The Cheapest Auto and Homeowner’s Insurance Coverage Combined


It’s a New Year once again, and the right time to re-think your insurances. Many Americans are left wondering if what they are enjoying today, is truly the cheapest in the auto and homeowner’s insurance.

The Auto insurance Coverage

Different states have different insurance premium rates. However, according to the Insurance Information Institute, $850 seems to be the average that people pay for their annual insurance needs.

Unfortunately, most Americans don’t take much time to know if the insurance cost they are paying is appropriate or not. They gladly, and blindly pay what their brokers have to say without even comparing auto insurance rates.

If you were looking for ways to save money, start by checking your policy at least once a year, and making necessary adjustments would make a huge difference. Since, you know what your specific requirements are, it’s easy to tell what type of coverage suits your needs. The fact that you held that coverage for a year, it should not be that difficult to figure out your way.

Reducing The Coverage – If your vehicle is no longer new, there’s no need to pay for full insurance coverage. Comprehensive insurance coverage is suggested if your car is less than three years.

Increase Deductible – One way to save money is to increase your deductible. The deductible is the money you pay, in case of an accident. You get as much as 40% reduction on your collision or comprehensive coverage if you increase your deductible from $250 to $1,000.

Work On Your Credit Score – Insurance providers tend to give price relief to those having high credit scores.

Spend Less Time on the Road – If you drive less, your chances of you getting in an accident is going to be low.  Low mileage discounts are given to drivers who don’t spend much time behind the wheels.

Homeowner’s insurance protects your investment, and there are easy ways to save money in that area as well. Like in auto insurance, increasing the deductible could save as much as 25% from your current rate. Don’t forget to install security devices to make it even more secure, and for further price discounts. Upgrading your electrical units, and even plumbing may save a few hundred dollars off. 

Saving On Both Insurance

Do Your Homework – There’s no other way than to shop if you want to get the best price for both coverage. By acquiring several quotes from different providers, you will be able to look for the one that offers the most reasonable prices.

Combine Your Needs – Insurers are known to extend discounts if you purchase home and auto insurance from one company.

Loyalty Pays Off – If you have been a loyal customer for years, ask for a loyalty discount.

Pay it Off – You can further save money if you pay it in full instead of monthly payments.

Umbrella – Umbrella policy can further protect your assets by increasing the liability coverage of your primary policies. It is $300 or less, a year and the benefits definitely outweigh its price.

If you are serious about savings, take the time to review how your insurance coverage is working for you. Don’t hesitate to remove, or add features of your coverage year after year, after all, your needs vary, and rates constantly change.