One of the reasons most people shy away from insurance is because of the pain of paying premiums monthly with no immediate return or benefit. Everyone wants affordable premium rates for their insurance policies but the truth is that insurance doesn’t come cheap. Yet, it still doesn’t have to be expensive. Are you looking for the best affordable insurance policy quotes? Then here are some tips to help you get the cheapest insurance quotes.
10 Tips for Getting the Best Insurance Quotes or Pricing Cheaply
Table of Content
- 1. Use Insurance Comparison Tools
- 2. Buy online
- 3. Engage in Risk Management
- 4. Engage in Safety Practices
- 5. Open up
- 6. Improve on your credit score
- 7. Approach different agents
- 8. Negotiate
- 9. Grab discounts
- 10. Consider state-run insurance programs
- 11. Join Trade Unions and Groups
- 12. Buy umbrella policies
- In conclusion
1. Use Insurance Comparison Tools
First, to compare your insurance quotes, you can make use of online policy comparison tools like GoCompare.com to compare the quotes you receive. They have inbuilt tools that you can use to compare prices and select the best insurance coverage. You can compare a lot of policies at brands to know the extent of the coverage that each brand provides.
2. Buy online
When you buy insurance products online, it gives you access to cheaper insurance quotes because you would be able to obtain quotes from a large number of insurance companies compared to buying offline.
When you get your insurance quotes through an agent, he is only able to provide you with a selected number of quotes from the companies he represents but obtaining quotes online is as simple as visiting the insurance company’s website, filling in your details in the form provided and getting the quotes sent to your mail box. You can do this for as many insurance companies as you like.
3. Engage in Risk Management
To be able to get cheap insurance rates, you must be able to show the insurance company that you are taking adequate steps to manage and prevent risks. Insurance companies really don’t like doing business with people who have a high probability of making claims and when they do; they slam you with high premium rates that may be uncomfortable for you.
Therefore, you should endeavor to engage in proper risk management. Install smoke detectors and fire alarms in your property, have surveillance cameras installed, observe safety rules, take your vehicle for regular maintenance and checks. These are some of the ways to make the insurance company give you cheaper quotes.
4. Engage in Safety Practices
You should also take safety very seriously. Don’t go about engaging in dangerous and unhealthy practices because you have got life insurance to cover you. Your dependents may even lose that life insurance when you are gone because of your lifestyle. If you are a smoker, you would get higher life insurance quotes; the same thing applies if you have some dangerous hobbies like scuba diving. To get cheaper quotes, you have to adhere to safety rules and regulations and protect yourself from harm.
5. Open up
You can’t keep secrets from your insurance company or try to outsmart them. Why? Because you most likely would be discovered at the end of the day and would lose your insurance and that would be very expensive for you eventually. Therefore, it pays to always be honest, open up and reveal whatever your insurance company has to know to them and answer questions/ fill forms as accurately as you ca.
6. Improve on your credit score
Your credit rating and history is also considered when setting your insurance premium rates. Therefore, it is important that you try to improve your credit rating before you try to receive quotes from insurance companies because a poor credit rating would earn you higher premiums.
7. Approach different agents
If you don’t like the idea of buying insurance or getting quotes online, you can still get cheap quotes offline as long as you take the pain to approach different insurance companies and agents to give you different quotes. Insurance agents are limited to quotes from companies they represent and the first insurance agent/broker you approach may not necessarily have the best quotes to offer you.
Therefore, it pays to always visit as many insurance agents as you can to get different quotes and then carefully scrutinize each one before you make a choice.
Another way to get cheap insurance quotes is to negotiate the initial quotes you are given. A lot of people make the mistake of settling for whatever quotes they are offered by the insurance company without trying to negotiate for cheaper rates. When you receive insurance quotes and you have chosen the most suitable product for you, you should negotiate with the insurance company to see if you can get the premiums reduced to a more affordable rate. More often than not, the insurance company would try to offer you a deduction of between 1% and 5%.
9. Grab discounts
Insurance companies offer discounts and price reduction from time to time that most times, policy buyers are unaware of and their agents may not tell them about. It never hurts to ask if there are discounts, or special offers that you can take advantage of to reduce your insurance premium rates.
10. Consider state-run insurance programs
You could also get cheaper insurance rates from state-run insurance programs. For instance, in California, there are insurance programs that are run by the state and are generally cheaper than those of private companies.
11. Join Trade Unions and Groups
Another good way to get cheap insurance quotes is to join trade union groups and associations that provide insurance coverage for their members. When insurance is bought as a group, it would be cheaper than when it is bought as an individual or single business.
12. Buy umbrella policies
You can also reduce the quotes you would get by embracing umbrella insurance policies. Umbrella insurance policy coverage involves bringing different types of insurance policies together as a single product. This is especially good for business owners. You can easily lump your insurance products together and get cheap rates for it.
However, you should be careful if you decide to opt for umbrella coverage because there are chances of gaps and overlaps. Gaps means that some things would be left out and the coverage wouldn’t be sufficient to cover for losses and damages while overlaps means that there would be excess coverage that you may not need.
The most important skill that you need when searching for the best insurance quote is to be a smart shopper. Just like you carefully shop for your designer fashion items to avoid rip offs and get good prices, you should also shop for the best insurance products with the most comfortable rates.
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