Those who fail to plan, plan to fail. And like it or not, planning for the unexpected by being properly insured is a big part of being financially responsible. That’s because people who try to save a few bucks by not buying insurance can quickly end up in severe financial distress if bad luck befalls them.
The trouble is, for a lot of folks, buying insurance can be a complicated endeavor. After all, choosing the right deductibles and coverage options are not intuitive processes, so there are plenty of opportunities for even the savviest consumers to get confused when it comes time to finally buy coverage. Heck, even I still do on occasion.
With that in mind, here are 18 tips to consider the next time you find yourself shopping for auto, home or life insurance:
Auto Insurance Tips
Auto insurance guards against expensive repair, medical and liability costs that can result from major accidents. Trivia time: Did you know some form of it is required to legally drive in every state but New Hampshire?
- Consider dropping your collision and comprehensive coverage. Well, that is, assuming your car is either paid for or at least six years old. Otherwise, you may end up with less money than it takes to replace your car because insurance companies generally pay the depreciated value of most older cars.
- Raise your deductible. If you want collision and comprehensive, one way to take the sting out of the fees of a full coverage auto insurance policy is to raise your deductible as high as you feel comfortable. Just be prepared to pay that amount if you cause an accident or your car is stolen, vandalized or damaged by natural causes.
- Purchase uninsured motorist coverage. One in seven US drivers currently carry no insurance at all. For that reason alone, you should keep uninsured motorist coverage similar to your primary policy’s liability limit.
- Don’t buy your teenagers a new car. It’s true; insurers assume teens will drive less when they don’t have their own wheels.
- Shop around. With all the tools available online today, there’s no reason not to shop around. Use an auto insurance comparison engine to compare car insurance policies from multiple companies in seconds. Comparison shopping is the only way to truly ensure you’re getting the best deal.
Life Insurance Tips
Life insurance protects your family by providing for your dependents in case you die prematurely.
- Ensure you really need it. If you don’t have dependents, you probably don’t need life insurance.
- Don’t buy life insurance for a period longer than you have to. Life insurance is important when you are younger and have a family that depends on your income. For most folks, that means it’s only necessary until their youngest child has left the nest, although some may prefer to keep it until their last child has graduated from college.
- Consider buying term life insurance. A term life policy is the most cost effective way to cover your dependents if you die unexpectedly. On the other hand, whole life insurance is expensive because you’re paying for insurance plus the overhead that comes with the added investment component.
- If possible, buy your life insurance when you’re young. Term life insurance premiums are ridiculously cheap for folks under 40. However, once you reach 50, premiums begin to increase substantially. I bought a 30-year $500,000 term life policy when I was in my twenties, and the low annual premium has remained the same since the day I bought it.
- If you do need it, buy your life insurance from a reputable company. Make sure you only buy from a reputable insurance company that is financially sound. You can verify insurance companies via major insurance rating agencies such as Moody’s or Fitch.
Homeowners Insurance Tips
Homeowner policies shield you from losses due to theft, and fire or other damage to your home or personal property; it also provides accident liability coverage.
- Ensure you’re getting all the homeowner discounts you’re entitled to. In addition to senior discounts, many insurance companies offer homeowner policy reductions for deadbolts, fire extinguishers, sprinkler systems, smoke alarms and security systems that report to a central station.
- Raise your credit score. Believe it or not, because it is an indicator of personal responsibility, many insurance companies are now giving lower rates to homeowners with good credit histories.
- Keep your home well-maintained. For example, updating aging electrical and heating systems as needed can reduce the risk of fire. And following building codes when remodeling bathrooms and kitchens can reduce the risk of water damage and other plumbing related problems.
General Insurance Tips
- Comparison shop. Identical risks are often priced differently from insurer to insurer, so always shop around — thankfully, Internet shopping is relatively painless.
- Know what you’re buying. If you don’t understand certain benefits, terms, or conditions, always ask your insurance agent to explain them to you.
- Occasionally reevaluate your insurance needs. Review your insurance annually. Life-changing events such as the birth of a new child, divorce, retirement and income reductions usually call for coverage updates or additions.
- If you’ve got a lot of assets, consider getting an umbrella policy. An umbrella policy covers you beyond traditional policy liability limits.
