In order to produce the podcast and keep content up free for you, I work with partners so this post may contain affiliate links. Please read my full disclosure for more info.
Are you two looking to save on your current bills? One area that you may be able to get some significant savings is by comparing insurance quotes.
Thanks to the web, it can be done quickly and easily, but before you should have a game plan to maximize your results and find the best insurance rates.
Why You Want to Compare Insurance Quotes
Getting a great deal is more than just looking for the cheapest price.
Those low prices may mean you’re not adequately covered, which can expose you to unnecessary risks and drain your savings when you need it the most.
You also don’t want to overpay – that money saved can be used for other goals such as getting out of debt or investing for retirement.
‘Best’ Insurance Rates Can Vary
You’ll be surprised at different rates you can get from different companies.
When we were shopping around for a deal on our auto insurance, we discovered we would save about half on premiums by switching providers.
Insurance companies value certain factors differently when calculating premiums, so comparing them can give you significant savings.
Besides looking at your home’s claim history or your driving record, your premiums can be increased or decreased based on:
- Location: There can be a huge difference between finding car insurance in New Jersey versus getting a policy quote in Virginia.
- Credit Score: You might want to review your credit score before you compare because a low score can make insurance more expensive.
- Safety Features: Airbags, anti-lock brake systems, and anti-theft systems, can help you save money on your auto insurance. As a home owner, being near a fire station, having smoke detectors, and having a security system are pluses for insurance companies.
Make Sure You’re Getting a Fair Comparison
Now that you have a clearer idea of what companies are looking for, it’s time to get some rates from a few of them.
The best way you can make sure you’re getting a quote that works for you is to use your current policy as a guideline.
Pull out your current policy’s paperwork and review your premium, deductible, and exact coverage.
As you hunt around with different companies, have it handy, so you can make an apples to apples comparison.
Seal the Deal with Discounts
Once you’ve narrowed it down, go ahead and call the top providers. You may be able to further drop your premiums by asking for discounts.
Do you belong to a professional organization, AARP, a warehouse club member? You may be to get a discount.
Bundling your insurance plans (home and auto) can also give you a bit of savings (but not always, so check first).
Hopefully these discounts can help you snag cheap home insurance or get a great deal with your car insurance.
Thoughts on Shopping for the Best Insurance Rates
Have you shop around for a better insurance deal? What deals were you able to find?
Take the 5 Days to $5K course!
Subscribe to get our latest content by email.