Dear Prism experts,
How can I save money on my insurance?
Answer:
We hear you, these days there are so many insurance choices that they can get your head spinning. How do you make sure you get the best deal? How do you save money on an existing policy? We've got you covered!
1. Shop around. Just because the insurance company says they've got the best rates on the market, it doesn't mean they'll have the best rate for your specific case. Shop around. Do your homework - get a few quotes. You can use this to negotiate a better rate with your company of choice. Or at least have the peace of mind that you are getting the best deal possible.
2. Eliminate unneeded coverage. Still paying a renter insurance in your own house? Paying for coverage to protect you in the case of an alien attack? It might be time to re-evaluate your coverage with a critical eye and take a few things to a chopping block.
3. Bundle policies. You can get better rates and various discounts if you bundle your insurance policies.
4. Raise deductibles. Generally, it is a good idea to raise the deductible to the maximum amount you can afford out-of-pocket. This way the insurance policy will protect you in case something truly unexpected happens, but at the same time you'll save on every insurance payment.
5. Pre-pay in advance / Use annual payments. Many insurance companies offer substantial discounts if you choose to pay your premiums ahead of time.
See also: 3 insurance tricks to boost your savings
Basically,
Shop around, eliminate unneeded coverage, bundle policies, raise deductibles, and pre-pay the premium. And last, but not least, negotiate for a better deal.