- Reevaluate your low deductibles. Folks rarely make claims under $1000 because they’re rightly afraid it will raise their rates — so why pay a premium for lower deductibles if you aren’t going to take advantage of them?
- Ensure you’re taking advantage of every available insurance discount. In addition to the homeowner deals previously mentioned, many insurance companies offer discounts for safe driving discounts, being a good student, working “low-risk” occupations, and being a loyal customer.
- Combine coverage. Bundling two policies from the same customer can often result in insurers chopping premiums by as much as 20%.
Although everyone prays they’ll never have to use it, buying insurance is something that we all have to do as responsible adults. Hopefully these tips will make that task a lot easier and, more importantly, help ensure you’re properly covered if you ever do have to file a claim.
Photo Credit: David Hilowitz
Great tips! An Allstate agent I know recommended I check my home and auto every three years. He said each company has a “sweet spot” based on an age they prefer. You may move into a new company’s target market on your b-day.
I think 25 was definitely one of my “sweet spots” for lower auto insurance. That is the age most insurance companies figure young male driving habits finally become a bit more responsible.
My own rule-of-thumb for filing a claim — is the cost at least double the deductible? If not, you’re better off paying out-of-pocket and save your insurance for a true rainy day.
Another point: Insurance companies do not care about the cost of a claim. Even if there is a zero payout on their part, a claim is a claim and counts as a strike against you. File too many claims within a certain period (example: 3 claims in a 5-year period), and you can count on being dropped instead of renewed at the end of the term.
–DC (Changing moniker to DemosCat)
That’s probably a pretty good rule of thumb, DC. (I’m still going to call you DC — it’s just easier!)
My rule of thumb is, if I can afford to pay it without it making me wince, then I’ll do it.
On your latter point, when I got in my freeway fender bender late last year, I checked with my agent and they said any claims I made under $750 would not raise my rates. (I think that is an exception rather than the rule.) Regardless, I didn’t put a claim in; I had a $1000 deductible and got the repairs done with the help of my father-in-law for well under that. I wrote about my fender bender here:
https://lenpenzo.com/blog/id7744-why-bad-drivers-prefer-aftermarket-over-manufacturer-car-parts.html
We have a ton of insurances including an umbrella policy. I’m just paranoid of a rainy day ruining all that we worked for up until now. Better to pay in every month and plan for the worst, than hope for the best and be stuck bankrupt later on.
I’ve got some riders on my homeowners policy too. You never can be too safe, Sandy.
This is a handy summary I’m going to print out and keep in my insurance folder. I think you covered most of the main points. Thank you. You need to put another one together for health insurance next.
Glad you found it helpful, Phillip.
Great tips here Len. Thanks for the reminder to update my policies. Think of it like investing, where assets should be re-allocated on a regular basis.
Yes, that’s a good way to look at it.
Great tips! We actually just lowered our car insurance by 28% percent by dropping collision and comprehensive coverage on one of our cars (the older one).
I’m going to do that too on my 97 Civic this year. (I know. Don’t ask me why I hadn’t done it sooner.)
Len- If you work from home and don’t commute, another tip to add is to classify your car as “pleasure-only”. I did this and it provided a nice little discount!
Great tip, Geoff! The Honeybee is a stay-at-home mom; I wonder if we can get away with classifying her car that way.
One extra one I like is that even if you have insurance through your employer, you may want to have a small policy on the side as well. In the event you switch jobs or get laid off, you’ll find yourself with NO insurance and probably freak out. At least if you had something on the side you’re partially covered and could quickly/easily up the coverage. But finding a new policy from scratch is time-consuming, especially with health checks, applications, approvals, etc.
Great tips, Len! Thanks for the reminder to update my policies.
My pleasure, Scott.
It’s good to go through insurance policies every year. It doesn’t take long.
Great article-on the life insurance part:
I think the real issue and question comes down to this, do you want to spend dollars that cost you 100% for life insurance related spends or would you rather spend dollars that did NOT cost you 100% perhaps even pennies for the dollar? If the latter you need life insurance.
If you are really trying to buy life insurance you need the best “real” advice possible. I agree that online info is great; however, talk to a “reputable” agent or broker.
The only other item I would mention is to be sure the “expert” candidates have achieved the CLU designation. (Chartered Life Underwriter) This is equivalent to a “Ph.D” in life insurance!
