Cheap Insurance Secrets

Cheap insurance? Not only can you spend less on all types of insurance, but you can get more of the coverages you need for less. Here are some insider secrets to help you out.

Cheap Auto Insurance

Of course you should get several quotes. You also probably know that having as high a deductible as you can afford will save you money. Here are some money-saving tips you might not have known.

- Demand the legal minimum for liability coverage if you have few or no assets. Many companies try to sell you their "company-recommended minimums" on liability, and even pass them off as the legal minimums. Get the legal minimums. If you have no assets, you are not a target for a lawsuit.

- Review your policies. Have your policy reviewed and get new quotes every year or so. If the ticket you have is now past the three year mark (or whatever the company thinks is important) they will drop the rate, but not automatically, so ask.

- Remove kids from your policy. If the kids are at a college that's more than 100 miles away, you can have them taken off the insurance policy and save a lot of money. You can't let them drive the car when they come home to visit though.

Cheap Life Insurance

- Buy multiple policies. Instead of buying one large policy, you can save money by buying two, and staggering the terms. Have one run until the kids are out of the house, for example, and the other until your retirement fund kicks in.

- Check out the company. Visit www.naic.org/cis. This is the National Association of Insurance Commissioners site. It has links to check out companies, including their financial condition, and the complaints filed against them.

- Get rebates. Some states allow agents to rebate a portion of their commission to you. Check online or by phone. You don't have to be from the state to buy insurance there.

Other Cheap Insurance Secrets

- Health insurance: Find a group to join. If you don't have health insurance through your employer, join a group that enables you to get a better policy rate. A fraternal organization or the chamber of commerce sometimes have arranged for group policies.

- Home owners insurance: Consider higher deductibles. Insurance is for disasters, not small stuff. Plan topay the first $1000 someday when something happens. In the meantime you'll save money every year on your policy.

- Credit life insurance: Just say no. It pays the balance of your auto, home or other loan if you die. If you feel you need it, regular life insurance for the same amount is much cheaper.

No matter what type of insurance you are buying, be sure to get several quotes. Ask about every part of the policy. Don't pay for things you don't need. Ask if there are any special discounts you might be eligible for. Asking a lot of questions and really understanding the policy is the key to getting cheap insurance.

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