44 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s With prices soaring, what are the best ways consumers can save money on insurance? Compare prices for all types of insurance every six months because each insurer rates each person differently and rates change daily. Use a comparison site like SmartFinancial to save time. What types of insurance coverage changes lead to the biggest savings? Raising your deductible is the easiest way to see big savings for both home and car insurance. Also, ask your insurance agent about the types of discounts the carrier offers. How much money can consumers save by updating their insurance yearly? You can even save by comparing insurance rates every six months. Why not? You can save up to 40% on premiums. When are the best times to compare insurances? Is there a specific season or life event that signals a chance to save money on insurance? Many life events may make you eligible for a lower rate. You may end up saving with an existing policy or a new one, if you get married or move to a better neighbourhood or if you get a new job or buy a home. If your credit score improves, make sure to compare insurance rates. If your rates increase, you should shop around to see if another carrier can offer you a better deal. If you haven’t compared prices in over six months, you’re probably paying too much for insurance. Is the cost of insurance also rising with inflation? If you’re buying insurance now, you may be paying more due to inflation, but not if you shop around for a competitively priced policy. If you’ve been insured for over six months, you may be underinsured as a result of
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