Insurance costs are on the rise, but there are several ways you can save without sacrificing coverage. Some strategies include shopping around and comparing rates, bundling policies, improving your credit, and maximizing discounts.
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Other options include removing unnecessary coverage types and considering usage-based or pay-per-mile insurance. To learn more, check out our 7 Tips for Finding Affordable Rates Without Sacrificing insurance Coverage.
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1. Compare Rates
One of the most important steps you can take to save on insurance costs without sacrificing coverage is to shop around. Premiums can vary significantly between insurers, so it is critical to get quotes from multiple providers before settling on a policy. You can start by asking friends and family for recommendations or searching online for reviews of insurers you’re considering. Additionally, you can check with your state insurance department to see how many complaints they’ve received against a particular provider.
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Another option is to use an insurance comparison service that specializes in helping physicians like The White Coat Investor or Farmers Insurance Choice, which can help you quickly get quotes and compare options. These services can help you find affordable rates for your home, auto, and umbrella policies.
2. Bundle Policies
Bundling typically saves money because insurance providers reward you with a discount for insuring more than one policy. This helps them keep customers, and it’s a win for both parties. But it’s important to evaluate your options and make sure that a bundle fits your needs and budget.
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One common type of bundling is home and auto insurance. This makes sense for many people because it’s convenient to manage their policies with the same provider and to have a single point of contact for billing and renewals. It also allows you to qualify for a multiline discount*, which is helpful for small businesses that are watching their costs.
While it’s important to consider the advantages of bundling, you should never let discounts alone determine your policy. Take the time to carefully compare your options and evaluate coverage, such as liability limits, deductibles, and custom service and claims processes. Make sure that the bundled policy matches your specific requirements, and always compare quotes to find the best deal. This may mean switching to a different insurer if you can’t find an affordable bundled policy that meets your needs. You may also find that a standalone policy is cheaper, and this can help you save even more.
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