How to Beat Back Monthly Insurance Payments

Insurance costs are a necessary evil. While we may never be happy to fork over the costs of our monthly insurance premiums on our house or cars, we certainly will jump for joy on the day we may actually need to file an insurance claim and count our blessing the policy is there for us. Insurance rates have certainly grown in the last few years. We can expect the amount to increase as well. But there are ways to get a better deal and reduce the amount of money we have to shell out each month.
Here are some tips to get you started saving on your insurance costs:

Call your insurance agents and negotiate savings on your policy.  Reducing the cost of your insurance policy can result in hundreds of dollars of savings per year. Sometimes it’s as easy as getting another quote and calling your current insurance company and asking them to get you a lower amount. 

Consider adjusting your coverage.  Insurance companies many times will provide you the maximum coverage options, many of which are not necessary.  Automobiles that have liens will require certain coverage to be in place, which can’t be negotiated.  For some cars maximum coverage may not be necessary, especially if you have an older vehicle.  Call your carrier and ask what coverage you need and then decide what you want. Then ask them if they can negotiate a better rate for you. 

Pay your insurance in one installment.  You know your insurance is due every year once you pay it up for the year begins to plan how and when you will get it paid for next year.  Payment installment options cost money. Most insurance companies have several options for payment arrangements.  You can change these every year if you wish. Opting for the one that has the least amount of a payment the most times a year is costing you money.  Depending on the charges that your insurance company places on their installment plan the lowest payment may cost you over $100.00 a year.   Pay in one installment then you are done for the year. 
 
Consider paying ahead of time.  There is no rule that says you can’t pay your bills ahead of time or without the insurance company sending you an invoice.  If you plan for your larger expenses such as insurance and have the money to pay them ahead of time, call your insurance company and ask them to send you an invoice for your upcoming years policy (after of course, you have negotiated your lower fee and arranged a lesser coverage option) Get it paid up at least partially ahead of time.   
 
Check your credit. Did you know that many insurance companies will base your rates off of your credit report? It may not seem to make much sense but there is apparently some correlation between your risky credit behavior and your risk for filing a claim. If you feel your insurance rates are too high, purchase a copy of your credit score and report so you'll know exactly where you stand. You can also work on improving your score and ask your insurance agent to take another look once your score has been improved.