With the Affordable Care Act, health insurance is now required in much the same way that auto insurance is. Travel and life are still optional, but depending on your lifestyle and responsibilities, even the optional insurance can feel mandatory. Insurance is supposed to save you money, but when you add up all of the premiums it can feel like your policies are doing exactly the opposite! To help you get better deals when you shop for insurance, here are a few auto, health, travel, and life insurance tips.
Auto Insurance Tips
- Look for a company that offers discounts.
- Choose a higher deductible, if you can afford it.
- Keep a clean record.
Did you know that car insurance for businesses is tax deductible in the United States Also, the higher your deductible, the less expensive your premium will be, but this does not mean that you should raise the deductible any higher than you can reasonably expect to cover. About 10% of all car accidents in the U.S. can be attributed to distracted driving, so it is important to be a responsible driver if you want a lower premium. Even moving traffic violations can contribute to a higher rate, so do your best to keep your record clean.
Health Insurance Tips
- Find out average rates for your state.
- Consider a broker, if the entire process is too overwhelming.
- Look for customer service ratings, and score cards.
Knowing the averages in your state will be helpful in comparing plans, but there are always companies, advisors, and brokers that can help you make heads and tails of the different options. Remember also to consider customer satisfaction, and how carriers have been rated by such organizations as the NCQA, which produce health plan report cards, and rate carriers on certain standards.
Travel Insurance Tips
- Do not duplicate insurance.
- Know your policy inside and out before you schedule your next trip.
- Look for destination restrictions.
Did you know that your car insurance might already cover vehicle rentals on a vacation? Even credit cards sometimes come with certain protections, so make sure you don’t buy insurance for something that is already covered. Also, fully understanding your policy can keep you from a situation where you take a trip and engage in some risky behavior, or go to a destination that your travel insurance was never meant to cover.
Life Insurance Tips
- Learn about the different types to make an educated decision.
- Get medical underwriting.
- Review your policy on a regular basis.
Before you shop for life insurance, you should know the difference between whole life and term life policies. Obtaining medical underwriting will ensure that you get a policy premium appropriate for your health rating, and not an inflated premium which companies apply when they do not know for sure how risky it is to cover you. Also, after a policy has been chosen, you should be checking it regularly. As your life and financial situation change, different life insurance policies may become better options.
Note that with some insurance policies, if you can go for a certain period of time without making a claim, because you have been a safe driver, or a responsible homeowner, you may be able to get a deduction on your premium. Armed with auto, health, travel, and life insurance tips, you should be able to locate carriers and policies that protect you and your property as well as your wallet.