Then you can be well, “almost” sure they really do know what they are talking about.
Life insurance agents are salesmen not college professors, and as such, have to sell you the most profitable form of life insurance to make a good living. That is some type of “cash value” life insurance….whole life, universal life, etc….something with a built in ‘savings’ account. This is the worst type of insurance for consumers and the best type for insurance companies, which is why they pay the agents 100% of the first year premium in commission and a healthy retainer every year to keep it on the books.
Term insurance (which is exactly what house and car insurance are) is much cheaper, offers far more coverage (which is the ONLY reason to buy life insurance) for the premium, and pays agents about a 15% premium to sell it…..which is why that CLU will get a sour look on his/her face if you insist on it.
The best way to buy term is simply by phone or internet……avoiding meeting with folks that have initials after their name will increase the odds of your long term financial health.
Great tips, as usual, Andy. Thank you.
Some good advice.
This is one area where I think rule of thumbs can be quite inaccurate — using a multiple of current income for insurance is similar to using a percentage of income for retirement planning. It’s not the worst way to do it but I think you can do just a bit of analysis and come up with a pretty good approximation of what you need.
Research homeowners insurance prices in the area your considering before you purchase your home. (Some homeowners insurance can be extremely expensive depending on the location. Ocean front property in hurricane spots can run very high premiums).
Another auto insurance pro-tip… look at one of those “cheapest cars to insure” list and purchase one of them. The car make, model, and year is probably the most looked at factor when determining your auto insurance rates.
Definitely auto insurance is an important thing in our practical life. Thanks for the great summary and keep it up….
I would love more information on long term care policies. I was one of a team of family that provided around the clock care for my grandmother in her final stages of life. I choose not to have children, and I feel long term care is important to have regardless. I just don’t know what a “good policy” looks like, at what age I should consider such policy, and how to maintain that policy as I age.
I enjoyed reading your article, Len! I’m glad that I stumbled upon it because I’ve been thinking about getting a home insurance policy. I think you’re absolutely right: it’s important that you’re ensuring that you’re getting all the discounts you’re entitled to on your insurance. I’ll be sure to ask the insurance representative what discounts I qualify for. I think it’s interesting that homeowners’ insurance can raise your credit score. Thanks for sharing these great tips with us.
Glad you found the article helpful, Alex!
While I am drinking a cup of coffee and searching for some tips about buying car and home insurance, I don’t know why I did came into your blog. Maybe because search engines drive me to the most useful site, yay! I enjoy your blog.
You have a great information. I like the idea of comparison shopping, wherein getting more quotes and choose the best one, am I right..Thanks for the tips.
Great article, Len! I’m glad that I stumbled upon it because I’ve been thinking about purchasing auto insurance. I think you’re absolutely right: it’s important not to buy your teenagers a brand new car. I’ll be sure to follow your suggestion by dropping my collision coverage. Thanks for the great tips; you’ve been very helpful!
I really appreciate this information. My husband and I just bought a house, so we are trying to learn a lot about home insurance. I like that you mention the importance of ensuring that you are getting all of the homeowners discounts you are entitled to. Thanks for the information!
My husband and I have been looking to switch our car insurance so we have been looking at a bunch of different policies. I really like your tip about not buying your teenagers a new car. My husband has been wanting to do that for our daughter and I keep telling him that it’s a terrible idea. We will have to do some used car shopping while we are insurance shopping, thanks for the tips.
Thank you for the auto insurance tips. Specifically, you talk about how you shouldn’t buy your teenagers a new car because this will ensure that they don’t drive as much and won’t be as much of a risk for your insurance company to cover. This definitely makes sense when you want to keep your rates low. Overall, allowing your teenagers to drive your car every once in a while will help you to make sure that they are able to get around independently, but you don’t have to fork out the added expense of a new car and you don’t have to worry about paying for any type of repairs from accidents. Thank you for sharing!
These are some really great tips, Len! I’ve had my car for many years, and it’s past the six year point. I’ll definitely look into dropping the collision and comprehensive coverage to save on my auto insurance. Thanks for the great post!
Great post!
Very informative article.
My husband and I are planning on buying our first house in the summer and so we need to start thinking about homeowners insurance. Currently, we are working on raising our credit score, but I’m not sure that we have thought much about discounts. I definitely think that it would be in our best interest to ask whatever insurance we go with about whether or not having a sprinkler system or other security measures would give us a discount.
