Auto Insurance

Drive Less: Drive less and you may qualify for a low-mileage discount. Additional discounts are available on your auto insurance to those who commute or use public transportation during the week.

Increase Your Deductible: Increasing your automobile deductible from $250 to $500—or even $1,000—should make a noticeable difference in your premium. But remember that you will be required to pay the larger deductible up front if you have an accident.

Take Advantage of Discounts: Discounts are available for individuals who complete driver education classes, students who maintain good grades, and for households with multi-vehicle and multi-policy plans. Safety devices like antilock brakes, automatic seat belts, and airbags, along with antitheft devices such as LoJac®, car alarms, and tracking systems may also result in discounts.

Shop Wisely: Cars are rated on a risk scale for auto insurance purposes. In general, sports cars and other high-performance vehicles are classified as higher risks. That means your insurance rates will be higher.

Homeowners Insurance

Go With Replacement Value: If your homeowners policy says it is for actual cash value, you may want to consider upgrading to replacement value. The difference between what your personal items can sell for compared with what it will cost to replace them can be significant.

Insure the House, Not the Land: When buying insurance on a newly built home, include only the home’s value, not the cost of the land, in determining how much homeowners insurance you need. The land is not at risk of damage from peril, so it doesn’t need to be covered.

Ways to Save: Most insurance companies offer discounts for installing home-security measures, such as fire and burglar alarms, smoke detectors, and deadbolt locks.

Make Adjustments: Adding a deck, a patio, shed, swimming pool, or doing any other improvements to your home, is often a good reason for increasing your homeowners insurance. Also let your insurance company know when you replace an old hot-water tank or furnace. Such updates may lower your premium.

Business Insurance

Don’t Overlook the Home Office: Having an office in your home means you should look into additional insurance specifically designed for a home office. Business-related liability coverage is not included in standard homeowners policies.

Buy Locally: You need to understand the state and local laws as well as federal laws for businesses when you are looking to buy business insurance. Because state and local laws are constantly changing, the best way to be sure you are protected by and following all state and local laws is to buy from an insurance company that has offices near your business. They can help provide you with the insurance you need.

Life Insurance

How Much Is Enough? $500,000? A million? More? It depends on the number of years before you retire, your annual income, the age of your children, etc. This becomes a basis to determine how much your loved ones would need financially if you died. After all, life insurance isn’t for those who die. It’s for those who are living.

Avoid Taxes: Generally, there is no federal income tax on the death benefit paid out from a life insurance policy.

Health Insurance

Know What You’re Getting: Price should not always be the determining factor in choosing a health insurance plan. Ensure that the plan you choose offers all or most of the health benefits you may need, particularly coverage for major medical conditions. Having to pay for a necessary medical service out of your own pocket may cost you far more than what you could possibly save in premiums. It may also be financially devastating.

Shop Around: One of the most bewildering aspects of purchasing an individual health policy is the premium you are quoted. For instance, premiums for similar products from different insurers can vary by as much as 50 percent for the same person. It’s worth your time to shop around for health insurance quotes.

Umbrella Insurance

Combine to Save: The premium for an umbrella insurance policy may be less expensive if the policy is purchased from the same insurer that provides the original auto, home, or watercraft insurance.