How to Lower Your Insurance Rates

On this page, you'll find universally applicable strategies designed to reduce your insurance expenses. Read on to learn how you can reduce your insurance rates easily and quickly.

1. Select a reasonable amount of coverage. If you are over-insured, your premiums will be unnecessarily expensive. Reduce your coverage amount by as much as you can without jeopardizing your assets. For example, if your assets are only worth $20,000, you don't need to carry $100,000 of liability protection.
2. Choose high deductibles. High deductibles mean lower insurance rates. Your premiums can drop substantially if you increase your deductible by just $500 in most cases. You still want to be able to afford your deductible in the event of a loss, however, so don't raise it to impractically high levels.
3. Shop for quotes. Consumers commonly make the mistake of soliciting insurance rates from just one or two companies. It's unlikely that you would find the best deal on the market after comparing just two companies' offers, so try to get quotes from at least three or four insurers. You can get all of the quotes you need in a matter of minutes on our site, and it won't cost you a dime.
4. Talk to your agent about discounts. Your agent should be able to tell you about the discounts for which you may qualify. You might even want to take discounts into consideration before you select a policy. If you qualify for more discounts with a particular insurer, your overall insurance rates will likely be lower than those other companies have to offer.
5. Work on your credit. Insurance companies are increasingly considering an applicant's credit in deciding whether to issue a policy and what insurance rates to charge. Auto insurers in particular are very concerned with applicants' credit histories. As such, it would behoove you if you took the time to spruce up your credit report before applying for a policy. Bring your accounts current, take care of any errors, and make sure you're not carrying a large amount of debt.
6. Consolidate your policies with one insurer. If you have different insurance companies for your life, health, home, and auto coverage, think about consolidating your policies with one insurer. Holding multiple policies with the same insurer will qualify you for a hefty discount on your insurance rates, and it will make your life much simpler. Almost all major insurance companies offer more than one type of coverage, so take advantage of this option.
7. Don't file claims. Nothing will send your insurance rates sky-high faster than a claim. Avoid filing claims whenever possible. For small losses, you're better off paying for the damage out of pocket and keeping your rates reasonable. Save your claims for large, expensive emergencies.