There are many types of insurance a person needs such as auto, home, health, and dental just to name a few. So here are some tips that may help you in saving money on the cost of insurance.

1) Shopping rates: Make sure to shop out your insurance each year to confirm you are still get the best price for your benefits. Before renewing your existing policies each year, check out the rates of competing companies. See if it cheaper to pay the plan annually compared to monthly (Often times companies will provide a discount for paying in full for the year vs paying monthly.)

2) If possible think about raising the deductibles on auto and homeowners’ insurance: Being willing to pay $500-1,000 on a claim, rather than only $100-250, can reduce annual premiums by as much as several hundred dollars.

3) If you have life insurance, You may want to assess your need for it. If your children are now on their own, or if your spouse works, you may not need as much life insurance protection. The annual premiums on a term life policy would typically fully fund an emergency savings account

4) Consider dropping credit insurance coverage on installment loans. Many consumers do not need credit insurance because they have sufficient assets to protect themselves in the event of death, disability, or unemployment. Terminating this coverage often reduces financing costs by three percentage points, a savings of about $1,000 on a four-year $20,000 installment loan.

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