It may seem complicated to find a good deal on insurance, but sometimes saving money is just one word away. Here are five words that can lead to cheaper insurance.
Buying your auto and home insurance from the same company means getting one of the best car insurance discounts available: The bundling discount. Savings from bundling isn’t limited to buying auto and home insurance together. Many insurance companies let you bundle auto insurance with boat, RV, renters and even life insurance for a price break. So when you’re getting auto insurance quotes, ask the agent about bundling.
If you’re lucky enough to be moving into a newly built house, you’re likely going to be seeing some significant homeowners insurance savings. That’s because new homes are less likely to have insurance claims: They have new strong roofs, they’re up to code and they likely contain the latest fire-resistant materials. This means fewer claims for insurers and savings for you.
Are you a renter? Know that a landlord’s insurance does not cover any of your belongings. So in order to have insurance for your furniture, clothes, computers, TV and other possessions, you need renters insurance. It can be easy to find cheap renters insurance: It costs average of $185 a year nationwide, according to the National Association of Insurance Commissioners. Many companies selling renters insurance can lower your price with discounts for having an alarm, such as a fire alarm, smoke alarm, burglar alarm or other device.
When you’re shopping for life insurance, time is of the essence. With every birthday that passes you’ll get higher life insurance quotes. Locking in a rate as soon as possible will mean saving money, especially if you develop health conditions in the future. Once you’ve purchased a policy, such as a 20-year term life insurance policy, your rate can’t change no matter what health conditions you have.
Consumers who get health insurance through work often have few choices in coverage. But for those buying their own health insurance through the Affordable Care Act, comparing plans and prices is crucial. By taking the time to compare coverage, copays and deductibles, you can find the right coverage and the best savings.
Americans can enroll in Medicare at age 65, and doing so on time will save you money. If you delay enrollment, you could be hit with Medicare’s late-enrollment penalty for Medicare Part B. Medicare Part B covers bills for preventive health care, ambulance services, medical equipment and other services.
You’ll get stuck with a 10% penalty for each 12-month period you could have had Part B but didn’t, and the penalty lasts as long as you have Part B after you buy it. So if you delayed a full 24 months, the penalty is 20%. You can enroll in Medicare beginning three months before your 65th birthday, and being on time will save you money.