I think the most common thing I have read about keeping insurance rates low, especially homeowners insurance, is to raise the deductible. It seems to be the most efficient and across the board way of reducing insurance rates. I think it is a great idea, but never raise your deductible to more than you are willing to pay out of pocket. I know this sounds kind of obvious, but what I mean is that you should probably not have a deductible of $3,000 if you only normally have $2,000 in your bank. Wait to raise your deductible until you have that amount saved up plus some.
Thanks for the tips Len! These tips will help us to get the best and beneficial insurance policy. It’s very important to know your needs before buying an insurance policy. People should also understand why they need an insurance policy and determine the amount of coverage they need.
Len, thanks for pointing out these tips to consider before buying insurance. You make a good point about planning. It seems like it is really important to plan and be prepared with insurance. I would think that it can also be a good idea to consider which types of insurance can be covered under a blanket policy, since that might lower the premium.
Comparison shopping for insurance sounds like a great idea. You can get quotes from multiple companies and find the best home insurance for you. In addition, checking your insurance needs every so often ensures that you are paying only for things that you need. Thanks for this awesome information on getting the best insurance deal!
You mentioned that I should keep my house well-maintained in order to keep my homeowners insurance low. It is probably about time I did a little fixing up around my house. This is my first time owning a little home so I have a question. Do the home owners insurance people come check on your home?
I have had them come to my home on a couple of occasions to get a look at how close my home sits to open brush land. One of them actually canceled (actually, elected not to renew — but essentially the same thing) my insurance after the visit.
I found your tip about buying life insurance while you are young very interesting. A friend of mine was telling me about her experiences with it and it seems like a good idea. My husband and I will have to talk with an agent to see what would work for us. Thanks for the great tips.
I didn’t know that 1 in 7 U.S. drivers don’t have insurance. It is crazy to think you could end up paying for damage if you get hit by someone uninsured. The tip to purchase uninsured coverage is something I will definitely have to look into. Thanks for the information.
I’m glad that you mentioned understanding what your benefits are. It’s better to know everything about your policy like you said then to be left with insurance that won’t cover your needs. When I shop for insurance I try to understand as much about the policy that I can before I buy so I know I’m getting the best insurance. Thanks for sharing!
I learned a lot about insuring my house from this post! The point that you made about raising my credit score really resonated with me. I imagine that paying attention to my credit can help me get a great rate on my home insurance. I can’t wait to get proper coverage so that I can protect my home and its contents!
It’s amusing to me that you really tell people to not buy their kids a new car. I remember how much my parent’s auto insurance increased when I got my own car and I will not make the same mistake with my kids. I understand that my auto insurance will rise a little when they start driving, but I don’t want them to get into accidents. Good post!
Len, thanks for recommending some things to consider before purchasing auto, home, or life insurance. You make a good point about making sure you aren’t insuring anything you don’t really need. I would think that it is important to understand your assets and what type of coverage they need to ensure that you are safe and protected.
I was surprised that you suggest dropping your collision and comprehensive coverage. Isn’t that all auto insurance is? My car is only 4 years old so would it be best to just keep the insurance?
This is some great information, and I appreciate your point that the cost of homeowners insurance can be reduced by safety measures in the home. My husband and I are going to be installing a security system in our house, but I didn’t realize that that could give us discounts on insurance! I’ll definitely look into that to see if we can save some money there after we get that installed. Thanks for the great post!
I’ve been wanting to buy my son a new car. I didn’t know that insurers assume teens drive less when they don’t own their own car! I’ll make sure I help him buy it instead. It will be a learning experience for him, too. Thanks for sharing!
Thank you for the help. I am about to buy a new car and am trying to figure out what auto insurance to get. I had not thought about dropping the comprehensive coverage, as you suggested. Do you think that is the quickest way to save on my insurance policy?
Len: I appreciate your tip on not buying a new car for your teenager. I would imagine that you could pay less money for insurance if you don’t get a new car for a new driver. My husband and I are looking at ways to reduce our medical insurance coverage so we shouldn’t get our daughter a new car.
