Toronto, ON (PRWEB) January 05, 2012
Saving money can be difficult at times; whether it’s adjusting a lifestyle or that there simply isn’t any room in the budget to save. It is important to look at all expenses and identify how to save money on each expense. Car insurance for example, is an expense that every driver must have by law; but that doesn’t mean drivers should overpay for insurance.
It is time to take action on 2012 New Year’s resolutions. Here are a few ways to save money on car and home insurance.
Car Insurance Savings Tips
- Shop insurance rates. The rates charged by insurance companies can vary by hundreds and even thousands of dollars; as each provider uses their own claims experience to determine premiums charged. That being said, it’s important to shop around for a better insurance rate. The easiest and fastest way to obtain free insurance quotes is to visit insurancehotline.com and complete three steps – to compare rates against over 30 insurance companies.
- Review the policy. It’s important for drivers to review their car insurance policy periodically and make sure it’s up to date. Research any discounts that the insurance provider may offer and see if any apply. Also, has the daily commute distance changed since purchasing car insurance? Or has a ticket or accident been removed from a driving record? (Note: tickets are on driving records for three years and accidents stay on-record for six years.) Notify the insurance provider if any of these circumstances have changed as they will have an impact on car insurance rates.
- Re-evaluate your coverage. Liability insurance coverage is mandatory for all drivers; however, comprehensive and collision are not. If a vehicle is old, consider removing collision and comprehensive coverage – as the car may not be worth repairing in the event of a car accident or vandalism. Also, evaluate deductible amounts – the money that is required to pay out for a claim. Lower deductibles typically cost more on insurance premiums than higher deductibles.
Home Insurance Savings Tips
- Remove unnecessary coverage. If coverage has been purchased that will not likely affect the area, such as earthquake coverage, removing the coverage (especially in an area where the natural disaster typically does not occur) should help lower the insurance premium.
- Increase the deductible. By increasing the deductible, it will decrease the home insurance rate – as the homeowner is assuming more of the risk if a claim were to be filed. An important thing is to make sure the deductible amount is saved and available to pay out should a claim need to be filed.
- Research discounts. Taking the time to research any discounts could save money on home insurance rates. For example, if the homeowner is a senior citizen or if a burglary alarm has been installed in the home, discounts may be offered.
Another savings tip: Most insurance providers offer discounts if auto and home insurance policies are combined. Don’t forget to call the insurance provider and find out how much savings apply if both of these policies are combined.
Hopefully these tips will help drivers and homeowners save money in 2012 on car and home insurance. Remember to always research – whether to shop insurance rates, review insurance policies or re-evaluate coverage options.
About: InsuranceHotline.com is a free online insurance rate comparison service that directs consumers to its large network of more than 30 insurance companies and licensed insurance professionals and provides quotes based on the lowest rates available through its network. In business since 1994, InsuranceHotline.com does not sell insurance, is not a licensed broker, and is not owned in whole or in part by an insurance company, agent or brokerage; ensuring consumers get a truly unbiased quote.