Insurance is a necessity we all buy, but not everyone is aware of the huge price variations. It’s well worth your time to shop around for the best rate. Try these price-savers to avoid paying more than needed:

1.  Compare Prices

It’s easy to compare rates online. I’d suggest a minimum of 3 quotes. Start with https://www.geico.com/ and http://www.progressive.com/.

2.  Talk to an Agent

Agents often sell multiple policies and work with more than one company. Sometimes, they can be even cheaper than online quotes. This was certainly the case for me. I got a quote at AAA because they were giving out free water bottles. Their rate was $300 less than what I had been paying! Needless to say, I switched immediately.

3.  Bundle

If you pay for Homeowner’s, Life, Auto, or any combination of policies, bundle them into a package. The more policies you have, the cheaper the overall rate is.

4.  Discounts

Check if you qualify for a Professional, Alumni, or Group discount. Also, there are Safe Driver discounts, Senior discounts, New Parents, etc.

5.  Pay in Full

If you can pay the bill in full or semi-annually, rather than monthly, it will be less.

6.   Protect your property

Install deadbolts, alarms and smoke/carbon monoxide detectors. There was a 5% discount on my policy for using the above.

7.   Increase your Deductible

A jump from a $500 deductible to a $1,000 deductible can result in huge savings—often as much as 25%!

8.   Review your policy annually

Make sure you have the proper level of protection for your family. Accidents happen, natural disasters happen; don’t think it won’t happen to you! Don’t skimp.

How do you save on insurance?