I find what you said about not buying teenagers a new car interesting. It really does make sense, though, because if an insurance company has to take care of the costs for a brand new car in an accident over an older one, your cost each month will probably increase a lot. This is because teenagers are said to be less careful, so if you give them a brand new, expensive car and they crash it, all of that responsibility will fall to the insurance company. Our son has been begging us for a new car, but after reading this, I’m not sure we should get him one it would be better to stick with the old one that we already have.
Thanks for sharing some things to consider before buying an auto, home, or life insurance policy. You make a good point about how life insurance can protect your dependents in case you die unexpectedly. I like that you mention how you should make sure you are buying from a reputable company. I want to make sure my kids are taken care of in case anything happens to me or my husband, so it seems like we should start doing some research.
Great post, Len! I thought it was interesting that you said to consider dropping your collision and comprehensive coverage if your car is either paid for or is at least six years old. You also suggest purchasing uninsured motorist coverage, since on in seven drivers in the US do not carry insurance at all. I think it’s a good idea to bring your car (or take some very clear pictures) to the insurance company so that they can help you get a better estimate of what your insurance costs will be every month.
This is some great information, and I appreciate your suggestion to consider dropping collision insurance for older cars. I’m going to be buying a used vehicle so I have a way to get around when I move out to college. I want to save as much on insurance as I can, so I’ll definitely look into dropping collision coverage since it will be an older car. Thanks for the great post!
You wrote that purchasing uninsured motorist coverage is a smart thing to consider in case you run into that situation and that it occurs more often than you may think. Car insurance is so important to have and making sure you get the proper coverage you need can bring a lot of peace of mind. I’ll have to keep this in mind next time I need car insurance. Really enjoyed the article.
You’re comment about people rarely making claims under $1000 to avoid raising rates makes sense. I can see how a lower deductible might not always be a better option, but I can think of some situations where it might be worth it (like if you know you don’t often have money in savings). I would imagine chatting with an agent about options would be a good way to figure out what is best for you.
I really like your tip to shop around when it comes to buying any kind of insurance. My husband and I recently got married so we are working on getting insurance for our new home and car. We have only looked at one company so far so we will have to get on looking around. Getting the best price would really help us since we are currently trying to get on our feet.
I love the tips you have for buying different types of insurance. I hadn’t ever thought about dropping my collision coverage, but what you said makes sense. My car is almost twenty years old, so I probably don’t need that.
Love your movies, Ridley.
I didn’t realize that collision insurance isn’t as important if the car is six years old. I hope that everyone already knows your third auto insurance tip about not buying new cars for teenagers. Even the responsible ones are going to be more prone to accidents than experienced drivers.
My husband and I are looking at changing some of our insurance policies. Our kids are getting to that age when they’ll soon be driving, and I think it’s important to get the right auto insurance. As you mentioned, not only is auto insurance important to comply with legal laws, but it can help guard against expensive repair, medical and liability costs. We will be sure to keep these tips in mind for any upcoming insurance changes! Thanks for sharing!
I love your advice to not buy your teenager a new car. I’m thinking about getting my daughter a car, but I don’t want our insurance to go through the roof. After all, I remember getting in a lot of car accidents when I was a teen. Do you have any other tips about getting car insurance?
Shop around.
I had no idea that one in seven US drivers currently don’t carry any insurance, but I can see how that would make it really important to carry uninsured motorist coverage in case you end up in an accident with someone that doesn’t have it. I would also think that if you were trying to lower your premium you could experiment with a slightly higher deductible. Many companies probably offer some sort of discounts as well if you take the time to look into them.
Yes, Louie … you definitely look like Luke. And judging by your comments, you both seem to be obsessed with insurance!
I agree that it is a good idea not to buy your teenagers a new car because insurance providers will charge less because they will assume that your teen will drive less often. It could be a good idea to purchase a mini van for your child to drive because then they will be too ashamed to drive the car in front of their friends. Another good idea is to buy a car that doesn’t have the capability to drive on the free way so they can’t go that far. Either way it would be very frustrating to buy a new car and then to have your teen driver wreck it and cause your insurance rates to skyrocket.
I like how you mentioned not buying your teenager a new car to save on insurance. My husband and I have a couple of cars, but he works while I stay at home, so I don’t need the second car too often. Maybe it would be cheaper to let our son use that second car instead of buying a third vehicle for just him.
