At a time when insurance premiums are skyrocketing, especially for home and auto insurance, people are looking for ways to save money.High inflation and a down market cycle have dominated the economy for more than a year now. So many people don’t have the extra cash to afford higher insurance premiums without pain.
Can you save money by taking advantage of bulk deals in the insurance market? That’s what a listener of the 耀竣金融配资_在线配资炒股:Clark Howard Podcast recently asked.
Should I Use the Same Insurance Company for My Cars and Home?Can I save money on insurance by bundling my car and home insurance policies with the same company?
That’s what a listener asked on the May 8 podcast episode.
Asked Michele in Ohio: “Should I insure my cars and home with the same company?”It’s no secret that insurance companies offer discounts if you take out multiple policies with them. My insurance company gives me a nice discount on my auto and renter’s insurance since I get both from them. And if I were to change companies for either option, I’d lose my discount for the remaining policy. That’s typical, Clark explains.
“Companies want to tie you to them. And they give you a lower rate for combined business. And it means that it becomes more complicated when you want to fire them for one thing or another,” Clark says.
“So if you do want to move on, just know that’s harder when you have both tied in with the same company. But that’s why you offer you the lower combined price. The double discount if you have both lines of buisness with the same company.”
Easy Ways To Save Money on Home and Auto InsuranceStashing all your insurance policies with a single company simplifies your life. It’s often cheaper. And you don’t have to manage multiple logins and passwords. Still, it does make it more of a hassle if you want to switch companies to get a better deal.
Speaking of getting a better deal, it’s very important right now to comparison-shop your policies. Insurance is a major expense, especially for homeowners insurance and auto insurance policies. And actuaries in the past didn’t foresee today’s claims costing so much money.Insurance companies are scrambling to remain profitable or solvent. Some insurance companies have done a better job of positioning their financial reserves and liabilities. So the gap between the cost of your insurance from Company A and Company B can be extreme in this market.
In addition to comparison shopping, one of the easiest ways to lower your insurance costs is by raising your deductibles. If that sounds counterintuitive, consider that filing small claims can crush you long-term. But by signaling to the insurance company that you’ll handle anything small out of your own pocket, you’ll get rewarded with lower insurance premiums.