurance and nothing else! Life Insurance is only needed in case you are no longer around to provide an income for your dependents. When your kids are 18, they don't need to depend on you for food, clothing & housing. When you are retired, your wife or husband does not need to depend on you for food, clothing & housing; your retirement or savings provides that. Term Life Insurance is the most economical. There are many web sites you can use to compare term life insurance costs, you can also call many agents and get quotes. We recommend you price shop because it will save you hundreds of dollars every year.
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Rental Cars
Don't buy duplicate collision or damage waiver insurance from an auto rental company. If you have these coverages on your personal auto insurance they generally extend to any temporary car you use. Check with your insurance company to verify full coverage on any autos you may rent.
Road Service
Paying for this on car(s) that are less than 3 years old is not worth it. Many Auto Insurance companies offer towing for less than $5/year and this is probably only needed after your car is getting older and more unreliable. Keep a spare car key in your wallet or purse, if you get locked out you won't have to call, wait and pay for a locksmith.
Umbrella Liability
Liability is the biggest reason you should have insurance. If you get extended protection of a million or over make sure that you re-adjust your underlying policies to the minimums required by the umbrella policy. For example if you had $250,000 liability on your house and the umbrella policy only requires $100,000, change the homeowners policy so you don't pay for duplicate coverage.
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Vision
Eyesight disease and accident problems are covered by your health insurance. Contact and Eyeglass coverage is generally not worth the cost of insurance.
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