Thanks for this article, Len! It was very helpful!
I didn’t know you needed insurance in every state except New Hampshire. Cars can be quite the liability. I’ll have to do some more research; I’m buying my first car now that I’m out of school.
Raising your credit score before you get home insurance makes sense. It would seem that you would want to find a few ways to raise your score before you apply for the policy.
Thanks. My wife is pregnant and wants to enroll in life insurance since we now have more people who depend on us so I wanted to look into it.
Very informative. Thank you for the tremendous read Len!
What you said about people trying to save money by not buying insurance and ending up with serious financial problems is a really scary thought. My oldest son is almost old enough to start driving and we have to start looking for a good insurance plan for him.
Great article! I didn’t realize that combining insurance coverage, like home and auto, can help reduce your premiums by up to 20%!
It’s true.
Len, it makes sense to compare different insurance policies and services before making a decision. My wife and I were recently married and we want to make sure that our family is protected. I definitely think that we should start looking for a policy that could suit our budget and our lifestyle.
Uninsured motorist coverage is important. I think it makes a lot of sense to be sure that you are covered against any drivers that don’t have insurance.
I had no idea that some homeowner’s insurance can actually help improve your credit score. I’m a pretty young homeowner and it would be nice if I could continue to improve my credit score by having insurance.
I’ve never really bought my own auto insurance before. I feel like the most helpful tip was to look at combining coverage in order to save money. Thanks for a very comprehensive article!
My pleasure, Finley. Good luck.
Thanks for the great tips for buying insurance. We are hoping to buy home insurance soon, because we just barely bought our first home. I’ll be sure to look and see what sorts of discounts we can get, since we have deadbolts, fire extinguishers, and everything else you mentioned.
Hmm. Apparently you forgot you already sent me a comment a couple of weeks ago. See you at the movies!
I didn’t know you could get discounts for having a deadbolt. I guess that reduces your liability as a customer. My house is a bit of a risk since it’s on the corner, so I wanted to get extra security anyways. Maybe i’ll be able to get discounts.
Hi LN … You just got out of school and you already own a house (per your comment from last week, above)? Interesting.
Re: buying life insurance young. In addition to protecting your loved ones from any financial burden from your passing, you also end up paying a lot less for your premiums.
My son is about to get his license. Maybe we could just let him use one of our cars occasionally so he’s not using it all the time. That way, we can save on insurance costs.
Works for me, LaQueesha!
My sister and I are looking into auto insurance for our new cars; thanks for your tips!
This is some really good information about home insurance. Thank you.
You make a great point, Len: people should absolutely consider dropping comprehensive or collision coverage if their car is six years old or completely paid for. Personally, I’m going to be getting a new car for myself now that I need to drive more, and I’ll probably be getting one that doesn’t cost too much from the get-go!
Len: I’m glad to hear that many insurance companies offer discounts for deadbolts, smoke alarms, and other safety and security measures. My husband and I just moved into a new house and are looking for a good policy for homeowner’s insurance. We’ll have to shop around and find out where we can get good discounts and prices!
Good luck, Jenna!
You could also talk to people you know in order to learn about which company they use and their experience with them. Once you’ve done this and narrowed down the different options, it would probably be a good idea to either call or meet with a representative so that you can ask questions about the life insurance policies they offer and other information in order to make sure they are reliable and can provide you with the coverage you want.
My wife and I are thinking about switching our life insurance policy soon, so thanks for sharing this.
My little brother is recently graduated from college and in his mid-twenties, he rents an apartment and owns a car. He figures it;s probably time for him to look into insurance, but doesn’t know where to start. I really appreciate the tips in this article, especially about knowing what you’re buying and making sure to always ask your insurance agent to explain something to you if you don’t understand it.
Great tips here for choosing good auto service, and I really liked your tip to consider dropping your collision and comprehensive coverage if our car is paid for, or at least six years old. Thanks for the helpful post, Len.
Len, I have been thinking about getting some auto insurance and wanted to look up some information. Great idea about comparing car insurance policies from multiple companies. Appreciate the article. Very helpful.
This is some really good information about auto insurance.
Great article! I agree that one of the best things you can do is to buy uninsured motorist coverage, just in case others around you aren’t insured.
Say … are you related to Max? (see his comment above.)
I recently bought my first car because I recently got a job that has a commute and I need to find auto insurance. It is interesting that you say to shop around and make sure that you get prices of policies from a lot of companies. I think that this is a great way for me to find the best deal possible because I can compare the coverage of the insurance with the pricing.
I am thinking of getting food insurance. Thank you for the tips.
Food insurance, huh? Well … that’s a new one.
Knowing that insurance companies are now open to giving discounts to those with good credit scores because that is an indicator of being responsible makes me a little bit more confident about applying for a home insurance policy. I’ve been working on raising my credit scores for the past year now, and I know that I did quite well. Thanks!
Great article, Len! Very helpful.
What got my attention was the idea that a person can cut down up 20% on the insurance payment if they decide to bundle two or more policies. Do you think I can ask my brother to bundle his car insurance with my home insurance since we live in the same house? Hopefully, that works because we really want to save money on the insurance.
Thanks, Amber.
As for your question, it’s worth a shot!
My brother bought an expensive new car and my parents reminded him to also purchase auto insurance. But he didn’t get it and two days later he crashed his car into a tree!
The tips to consider before buying auto insurance such as purchase of uninsured motorist coverage etc give valuable tips to buy a car.
I think that a sign of a good insurance provider is the ability to listen to you and understand what would be best to fit your individual needs. The bad part is nobody ever listens to me.
Since I have a lot of things that I need to pay for, I want my insurance to be a little more affordable, so thank you for this. Now I know how to find a reasonably priced insurance.
I had never heard of term life insurance and didn’t know that a term life policy is the most cost-effective way to cover your dependents if you die unexpectedly.
It’s true that auto insurance definitely guards you against expensive repair, liability, and medical cost in case something bad happens. Thanks for the very informative article!
Thanks, Len. You’ve got great tips for buying car insurance.
Thanks, Len! My husband and I want to buy our first home and need insurance. You can bet I’ll definitely keep all these great tips in mind when looking for home insurance!
For most people it is best to buy term life insurance. Life insurance plans that build up a cash value (such as whole life, universal life, etc.) are hardly ever your best choice. If you look at financial sites not run by insurance companies, they’re almost unanimous in recommending term life insurance.
Totally agree, Gillian. Good comment.
Informative article. You can also save big on auto insurance if you analyze your driving patterns and avail for discounts. Like if you drive less see whether the company offers discount on that. Also, you can opt for other discounts.
It is so true that life insurance is important when you are younger and have a family that depends on your income. I want to get life insurance because I am the primary money, maker of my family, but I just found out that I have an incurable disease contracted in the Amazon jungle, so want my family to be taken care of if anything happens to me.
I like how you included that insurance companies are giving lower rates to homeowners with good credit histories. My daughter is wanting to buy a house with her husband soon and wanted to know some tips before getting home insurance. I’ll make sure to pass this information along to them while they search for homes.
Very helpful post. Thank you. My husband and I just bought our first car, and we need to get insurance as soon as possible before we start driving it.
This article really covered all of the bases! I just bought a car recently and was looking for car insurance advice.
Yes, you should always ensure you’re getting all the homeowner discounts youre entitled to when getting insurance. And I mean ALL of them!
Very helpful. I’m looking for a cheap car so I can teach my son to drive since he is turning 18 soon. He needs to get a few quotes from different auto insurances so that he can have the car well covered.
You’ve got some great tips for buying the right insurance. We need car insurance. I hadn’t thought about uninsured motorist insurance before, so I’ll look into that.
Your explanation on why it’s important to have uninsured motorist coverage was very helpful. Much appreciated!
I always purchase uninsured motorist coverage to protect myself against the surprisingly high number of motorists who don’t have any insurance. It’s really a no-brainer!
My cousin is wanting to buy a house soon and wanted to know some help before getting home insurance. I like how the article included that insurance companies give lower rates to homeowners with good credit histories. Ill make sure to pass these details along to him while he searches for homes.
It’s interesting that insurers will assume that teens won’t drive as much if they don’t have their own car because I remember taking my mom’s car all the time. I might have driven it more than she did. Anyway, my daughter just got her license. Maybe I should just let her use my car.
Very cool tips, Len! I’m happy to see that, even here in Brazil (yeah, you have readers down here as well!), these almost always apply. Love the blog!
Thank you, Alex!